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Bio-Lubricants Global Market Report 2023
Major players in the bio-lubricant market are Binol Biolubricants, British Petroleum, Cargill Corporation, Chevron Corporation, Royal Dutch Shell PLC., ExxonMobil, Kluber Lubrication, Statoil Lubricants, Total SA, Castrol, HollyFrontier Corporation Millers Oils Ltd.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bio-Lubricants Global Market Report 2023" - https://www.reportlinker.com/p06311742/?utm_source=GNW
, Petronas Lubricant, Renewable Lubricants, and Solution Biogen Sdn Bhd.
The global bio-lubricants market grew from $2.74 billion in 2022 to $2.92 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The bio-lubricants market is expected to grow to $3.63 billion in 2027 at a CAGR of 5.5%.
The biolubricant market consists of sales of vegetable oils, animal products, esters.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The bio-lubricants are used as an alternative lubricant for industrial and maintenance applications because of their superior inherent qualities.These are functional fluids made from vegetable oils and downstream esters.
They are produced by using raw materials including rapeseed oil, sunflower oil, palm oil, coconut oil, and animal fats and offer several advantages over conventionally used petroleum-based products.They are non-toxic, renewable, carbon-neutral, and environmentally friendly.
They are also known as bio-lubes.
North America was the largest region in the bio-lubricants market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the bio-lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of base oils in bio-lubricants are vegetable oil, animal fat, and others.Vegetable oil has lubricating properties similar to those of mineral oil-based lubricants and is used for various purposes.
The different applications include hydraulic oil, metalworking fluids, chainsaw oil, mold release agents, two-cycle engine oils, gear oils, greases, and others and are employed in industrial, commercial transport, consumer automobiles, and other end users.
Increasing environmental awareness is expected to propel the growth of the bio lubricants market going forward.Environmental awareness refers to awareness of the natural environment and the choices that either promote its well-being or cause it more harm.
Environmental awareness is helpful in increasing the bio-lubricant market because of its high viscosity indexes and flashpoints, good resistance to shear, and high biodegradability.For instance, a survey by Mastercard, a US-based financial company, conducted across 24 countries reveals that 58% of adults are aware of their impact on the environment, in 2021, and 85% of respondents claim they are willing to take personal action to address environmental and sustainability issues.
Therefore, increasing environmental awareness is driving the growth of the bio-lubricants market.
Product developments are a key trend gaining popularity in the bio-lubricants market.Major companies operating in the bio-lubricant market are focused on developing new products to strengthen their position.
For instance, in February 2020, Kluber Lubrication, a US-based chemical manufacturing company, launched specialty lubes for electric vehicles (EVs), electronic parking brakes (EPBs) at the Auto Expo.These specialty lubricants can help extend and enhance EV battery performance, improve the efficiency of the parking brake, optimize brake booster performance; and ensure reliable performance of actuators at temperatures ranging from -65 deg C to 200 deg C, thereby ensuring efficient output.
These lubricants are unique and have been developed after extensive research and development in India.
In August 2021, Mega First Corporation Berhad, a Malaysia-based company, acquired Emery Oleochemicals and Emery Specialty Chemicals for $8.99 million. With this acquisition, Mega First Corporation Berhad expands into coconut and other agricultural produce processing portfolios. Emery Oleochemicals is a US-based biolubricant company that offers fatty acids, glycerin and triacetin, ozone acids, plastic additives, and ester-based oilfield chemicals.
The countries covered in the bio-lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bio-lubricants market research report is one of a series of new reports that provides bio-lubricant market statistics, including bio-lubricant industry global market size, regional shares, competitors with a bio-lubricant market share, detailed bio-lubricant market segments, market trends and opportunities, and any further data you may need to thrive in the bio-lubricants industry. This bio-lubricants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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