Bio lubricants Market Growth & Forecast Report by 2027; Major Growth Opportunities
The bio lubricants market size was USD 2.92 billion in 2021. The market size is expected to rise from USD 3.08 billion in 2022 to USD 4.26 billion by 2029, exhibiting a CAGR of 4.7% during the forecast period. Fortune Business Insights™ publishes this information in a report titled, “Bio Lubricants Market, 2022-2029″. As per the report, the market is projected to rise during the forecast period due to increasing adoption of sustainable and biodegradable bio lubricants in several end-use industries.
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Disrupted Supply Chain Amid Pandemic to Restrict Market Growth
The outbreak of COVID-19 pandemic has negatively affected the market growth of bio lubricants due to halted production and manufacturing units during the lockdown period. Also, disrupted supply chain management and lack of human resources due to virus spread have affected the market growth during the pandemic. Furthermore, the government has imposed strict restrictions on import/export policies to restrict the virus spread and maintain social distancing norms. Therefore, these factors are responsible for restricting market growth during the pandemic period.
Automotive & Other Transportation Segment Dominates Market Due to Developing Automobile Sector
By application, the market is segmented into hydraulic fluids, metalworking fluids, chainsaw oils, mold release agents, two-cycle engine oils, gear oils, greases, and others.
Based on end-use industry, the market is divided into automotive & other transportation, metalworking, mining, forestry, marine, engines, and others.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report shares factual information regarding the key players’ market development and growth strategies. Also, the companies adopt business growth strategies such as mergers, partnerships, collaborations, and alliances to expand their business reach. Furthermore, the impact of COVID-19 pandemic on market growth and development is highlighted further in this report. The drivers and restraints affecting the market expansion during the forecast period are discussed further in this report.
Drivers & Restraints:
Government Initiatives Governing Oil-based Lubricants to Bolster Market Growth
Bio lubricants are highly utilized in the automotive sector. In recent years, the automobile industry has been projected to grow rapidly. Also, biodegradable lubricants are being replaced with mineral oil-based lubricants to ensure high-quality performance. Also, government policies to increase sustainable lubricants and increase investment in R&D activities are expected to drive the market during the forecast period. These factors are expected to ensure the bio lubricants market growth in the coming years.
However, increasing costs and low lubricating properties may hinder the market growth.
North America Holds Highest Market Share Due to Developing Automobile Sector
North America dominates the global bio lubricants market share during the forecast period due to the emerging automotive industry in the region. The regional market stood at USD 1.22 billion in 2020. Also, increasing investments by the government in oil-based lubricants is expected to boost the market.
Asia Pacific holds the second-highest market share during the projected period due to increasing production of automobiles. The availability of cheap labor is anticipated to boost the demand for lubricants in various industries.
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Strategic Alliances Allow Companies to Strengthen their Market Position
The key market players focus on implementing various business growth strategies by forming strategic alliances, mergers, alliances, and acquisitions. Also, innovative product designing and development strategies allow companies to enhance their product portfolio by introducing product ranges.
Key Industry Development:
- February 2021: PANOLIN MARGEAR 100 and PANOLIN MARGEAR 150 received ZF approval for their gearboxes used in marine transmissions and other drive systems for various types of vessels in accordance with the ZF Lubricant Class TE-ML 04 M. ZF is a global technology company and one of the world’s leading driveline and chassis technology companies.
List of Key Players Profiled in the Report:
- PANOLIN AG (Switzerland)
- FUCHS (Germany)
- Shell (Netherlands)
- Exxon Mobil Corporation (U.S.)
- Total (France)
- Cargill (U.S.)
- Axel Christiernsson (Sweden)
- BECHEM (Germany)
- Cortec Corporation (U.S.)
- Environmental Lubricants Manufacturing, Inc. (U.S.)
- Klüber Lubrication (Germany)
- Novvi, LLC. (U.S.)
- Repsol (Spain)
- bp p.l.c. (U.K.)
- Emery Oleochemicals (Malaysia)
- IGOL (Norway)
- LanoPro (Norway)
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