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. Bio-lubricants refer to active greasing substances obtained by chemically modifying plant-based oils through transesterification, esterification, and epoxidation reactions. They exhibit low volatility, high flash point, superior viscosity, and corrosion-resistant properties, which assist in reducing friction and mechanical energy losses. Apart from this, bio-lubricants are eco-friendly, renewable, and biodegradable, due to which they find extensive applications across various industrial verticals in small and large items of equipment to provide protection against corrosion and eliminate spilling impurities of deposits. Currently, bio-lubricants are commercially available in vegetable oil and animal fat base types.
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 Market Trends and Drivers:
The rapid industrialization and the increasing need for sustainable and non-toxic lubricating solutions, such as bio-lubricants, over petroleum-based oils across end-use sectors represents one of the prime factors driving the market growth. In line with this, the rising environmental concerns have prompted governments of several nations to promote the uptake of bio-lubricants for mitigating pollution, which, in turn, is propelling the market growth. Apart from this, extensive investments in research and development (R&D) activities to introduce high-performance greasing solutions and identify diverse bio- lubricant applications in heavy machinery, chainsaw bars, metalworking, metallurgy, and chemical manufacturing is contributing to 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
- Others
Breakup by End Use Industry:
- Power Generation
- Automotive
- Heavy Equipment
- Food & Beverage
- Metallurgy & Metalworking
- Chemical Manufacturing
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- 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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