WASHINGTON, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Bio Lubricants Market finds that the increased demand owing to environmental benefits expedites market intensification. In addition, technological advancements and rising research and development activities by key contributors are projected to augment the growth of the Global Bio Lubricants Market during the forecast period.
The Global Bio Lubricants Market revenue is expected to reach a value USD 2.3 Billion in 2028.
The Global Market revenue was valued at USD 1.9 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period; states Vantage Market Research, in a report, titled “Bio Lubricants Market Size, Share & Trends Analysis Report by Base Oil (Vegetable Oil, Animal Fat, Other Oils), by Application (Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold Release Agents, Two-Cycle Engine Oils, Gear Oils, Greases, Other Applications), by End-Use Industry (Industrial (Marine, Mining & Metallurgy, Energy & Power, and Food & Pharmaceutical), Commercial Transport, Consumer Automobile), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Bio Lubricants Market was valued USD 1.9 Billion in 2021 and is all set to surpass USD 2.3 Billion by 2028, exhibiting a CAGR of 3.9% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Bio Lubricants industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Rising Demand Owing to Environmental Benefits to Drive the Market Growth
A bio-based lubrication product is a greener option than usual lubricating oils that pollute the environment by generating toxic fumes. Due to its distinctive environmental benignity, this area receives much traction from environmental activists. Furthermore, the market operant will probably observe a significant augment during the forecast period owing to the increase in consumer awareness relating to the environment and depleting crude oil reserves in the developing regions. Moreover, it is associated with the belief that the Bio Lubricants Market is sustainable and part of the biodegradable base stocks utilized in their formulations.
The requirement for biodegradable bio-based lubricants has increased with the expanding public awareness regarding the environmental effects of mineral oil-based lubricants. As a result, the growing demand for environment-friendly lubricants is expected to drive the Bio Lubricants Market expansion.
Increasing Usage as Petroleum-Based & Mineral-Based Oil Alternatives to Stimulate Market Growth
Bio Lubricants Market is becoming popular as they are generally a viable alternative to petroleum-based oils. Such lubricants provide several environmental and long-term benefits compared to petroleum-based options. Also, they are less costly with a high biodegradability rating. Moreover, their high usage as an alternative to mineral and petroleum-based oil has considerably expedited the Bio Lubricants Market growth across the globe. In addition, the Bio Lubricants Market is less expensive because of the low maintenance, storage, and disposal requirements, which will likely strengthen the market in the future. Besides, the higher oil prices are reasonable to fuel the market growth rate. Increasing the need to improve fuel efficiency in vehicles will also propel market development.
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Segment Analysis:
- Base Oil
- Vegetable Oil
- Animal Fat
- Other Oils
- Application
- Hydraulic Oil
- Metalworking Fluids
- Chainsaw Oil
- Mold Release Agents
- Two-Cycle Engine Oils
- Gear Oils
- Greases
- Other Applications
- End-Use Industry
- Industrial (Marine, Mining & Metallurgy, Energy & Power, Food & Pharmaceutical)
- Commercial Transport
- Consumer Automobile
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Bio Lubricants Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Europe Dominated the Global Bio Lubricants Market
Europe dominated the Global Bio Lubricants Market and is expected to continue the same trend during the forecast period. This is primarily due to adopting bio-degradable products and different emission standards. Moreover, the evolution of several government initiatives to strengthen environmental regulation will propel regional market growth in the future. Furthermore, the regional market development can also be attributable to the fact that the U.S. Air Force supports plant-derived biodegradable products as a strategic and fundamental approach to national security. Besides, the Europe market is also estimated to profit from a significant quantity of soybean and rapeseed feedstock because of the increased biodiesel production in this region. This, in turn, is likely to drive bio-based lubricant consumption.
List of Prominent Players in Bio Lubricants Market:
- ExxonMobil (US)
- Royal Dutch Shell (Netherlands)
- Total S.A (France)
- Cargill (US)
- BP (UK)
- Emery Oleochemicals (Malaysia)
- FUCHS Group (Germany)
- Panolin (Switzerland)
- Kluber Lubrication (Germany)
- Binol Lubricants (Sweden)
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Bio Lubricants Market Size, Share & Trends Analysis Report by Base Oil (Vegetable Oil, Animal Fat, Other Oils), by Application (Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold Release Agents, Two-Cycle Engine Oils, Gear Oils, Greases, Other Applications), by End-Use Industry (Industrial (Marine, Mining & Metallurgy, Energy & Power, and Food & Pharmaceutical), Commercial Transport, Consumer Automobile), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
December 2021: RSC Bio Solutions, a leading green technology company, and Standard Sekiyu Osaka Hatsubaisho Co. Ltd. (SSOH), a company that operates in the Government industry, announced a new distribution partnership to meet the increasing demand in Japan for Environmentally Acceptable Lubricant (EAL) offerings for marine and industrial applications.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Bio Lubricants Market for the base year and forecast period?
This market titled “Bio Lubricants Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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