WASHINGTON, June 26, 2023 (GLOBE NEWSWIRE) -- Global Bio Lubricants Market is valued at USD 2.1 Billion in 2022 and is projected to reach a value of USD 2.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 3.9% over the forecast period 2023-2030.
The bio-lubricants industry is one of the most important economic sectors, and constant growth is anticipated. Despite the industry's unrest, a variety of factors might influence its growth or decline. In order to provide readers with a thorough overview of the sector, this research assesses both current trends and anticipated future changes. It also includes information on the key companies in the market and their expansion plans.
International producers and suppliers are thoroughly examined in the research, along with their present circumstances and potential futures. It also provides details regarding the factors that are driving the need for bio-lubricants on a worldwide scale, such as new laws, increased investment requirements, and emerging technologies.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/bio-lubricants-market-1807/request-sample
Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the bio-lubricants market growth over the forecast period. One of the vital factors affecting the demand for bio-lubricants is the rising increasing awareness and uptake of ecologically friendly and biodegradable products. Bio lubricants are created from natural biodegradable and renewable sources, for example, vegetable oils, animal fats, and other materials, which have a lower environmental effect than typical petroleum-based lubricants.
We forecast that the hydraulic fluids and vegetable oil-based lubricants category in the bio-lubricants market sales are estimated to account for more than 37% of total sales by 2030 due to their high performance and biodegradability. Vegetable oils provide great lubrication and are sourced from renewable resources, whereas hydraulic fluids manufactured from rapeseed, canola, and sunflower are extremely efficient and provide long-term protection for hydraulic systems. Demand for eco-friendly lubrication solutions is likely to drive development in these areas as customers become more environmentally concerned.
North America is predicted to rise rapidly throughout the forecast period because of its diverse emission rules and increased acceptance of bio-degradable goods. The evolution of different government measures to strengthen environmental legislation is driving the expansion of bio-lubricants.
Market Dynamics
Rising Demand for Hydraulic Fluids to Drive the Market:
Because of the strong demand for hydraulic elevators, sweepers, garage trucks, forklifts, motor graders, and front-end loaders, the hydraulic fluids market sector is predicted to develop the quickest throughout the projection period. Bio-based lubricants are also frequently used as hydraulic fluids in forests to enhance harvesters, cranes, tractors, and load carriers.
Increased Usage of Vegetable Oils to Promote Market Growth:
Because of its oxidative stability and high performance, vegetable oil accounted for the biggest market share. The major market position of the vegetable oil category is that it is exceedingly biodegradable, low in toxicity, and high in lubricity. This growth might be attributed to an oversupply of vegetable oil seeds, which could be used as raw materials. Concerns over wildlife conservation are also expected to boost vegetable oil's market share over animal fat. All of these factors are boosting the need for bio-lubricants.
Top Players in the Global Bio Lubricants Market
- Royal Dutch Shell PLC
- The Lubrizol Corporation
- Castrol Limited
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Total S.A.
- Klüber Lubrication München SE & Co. KG
- Panolin AG
- Renewable Lubricants Inc.
- Emery Oleochemicals LLC
Budget Limitation? Contact us for Special Discount and Pricing
Top Trends in the Global Bio Lubricants Market
- One trend that Vantage Market Research (VMR) expects to see in the bio-lubricants market is the increased environmental concerns and restrictions, which will increase the demand for biodegradable and renewable lubricants Bio lubricants derived from plants are predicted to acquire appeal in a variety of industries, including automotive, marine, and aviation.
- Another trend that VMR predicts will continue in this market is the usage of bio-based lubricants derived from plant-based oils such as sunflower and soybean. These environmentally friendly alternatives to mineral-based lubricants have several advantages, including lower carbon emissions, increased performance, and improved biodegradability.
Top Report Findings
- Based on product type, the bio-lubricant market is divided into three categories: vegetable oil-based, animal fat-based, and others. In comparison to animal fat-based bio-lubricants, vegetable oil-based bio-lubricants have a bigger market share due to their superior biodegradability, compatibility, and performance in higher temperature ranges.
- Based on application, hydraulic fluids have risen as a dominant category because of their vast range of uses in industries such as construction, mining, and manufacturing. Bio-based hydraulic fluids are a superior choice since they have higher thermal stability, a higher viscosity index, and excellent oxidative stability.
- Based on end-users, the bio-lubricant market is divided into several segments, including automotive, construction machines, marine, and others. The automotive sector is the largest end-user of bio-lubricants, owing to the requirement to minimize carbon emissions and meet regulatory standards. The construction machinery industry is predicted to develop at a faster rate due to increased building activity and rising demand for environmentally friendly lubricants.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/bio-lubricants-market-1807/0
Top 10 Players Generate More Than 47% of the Global Bio Lubricants Market Revenue
The report also found that the largest key players in the bio-lubricants Market are Royal Dutch Shell PLC, Exxon Mobil Corporation, and Total S.A. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include the Lubrizol Corporation, Castrol Limited, Fuchs Petrolub SE, Klüber Lubrication München SE & Co. KG, Panolin AG, Renewable Lubricants Inc., Emery Oleochemicals LLC, and others. As per the latest report published by Vantage Market Research, the top 10 companies are responsible for generating more than 47% revenue of the market.
Vegetable Oil-based Lubricant Category in Bio Lubricants Market to Generate Over 30% Revenue.
Vantage Market Research has analyzed the bio-lubricant market to understand its current state and potential future growth factors. For better understanding, based on product type, the bio-lubricants market is divided into: Vegetable Oil-based Lubricants, Animal Fat-based Lubricants, Synthetic Ester-based Lubricants, and Polyalkylene Glycol-based Lubricants.
Vegetable oil-based lubricants are expected to have the highest CAGR from the product segmentation during the projection period since they are more ecologically friendly than synthetic or petroleum-based lubricants because they are renewable and sustainable. They also have remarkable viscosity and lubricating properties, making them exceptionally effective at reducing friction and wear on machinery and equipment, resulting in longer equipment life and lower maintenance costs.
On the other hand, the synthetic ester-based category is anticipated to grow significantly over the forecast period because they are extremely stable and resistant to wear and strain. They are commonly used in hydraulic fluids, compressor oils, and circulation oils. Furthermore, synthetic ester-based lubricants have high biodegradability and low toxicity, making them an environmentally benign alternative to conventional lubricants.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Bio Lubricants Market Forecast Report (2023-2030).
Global Bio Lubricants Market Segmentation
By Product Type
- Vegetable Oil-based Lubricants
- Animal Fat-based Lubricants
- Synthetic Ester-based Lubricants
- Polyalkylene Glycol-based Lubricants
- Others
By Application
- Hydraulic Fluids
- Metalworking Fluids
- Gear Oils
- Engine Oils
- Greases
- Others
By End-Users
- Automotive
- Marine
- Aerospace
- Industrial
- Construction
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/bio-lubricants-market-1807
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 742.9 Billion |
| Revenue Forecast by 2030 | USD 1964.1 Billion |
| CAGR | 14.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Royal Dutch Shell PLC, The Lubrizol Corporation, Castrol Limited, Exxon Mobil Corporation, Fuchs Petrolub SE, Total S.A., Klüber Lubrication München SE & Co. KG, Panolin AG, Renewable Lubricants Inc., Emery Oleochemicals LLC |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/bio-lubricants-market-1807/customization-request |
Browse More Reports from Vantage Library:
- Pest Control Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/pest-control-market-0812
- Green Hydrogen Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/green-hydrogen-market-0943
- Hydrogen Fueling Station Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/hydrogen-fueling-station-market-2159
- Recovered Carbon Black Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/recovered-carbon-black-market-2155
- Chlorine Trifluoride Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/chlorine-trifluoride-market-2123
- E-fluids Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/efluids-market-2085
- Colorless Polyimide Films Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/colorless-polyimide-films-market-2062
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
