According to IMARC Group’s latest report, titled “Bio-Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global bio-lubricants market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Year Considered to Estimate the Market Size:
- Base Year of the Analysis: 2022
- Historical Period: 2017-2022
- Forecast Period: 2023-2028
Bio-lubricants are functional fluids made from renewable resources, such as vegetable oils or animal fats. They are environmentally friendly, biodegradable, and non-toxic to humans and the ecosystem. This alternative lubricant is widely employed in automobiles and industrial machinery to reduce friction between moving parts, resulting in an extended lifespan and improved efficiency. When compared to traditional lubricants, bio-lubricants offer additional benefits, including exhibiting superior biodegradability, releasing fewer pollutants, and offering better oxidative stability. As a result, they are mainly used across the agriculture, marine, manufacturing, transportation, and construction industries. Currently, they are available in several types, including hydraulic, gear, compressor, and turbine oils.
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Bio-Lubricants Market Trends:
The global bio-lubricants market is primarily accelerated by the shifting consumer preference toward a sustainable alternative to conventional petroleum-based oils. Moreover, the implementation of stringent government regulations expanding the use of bio-based materials in the power generation and manufacturing industries are other growth-inducing factors. Additionally, the surging demand for lubricants with superior product characteristics, such as biodegradability, high flash points, constant viscosity, and lower emission levels, is driving the market growth. Besides this, the depletion of crude oil reserves has surged the prices of crude oil, which, in turn, is contributing to the market growth. Other factors, such as rapid technological innovations and ongoing research and development (R&D) activities to explore opportunities for bio-lubricant formulations, are accelerating the market growth.
Bio-lubricants Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the bio-lubricants market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Albemarle Corporation
- BP Plc
- Chevron Corporation
- Emery Oleochemicals
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Klüber Lubrication München SE & Co. KG (Freudenberg Chemical Specialities SE & Co. KG)
- Panolin AG
- Polnox Corporation
- Quaker Chemical Corporation
- Royal Dutch Shell PLC
- Total SE
Key Market Segmentation:
The report has segmented the global bio-lubricants market based on base oil type, application, end use industry and region.
Breakup by Base Oil Type:
- Vegetable Oils
- Animal Fats
Breakup by Application:
- Hydraulic Fluids
- Metalworking Fluids
- Chainsaw Oils
- Mold Release Agents
- Two-Cycle Engine Oils
- Gear Oils and Greases
- Others
Breakup by End Use Industry:
- Power Generation
- Automotive
- Heavy Equipment
- Food & Beverage
- Metallurgy & Metalworking
- Chemical Manufacturing
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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