Report Overview:
The global bio lubricants market size was valued at USD 3.26 billion in 2023 and is projected to grow from USD 3.44 billion in 2024 to USD 4.90 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period.
The widely accepted fact about bio lubricants is that sustainable and biodegradable base stocks are used to formulate them. The global demand for bio-based lubricants is projected to witness substantial growth during the forecast period due to the growing usage of these chemicals in the transportation & manufacturing industries. The increasing demand for bio-based lubricants is mainly due to the rising awareness and understanding of the environment, the introduction of strict legislation, and the acceptance by industries of bio-based lubricants. In addition, the introduction of legislation and the rise in government spending on research and development and product innovation are projected to create lucrative opportunities for the bio lubricants market growth.
Segments:
Automotive & Other Transportation Segment Dominates Market Due to Developing Automobile Sector
By application, the market is segmented into hydraulic fluids, metalworking fluids, chainsaw oils, mold release agents, two-cycle engine oils, gear oils, greases, and others.
Based on end-use industry, the market is divided into automotive & other transportation, metalworking, mining, forestry, marine, engines, and others.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report shares factual information regarding the key players' market development and growth strategies. Also, the companies adopt business growth strategies such as mergers, partnerships, collaborations, and alliances to expand their business reach. Furthermore, the impact of COVID-19 pandemic on market growth and development is highlighted further in this report. The drivers and restraints affecting the market expansion during the forecast period are discussed further in this report.
Drivers & Restraints:
Government Initiatives Governing Oil-based Lubricants to Bolster Market Growth
Bio lubricants are highly utilized in the automotive sector. In recent years, the automobile industry has been projected to grow rapidly. Also, biodegradable lubricants are being replaced with mineral oil-based lubricants to ensure high-quality performance. Also, government policies to increase sustainable lubricants and increase investment in R&D activities are expected to drive the market during the forecast period. These factors are expected to ensure the bio lubricants market growth in the coming years.
However, increasing costs and low lubricating properties may hinder the market growth.
Source: https://www.fortunebusinessinsights.com/bio-lubricants-market-104654
Regional Insights:
North America Holds Highest Market Share Due to Developing Automobile Sector
North America dominates the global bio lubricants market share during the forecast period due to the emerging automotive industry in the region. The regional market stood at USD 1.22 billion in 2020. Also, increasing investments by the government in oil-based lubricants is expected to boost the market.
Asia Pacific holds the second-highest market share during the projected period due to increasing production of automobiles. The availability of cheap labor is anticipated to boost the demand for lubricants in various industries.
Competitive Landscape:
Strategic Alliances Allow Companies to Strengthen their Market Position
The key market players focus on implementing various business growth strategies by forming strategic alliances, mergers, alliances, and acquisitions. Also, innovative product designing and development strategies allow companies to enhance their product portfolio by introducing product ranges.
Key Industry Development:
February 2021: PANOLIN MARGEAR 100 and PANOLIN MARGEAR 150 received ZF approval for their gearboxes used in marine transmissions and other drive systems for various types of vessels in accordance with the ZF Lubricant Class TE-ML 04 M. ZF is a global technology company and one of the world's leading driveline and chassis technology companies.
List of Key Players Profiled in the Report:
PANOLIN AG (Switzerland)
FUCHS (Germany)
Shell (Netherlands)
Exxon Mobil Corporation (U.S.)
Total (France)
Cargill (U.S.)
Axel Christiernsson (Sweden)
BECHEM (Germany)
Cortec Corporation (U.S.)
Environmental Lubricants Manufacturing, Inc. (U.S.)
Klüber Lubrication (Germany)