14-Oct-2021 | Zion Market Research
Global Bio-Lubricant Market: Overview
In terms of revenue, the global Bio-Lubricant Market accounted for USD 1.89 Billion in 2020 and is expected to reach USD 2.86 Billion by 2028, growing at a CAGR of 5.3% from 2021 to 2028.
Bio-based lubricants are majorly utilized in heavy machinery where the loss of lubricants in the atmosphere is comparatively more. The most important application of bio-based lubricant comprises railroad flanges, two-stroke engines, dust suppressants, and chainsaw bars, among others. Furthermore, bio-based lubricants surpass the petroleum lubricants; hence, comparatively very less quantity is needed as compared to conventional lubricants. Bio-based lubricants are biodegradable & renewable in nature and do not stick within the atmosphere for a longer time.
Global Bio-Lubricant Market: Growth Factors
One of the most important developments in the global bio-lubricant market includes the increased implementation of bio-lubricants by customers owing to the growing need for improving fuel efficiency in vehicles and the conventional materials which are being substituted by synthetic lubricants. Injurious ecological effects are being decreased as the customers have started implementing bio-lubricants, which results in the development of the global bio-lubricants market. Bio-lubricants are mainly the materials that are primarily based on biodegradable and renewable base reserves. The most important aspects that are fuelling the global bio-lubricant market are strict government regulations for the usage of petroleum-based lubricants, tax incentives, and volatile prices of the crude oil. On the other hand, the higher cost of bio-lubricants as compared to other petroleum-based oils is likely to hamper the development of the global bio-based lubricants market.
Global Bio-Lubricant Market: Segmentation
The global bio-lubricants market can be categorized in terms of application, type, end use, and region. In terms of base oil type, the global bio-lubricant market is fragmented into animal fats, vegetable oils, and others. In terms of application, the global bio-lubricant market is classified into greases, gear oil, two-cycle engine oils, mold release agents, chainsaw oils, metalworking fluids, and hydraulic fluids, and others. In terms of end-user, the global bio-lubricant market is divided into consumer automobile, industrial, and commercial transport.
Global Bio-Lubricant Market: Regional Analysis
In terms of region, the global bio-lubricant market can be categorized into Europe, North America, Middle East & Africa, Asia Pacific, and South America. In terms of region, North America is expected to dominate the global bio-lubricant market owing to stringent policies of the government for the utilization of conventional lubricants particularly in agriculture, marine, and others. These policies of government will certainly push the usage of bio-lubricants in marine, agriculture, and other sectors. Upcoming economies such as China, India, and South Korea in the Asia Pacific are likely to contribute a significant share in the global bio-lubricant market owing to increasing automotive and construction division. Developed regions are likely to contribute highest when compared to other regions which are developing. At the same time, several producers are looking for price efficient, low production technique for bio-lubricants, thus the investors are likely to have a good prospect for a beneficial business in the coming years in the Asia Pacific.
Global Bio-Lubricant Market: Competitive Players
Some of the most important market players in the global bio-lubricant market are Exxon Mobil Corporation, Total S.A., Chevron Corporation, Royal Dutch Shell Plc., Renewable Lubricants, Inc., BP P.l.c., Environmental Lubricants Manufacturing, Inc., Panolin AG, Houghton International, Inc., and BioBlend Renewable Resources, LLC, among others.
Browse the full “Global Bio-Lubricant Market: By Type (Animal Fats, Vegetable Oils, And Others), By Application (Greases, Gear Oil, Two-Cycle Engine Oils, Mold Release Agents, Chainsaw Oils, Metalworking Fluids And Hydraulic Fluids, And Others), BY End-Use (Consumer Automobile, Industrial, And Commercial Transport), Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/bio-lubricant-market
Global Bio-Lubricant Market: Regional Segment Analysis
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