The latest report by IMARC Group, titled “Bio-Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global bio-lubricants market reached a value of US$ 2.2 Billion in 2022. 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.
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$ 2.8 Billion by 2028, exhibiting a CAGR of 3.9% during the forecast period (2023-2028).
- Based on the base oil type, the market has been segmented into vegetable oils and animal fats.
- On the basis of application, the market has been classified into hydraulic fluids, metalworking fluids, chainsaw oils, mold release agents, two-cycle engine oils, gear oils and greases, and others.
- The market has been categorized based on the end use industry into power generation, automotive, heavy equipment, food and beverage, metallurgy and metal working, chemical manufacturing, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Albemarle Corporation, BP Plc, Chevron Corporation, Emery Oleochemicals, Exxon Mobil Corporation, Fuchs Petrolub SE, Klüber Lubrication München SE & Co. KG (Freudenberg Chemical Specialities SE & Co. KG), Panolin AG, Polnox Corporation, Quaker Chemical Corporation, Royal Dutch Shell PLC and Total SE.
|Base Year of the Analysis
||Base Oil Type, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Albemarle Corporation, BP Plc, Chevron Corporation, Emery Oleochemicals, Exxon Mobil Corporation, Fuchs Petrolub SE, Klüber Lubrication München SE & Co. KG (Freudenberg Chemical Specialities SE & Co. KG), Panolin AG, Polnox Corporation, Quaker Chemical Corporation, Royal Dutch Shell PLC and Total SE
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