Biodegradable oil is the combination of selected biodegradable bases that includes synthetic esters, sunflower, rape, and vegetable oils. These are generally non-toxic and are special additives exhibiting desired properties. As compared to the traditional lubricants, the use of biodegradable engine oil is better for use owing to its high stability and high flash point.
Global Biodegradable Engine Oil Market: Overview
Biodegradable oil is the combination of selected biodegradable bases that includes synthetic esters, sunflower, rape, and vegetable oils. These are generally non-toxic and are special additives exhibiting desired properties. As compared to the traditional lubricants, the use of biodegradable engine oil is better for use owing to its high stability and high flash point.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2022 |
Historic Years | 2018 - 2022 |
Forecast Years | 2023 - 2030 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Global Biodegradable Engine Oil Market: Growth Factors
The global biodegradable engine oil market is growing at a rapid rate. Major factors such as the high cost of petroleum-based products, increase in concerns of environmental pollution, and growing demand for biodegradable products due to growing concerns of carbon footprints are propelling the growth of the global market. Further, it is been reported that in North America nearly 2.5 billion gallons of lubricants are sold every year and around 60 percent of this is not accountable which ultimately ends up on the ground itself or in lakes, rivers, and groundwater. This leads to untold harm to the wildlife, fish, and environment. Thus, the government as well as agriculture, forestry, and marine industry are taking major steps and spreading awareness regarding the use of biodegradable engine oil to maintain the environment and lower the dependency on mineral oils. All such factors coupled with the key advantages of biodegradable engine oils such as reduction in oil losses through evaporation, longer equipment life, high viscosity index, good lubricating properties, lower toxicity, and high level of biodegradability are spurring the demand for biodegradable engine oil. This is boosting the growth of the global biodegradable engine oil market. Moreover, the growing application of biodegradable engine oil in the construction and transportation sectors is also augmenting the growth of the global market. Furthermore, rapidly growing industries and an increase in funding for the production of biodegradable engine oil will lead to lucrative opportunities for the growth of the global biodegradable engine oil market over the forecast period. However, owing to the insufficient oxidative stability, biodegradable oil needs to be modified or treated to ensure performance which increases the overall cost and this may hinder the growth of the global biodegradable engine oil market.
The majority of the sectors across the world are affected by the onset of the COVID-19 pandemic. The major consumer of biodegradable engine oil is the transportation sector which is severely hampered during the pandemic period. Similarly, the demand for oil and lubricants was decreased in other end-use industries owing to a temporary halt on production and transportation. This affected the growth of the global biodegradable engine oil market during the pandemic condition. However, with the relaxation in lockdown, the demand for biodegradable engine oil is estimated to surge for automobiles.
Global Biodegradable Engine Oil Market: Segmentation
The global biodegradable engine oil market is bifurcated based on type, application, and region. Based on type, the global biodegradable engine oil market is categorized as polyalkylene glycols, glass vegetable oils, synthetic esters, and others. Applications of biodegradable engine oil are segregated as transportation, agriculture, construction, and others. Among these applications, the transportation segment is expected to remain dominant over the forecast period.
Global Biodegradable Engine Oil Market: Regional Analysis
Europe is expected to remain the largest market for the biodegradable engine oil market during the forecast period. The demand for biodegradable engine oil is continuously increasing in Europe owing to the rapid growth of industries and growing emphasis on environmentally friendly products. Asia Pacific is also expected to contribute healthy revenue in the global biodegradable engine oil market during the forecast period. Some of the key factors such as a rapid expansion of industries in emerging countries such as India & China, growing construction industry, and increasing demand for lubricants in the agriculture sector are combinedly contributing to the healthy share of the market in this region. The demand for biodegradable engine oil is also significantly increasing in North America owing to fast development in the infrastructure and transport sector.
Global Biodegradable Engine Oil Market: Competitive Players
Some of the key players operating in the global biodegradable engine oil market include Croda International Plc., BP, Condat, NANDAN PETROCHEM LTD., Exxon Mobil, FUCHS Group, Royal Dutch Shell, Renewable Lubricants, Repsol, and Total Lubricants.
Global Biodegradable Engine Oil Market: Regional Segment Analysis
What Reports Provides
FrequentlyAsked Questions
Major factors such as the high cost of petroleum-based products, increase in concerns of environmental pollution, and growing demand for biodegradable products due to growing concerns of carbon footprints are propelling the growth of the global market. Furthermore, rapidly growing industries and an increase in funding for the production of biodegradable engine oil will lead to lucrative opportunities for the growth of the global biodegradable engine oil market over the forecast period.
Some of the key players operating in the global biodegradable engine oil market include Croda International Plc., BP, Condat, NANDAN PETROCHEM LTD., Exxon Mobil, FUCHS Group, Royal Dutch Shell, Renewable Lubricants, Repsol, and Total Lubricants.
Europe is expected to remain the largest market for the biodegradable engine oil market during the forecast period. The demand for biodegradable engine oil is continuously increasing in Europe owing to the rapid growth of industries and growing emphasis on environmentally friendly products.
HappyClients
Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Our support available to help you 24 hours a day, five days a week.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed