Global Bio Lubricants Market size is estimated to reach USD 5,194.0 Million in 2030 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Growing demand for lubricants with superior product characteristics like constant viscosity, biodegradability, high flash points, and lower emission levels are key factors driving the market revenue growth. Bio Lubricants, commonly known as bio-lubes, are non-toxic and biodegradable lubricants. Raw materials used to make lubricants include rapeseed oil, palm oil, sunflower oil, coconut oil, and animal fats. Bio Lubricants have various advantages over petroleum-based products in terms of non-toxicity, renewable energy, carbon neutrality, and environmental friendliness. Bio Lubricants are safer to use than conventional lubricants because of their high flash point and stability. Bio Lubricants are used in a variety of industries, including automotive, maritime, and construction industries, among others.
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The leading contenders in the global Bio Lubricants market are:
ExxonMobil Corporation,
Royal Dutch Shell Plc,
Total SA,
Chevron Corporation,
BP Plc,
Albemarte Corporation,
Panolin AG,
Binol Lubricants,
Enemy Oleochemicals,
and Fuchs Petrolub AG.
Some Key Highlights From the Report:
Hydraulic fluids segment is expected to account for largest revenue share in the global Bio Lubricants market over the forecast period. Bio-based lubricants are frequently used as hydraulic fluids in equipment, such as cranes, harvesters, tractors, or load carriers. Hydraulic fluid acts as a lubricant for reducing wear and tear on moving parts.
Industrial segment accounted for the largest revenue share in the global Bio Lubricants market in 2020. This segment has been sub-segmented into agriculture, marine, and construction. Various regulations, like the Vessel General Permit (VGP) in the U.S. and Ecolabel in Europe, have made it essential to use Bio Lubricants or Environmentally Acceptable Lubricants (EAL) in shipping vessels, which is expected to drive revenue growth of industrial segment.
Market in North America is expected to contribute to highest revenue share in the global Bio Lubricants market during the forecast period because the automotive industry is a major consumer of Bio Lubricants. Rising government spending on Bio Lubricants used in marine and automotive industries is expected to create lucrative market opportunities. North America is also likely to benefit from an abundance of soybean & rapeseed feedstock as a result of high biodiesel production in the region.
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The global materials & chemicals industry has gained major momentum over recent years, owing to many favorable factors. Major factors contributing to industry revenue growth include rise in global populace and rapid surge in demand for essential consumer goods including soaps, detergents, personal care & hygiene products, cosmetics, and other consumer products. Other factors driving industry revenue growth are extensive use of raw materials & chemicals in various industries including buildings & construction, agriculture, food & beverage, power & energy, pulp & paper, textile, automotive, and consumer goods industries, rising environmental awareness among consumers worldwide, growing demand for eco-friendly and sustainable materials and chemicals, and rising demand for organic, high-performance chemicals.
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Bio Lubricants Market segmentation by Raw Material:
Vegetable Oil
Animal Fats
Others
Bio Lubricants Market segmentation by Application:
Hydraulic fluids and tractor transmission oils
Greases and stern tube greases
Stern tube oils
Chainsaw Oils
Concrete release agents
Wire rope oils
Two-stroke oils
Industrial and marine gear oil
Regional Analysis covers:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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