Overview and Scope
The bio-lubricants are used as an alternative lubricant for industrial and maintenance applications because of their superior inherent qualities. These are functional fluids made from vegetable oils and downstream esters. They are produced by using raw materials including rapeseed oil, sunflower oil, palm oil, coconut oil, and animal fats and offer several advantages over conventionally used petroleum-based products. They are non-toxic, renewable, carbon-neutral, and environmentally friendly. They are also known as bio-lubes.
Sizing and Forecast
The bio-lubricants market size has grown strongly in recent years. It will grow from $2.89 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to environmental regulations and policies, growth in concerns about climate change and pollution, awareness of health hazards associated with conventional lubricants, increased demand for sustainable and renewable products, expansion of industries with stringent environmental standards (e.g., marine, agriculture).
The bio-lubricants market size is expected to see strong growth in the next few years. It will grow to $3.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising focus on circular economy and recycling, government incentives and subsidies for green technologies, growing adoption in automotive and transportation industries, increasing consumer awareness and demand for eco-friendly products, market penetration in emerging economies.
Major trends in the forecast period include advancements in bio-based feedstock and technology, high-performance bio-lubricants, bio-lubricants for electric vehicles, bio-hydraulic fluids, bio-based metalworking fluids.
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Segmentation & Regional Insights
The bio-lubricants market covered in this report is segmented –
1) Bio-Lubricants Market By Base Oil: Vegetable Oil, Animal Fat, Other Base Oils
2) Bio-Lubricants Market By Application: Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold release agents, Two-cycle engine Oils, Gear Oils, Greases, Other Applications
3) Bio-Lubricants Market By End-User: Industrial, Commercial Transport, Consumer Automobile, Other End Users
Top Major Players
Binol Biolubricants Ltd.
British Petroleum PLC
Cargill Corporation
Chevron Corporation
Royal Dutch Shell PLC
North America was the largest region in the bio-lubricants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bio-lubricants market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing environmental awareness is expected to propel the growth of the bio lubricants market going forward. Environmental awareness refers to awareness of the natural environment and the choices that either promote its well-being or cause it more harm. Environmental awareness is helpful in increasing the bio-lubricant market because of its high viscosity indexes and flashpoints, good resistance to shear, and high biodegradability. For instance, a survey by Mastercard, a US-based financial company, conducted across 24 countries reveals that 58% of adults are aware of their impact on the environment, in 2021, and 85% of respondents claim they are willing to take personal action to address environmental and sustainability issues. Therefore, increasing environmental awareness is driving the growth of the bio-lubricants market.
Key Industry Players
Major companies operating in the bio-lubricants market include Binol Biolubricants Ltd., British Petroleum plc, Cargill Corporation, Chevron Corporation, Royal Dutch Shell PLC., ExxonMobil plc, Klüber Lubrication München Se & Co. Kg, Statoil Lubricants ASA, TotalEnergies SE, Castrol India Ltd., HollyFrontier Corporation Millers Oils Ltd., Petronas Lubricant International, Renewable Lubricants Inc., Solution Biogen Sdn Bhd, BP plc, Albemarle Corporation, Fuchs Petrolub AG, Panolin AG, Emery Oleochemicals, Biosynthetic Technologies LLC, RSC Bio Solutions, Green Earth Technologies LLC, BioBlend Renewable Resources LLC, Bio-Lub Canada Inc., Bio-Lubricants Inc., Biofriendly Corporation, BioPure Technology Ltd., Biosynthetic Technologies LLC, Carl Bechem GmbH, Croda International plc
The bio-lubricants market report table of contents includes:
1. Executive Summary
2. Bio-Lubricants Market Characteristics
3. Bio-Lubricants Market Trends And Strategies
4. Bio-Lubricants Market – Macro Economic Scenario
5. Global Bio-Lubricants Market Size and Growth
…..
32. Global Bio-Lubricants Market Competitive Benchmarking
33. Global Bio-Lubricants Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bio-Lubricants Market
35. Bio-Lubricants Market Future Outlook and Potential Analysis
36. Appendix
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