PUBLISHER: Polaris Market Research | PRODUCT CODE: 1098784
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1098784
The global bio-lubricants market size is expected to reach USD 3.05 billion by 2030, according to a new study by Polaris Market Research. The report "Bio-lubricants Market Share, Size, Trends, Industry Analysis Report, By Base Oil Type (Vegetable Oils, Animal Fats, Others); By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The automotive and transportation segment is estimated to remain a key end-use segment in the global industry. Growing customer preference for high-quality bio-based automotive lubricants is driving its growth. Growing demand for passenger vehicles and rising inclination toward sustainable solutions further support the growth of this segment.
North America is expected to exhibit high growth during the forecast period. US and Canada lead the market due to their renewed automotive sector and government regulations regarding the use of bio-lubricants. The introduction of emission and government initiatives and support is encouraging industry players to develop new products.
The key players in the market are Albemarle Corporation, Axel Christiernsson, Bechem, Chevron Corporation, Cortec Corporation, Emery Oleochemicals, Environmental Lubricants Manufacturing Inc., Exxon Mobil Corporation, Fuchs Petrolub SE, Kluber Lubrication, Panolin AG, Polnox Corporation, Quaker Chemical Corporation, Royal Dutch Shell PLC, and Total SE.
Industry players are collaborating with each other for research and development, strengthening global presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies for the development of high-quality products.
Rising consumer awareness regarding the environment and depleting crude oil reserves are driving the bio-lubricant industry towards growth. Governments have increased their spending on R&D due to which product innovation has increased, thus generating demand for the bio-lubricants in the industry over the conventional lubricants.
Bio-lubricants Market Report Highlights
The vegetable oil segment holds a significant share in the market. The growth is attributed to the abundant availability of vegetable oil seeds which are used as raw materials accelerating the demand for the vegetable oil segment.
The hydraulic fluids segment is estimated to witness high growth during the forecast period. Hydraulic fluid provides a lubricating film that reduces wear and tears on moving parts.
The automotive and transportation segment held a significant share of the market based on the end-use. The use in this segment has increased owing to the environmental friendliness, longevity, performance, and energy efficiency offered by bio-lubricants.
The North American region is expected to register high growth during the forecast period, which is driven by the increasing incentives and regulations for the adoption of bio-lubricants.
Polaris Market Research has segmented the bio-lubricants market report based on base oil type, application, end-use, and region:
Bio-lubricants, Base Oil Type Outlook (Revenue - USD Billion, 2018 - 2030)
Vegetable Oils
Animal Fats
Others
Bio-lubricants, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Greases
Hydraulic Oils
Gear Oils Metalworking Fluids
Chainsaw Oils
Mold Release Agents
Two-Cycle Engine Oils
Others
Bio-lubricants, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Industrial
Automotive and Transportation
Mining
Building and Construction
Others
Bio-lubricants, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
List of Tables
Figure 1. Global Bio-lubricants Market, 2018 - 2030 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Approach
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Application
Figure 7. Global Bio-lubricants Market, by Application, 2021 & 2030 (USD Billion)
Figure 8. Market by Base Oil Type
Figure 9. Global Bio-lubricants Market, by Base Oil Type, 2021 & 2030 (USD Billion)
Figure 10. Market by End-Use
Figure 11. Global Bio-lubricants Market, by End-Use, 2021 & 2030 (USD Billion)
Figure 12. Bio-lubricants Market Assessment, By Geography, 2018 - 2030 (USD Billion)
Figure 13. Strategic Analysis - Bio-lubricants Market