As per the recently published report by MarketsandMarkets™, the “Bio-lubricants Market by Base Oil (Vegetable oil, Animal fat), Application (Hydraulic oil, metalworking fluids, chainsaw oil, mold release agents, two-cycle engine oils, gear oils, greases), End-use, Region – Global Forecast to 2025″, The global bio-lubricants market size is projected to grow from USD 2.0 billion in 2020 to USD 2.4 billion by 2025, at a CAGR of 4.1% between 2020 and 2025. The growth is attributed to growing awareness about environmental issues and the adoption of stringent regulation by various end-use industries.
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- 234 Market data Tables
- 60 Figures
- 210 Pages and in-depth TOC on “Bio-lubricants Market – Global Forecast to 2025″
This report also provides a comprehensive analysis of the companies listed below:
The major Players in bio-lubricants market include ExxonMobil (US), Royal Dutch Shell (Netherlands), Total S.A (France), Cargill Inc. (US), BP (UK), FUCHS Group (Germany), and Panolin AG (Switzerland) are the key players operating in the bio-lubricants market. Expansions, acquisitions, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the bio-lubricants market.
Recent Developments in Bio-lubricants Market
- In March 2020, Royal Dutch Shell announced the expansion of the lubricant production facility located at Marunda Centre, Indonesia. After the expansion, the plant will be capable of 300-million-liter lubricant production
- In December 2019, FUCHS Group acquired 50% shares of three distributor companies based in Zimbabwe, Zambia, and Mozambique to enhance its presence in the sub-Saharan Africa region.
- In January 2018, ExxonMobil launched Mobil SHC Aware HS (Hydraulic System) Series hydraulic oils, which provides protection in challenging marine operating environments and meet VGP requirements for EAL. This will provide the company with a competitive advantage over others in the bio-lubricants market in the marine application segment.
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Vegetable base oil segment estimated to lead the bio-lubricants market
The vegetable-based oil segment is expected to dominate the bio-lubricants market. These lubricants are primarily derived from plant-based oils and have gained prominence due to their renewable and biodegradable nature. They are considered a sustainable alternative to traditional petroleum-based lubricants, offering reduced environmental impact. The vegetable-based oil segment is widely used in various applications, including automotive, industrial, and marine sectors, making it a key driver in the bio-lubricants market’s growth.
Industrial sector estimated to be leading consumer of bio-lubricants
The industrial sector is projected to be the primary consumer of bio-lubricants in the market. Bio-lubricants, derived from renewable sources such as plant-based oils, are gaining traction in industries due to their environmental benefits and reduced toxicity. The industrial sector relies on lubricants for machinery and equipment, making it a significant user of these eco-friendly alternatives. This preference for bio-lubricants in the industrial sector is contributing to their market leadership as industries increasingly prioritize sustainability and environmental responsibility.
Europe projected to account for largest share of bio-lubricants market during forecast period
Europe is expected to hold the largest share of the bio-lubricants market during the forecast period. This region’s prominence in the market can be attributed to its strong emphasis on sustainability and environmental consciousness. European countries have been actively promoting the use of bio-based products, including bio-lubricants, to reduce their carbon footprint. Additionally, stringent environmental regulations and policies in Europe are encouraging industries to adopt eco-friendly lubrication solutions, further driving the demand for bio-lubricants and positioning Europe as a leading market for these sustainable lubricants.