According to IMARC Group’s latest report, titled “Bio-Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global bio-lubricants market reached a value of US$ 2.14 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.73 Billion by 2027, exhibiting at a CAGR of 4.1% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Bio-lubricants are lubricants that are made from animal or plant oils. They are triglyceride esters that are prepared from chemical modifications such as epoxidation, transesterification, and esterification reactions. They are generally obtained from high oleic canola oil, castor oil, palm oil, sunflower seed oil, rapeseed oil, and tall oil. Bio-lubricants are non-toxic, renewable, biodegradable, and environment-friendly in nature and are used to reduce friction between surfaces. Consequently, they find application in different types of machinery such as railroad flanges, chainsaw bars, and two-stroke engines.
Market Trends and Drivers:
The global bio-lubricants market is primarily driven by the growing awareness regarding environmental pollution and depleting crude oil reserves across the globe. This, in turn, is escalating the demand for lubricants with superior product characteristics like biodegradability, high flash points, constant viscosity, and low emission levels. In addition to this, governments of various countries are implementing stringent environmental regulations to reduce carbon emissions, thereby increasing the demand for bio-lubricants in diverse applications. Besides this, the rise in oil prices is also facilitating the need for a cost-effective alternative. Unlike petroleum-based lubricants, bio-based products are free from toxic ingredients and help in reducing the dependence on petroleum. Furthermore, research and development (R&D) activities, coupled with technological innovations, are significantly impacting the market growth.
Bio-lubricants Market 2022-2027 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
- Total SE
- Fuchs Petrolub SE
- Kluber Lubrication Munchen SE & Co. KG (Freudenberg Chemical Specialities SE & Co. KG)
- Panolin AG
- Polnox Corporation
- Quaker Chemical Corporation
- Royal Dutch Shell PLC
Key Market Segmentation:
The report has segmented the global bio-lubricants market on the basis of 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
Breakup by End Use Industry:
- Power Generation
- Heavy Equipment
- Food & Beverage
- Metallurgy & Metalworking
- Chemical Manufacturing
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- 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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