Global Bio-Lubricants market research 2024, Forecast To 2033
25 Jan, 2024
The bio-lubricants market has exhibited robust growth, expanding from $2.89 billion in 2023 to $3.06 billion in 2024, with a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period is attributed to environmental regulations and policies, concerns about climate change and pollution, awareness of health hazards linked to conventional lubricants, demand for sustainable and renewable products, and expansion in industries adhering to stringent environmental standards such as marine and agriculture. The market is poised for continued strength, projecting growth to $3.88 billion in 2028, maintaining a solid CAGR of 6.1%. The forecasted growth is fueled by an increasing focus on the circular economy and recycling, government incentives for green technologies, adoption in automotive and transportation industries, heightened consumer awareness, and the demand for eco-friendly products. Key trends in the forecast period encompass advancements in bio-based feedstock and technology, high-performance bio-lubricants, bio-lubricants for electric vehicles, bio-hydraulic fluids, and bio-based metalworking fluids.
Global Bio-Lubricants Market Key Driver
The bio lubricants market is expected to witness growth driven by increasing environmental awareness. In 2021, a survey across 24 countries revealed that 58% of adults were aware of their impact on the environment, with 85% expressing willingness to take personal action. Bio lubricants, known for their eco-friendly properties, align with this growing environmental consciousness. As more individuals prioritize sustainability, the bio lubricants market is anticipated to experience continued growth in 2023, 2024, and beyond.
Get A Free Sample Of The Global Bio-Lubricants Market ReportGlobal Bio-Lubricants Market Segments
The global bio-lubricants market covered in this report is segmented –
1) By Base Oil: Vegetable Oil, Animal Fat, Other Base Oils
2) By Application: Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold release agents, Two-cycle engine Oils, Gear Oils, Greases, Other Applications
3) By End-User: Industrial, Commercial Transport, Consumer Automobile, Other End Users
By Geography: The regions covered in the Bio-Lubricants market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Major Bio-Lubricants Industry Players
Binol Biolubricants Ltd., British Petroleum plc, Cargill Corporation, Chevron Corporation, Royal Dutch Shell PLC., ExxonMobil plc, Klüber Lubrication München Se & Co. Kg, Statoil Lubricants ASA, TotalEnergies SE, Castrol India Ltd., HollyFrontier Corporation Millers Oils Ltd., Petronas Lubricant International, Renewable Lubricants Inc., Solution Biogen Sdn Bhd, BP plc, Albemarle Corporation, Fuchs Petrolub AG, Panolin AG, Emery Oleochemicals, Biosynthetic Technologies LLC, RSC Bio Solutions, Green Earth Technologies LLC, BioBlend Renewable Resources LLC, Bio-Lub Canada Inc., Bio-Lubricants Inc., Biofriendly Corporation, BioPure Technology Ltd., Biosynthetic Technologies LLC, Carl Bechem GmbH, Croda International plc
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Bio-Lubricants Market Overview
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.
Bio-Lubricants Global Market Report 2023 provides data on the global bio-lubricants market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bio-lubricants market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.