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The latest report by IMARC Group, titled “Bio-Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global bio-lubricants market reached a value of US$ 2.14 Billion in 2021. Bio-lubricants are lubricants that are made from animal or plant oils. They are triglyceride esters that are prepared from chemical modifications such as epoxidation, transesterification, and esterification reactions. They are generally obtained from high oleic canola oil, castor oil, palm oil, sunflower seed oil, rapeseed oil, and tall oil. Bio-lubricants are non-toxic, renewable, biodegradable, and environment-friendly in nature and are used to reduce friction between surfaces. Consequently, they find application in different types of machinery such as railroad flanges, chainsaw bars, and two-stroke engines.
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.
Global Bio-Lubricants Market Trends:
The market is primarily driven by the growing awareness regarding environmental pollution and depleting crude oil reserves across the globe. This, in turn, is escalating the demand for lubricants with superior product characteristics like biodegradability, high flash points, constant viscosity, and low emission levels. In addition to this, governments of various countries are implementing stringent environmental regulations to reduce carbon emissions, thereby increasing the demand for bio-lubricants in diverse applications. Besides this, the rise in oil prices is also facilitating the need for a cost-effective alternative. Unlike petroleum-based lubricants, bio-based products are free from toxic ingredients and help in reducing the dependence on petroleum. Furthermore, research and development (R&D) activities, coupled with technological innovations, are significantly impacting the market growth. Looking forward, the market is expected to reach a value of US$ 2.73 Billion by 2027, exhibiting a CAGR of 4.1% during the forecast period (2022-2027).
Market Summary:
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