Dublin, April 06, 2022 (GLOBE NEWSWIRE) -- The "Biolubricants - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Biolubricants Market to Reach $2.5 Billion by 2026
The global market for Biolubricants estimated at US$1.9 Billion in the year 2020, is projected to reach a revised size of US$2.5 Billion by 2026, growing at a CAGR of 5.2% over the analysis period.
Biolubricants are poised to witness healthy growth once the economy recovers from COVID-19 driven by growing demand for renewable, natural, non-toxic non-polluting and sustainable lubricants. Growing environmental concerns would help bio-based lubricants make their way into high-demand and lucrative application areas in the automotive and industrial sectors.
Advancements in the field of automobile engineering, particularly developments in engine design and operating efficiency, have also been driving considerable demand for biolubricants. Strict government regulations, particularly in North America and Europe, that discourage the use of synthetic and chemical-based lubricants is expected to act as a demand driver. Fast depleting crude oil reserves and quality of crude oil produce will also continue to drive demand for biolubricants.
Vegetable Oils, one of the segments analyzed in the report, is projected to grow at a 5.7% CAGR to reach US$1.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Animal Fats segment is readjusted to a revised 5% CAGR for the next 7-year period.
This segment currently accounts for a 31% share of the global Biolubricants market. Vegetable base oil dominates market share, given its widespread use due to its attributes such as high viscosity index, increased shear stability, reduced volatility, increased lubricity, and higher biodegradability. Further, these oils provide improved technical performance and oxidative stability in comparison to animal fats.
The U.S. Market is Estimated at $360.2 Million in 2021, While China is Forecast to Reach $230.4 Million by 2026
The Biolubricants market in the U.S. is estimated at US$360.2 Million in the year 2021. The country currently accounts for a 18.57% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$230.4 Million in the year 2026 trailing a CAGR of 7.4% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR while Rest of European market (as defined in the study) will reach US$246.8 Million by the end of the analysis period.
Demand for biolubricants in the European region continues to remain high, driven by subsidies, tax breaks, and national as well as international labeling programs. Demand for bio-lubricants is high in the US, particularly for the hydraulic fluid application. Also, in 2018, three novel bio-based engine oils were approved by NASA.
These new lubricants are used in five vehicles at the Armstrong Flight Research Center of NASA. In Asia-Pacific, the expansion of the power sector is expected to drive gains in the global market.
Growing automotive ownership in Asia-Pacific, thanks to steady economic growth, rising employment levels, improving standard of living, increase in discretionary spends, and development of road infrastructure, particularly in fast growth countries such as China and India, is also driving the demand in the region.
By Application, Hydraulic Fluids Segment to Reach $884.6 Million by 2026
Hydraulic fluids are synthetic formulations specially designed to transmit the power in hydraulic machinery, which are predominantly used in mining, industrial, agricultural and marine sectors. Although, petroleum oils constitute the primary feedstock for producing hydraulic fluids, mounting concerns over the impact of petroleum oil based fluids on environment, is creating ample opportunities for bio based hydraulic fluids
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Limited Market Opportunities amid Subdued Industrial Activity
- Biolubricants: A Cleaner and Sustainable Alternative to Petroleum-Based Lubricants
- Biolubricants Score over Petroleum Based and Synthetic Lubricants
- Environmental Fears Drive Biolubricants Demand
- Key Features and Corresponding Benefits of Biolubricants
- Properties of Biolubricants by Base Stock
- Biodegradability of Select Base Fluids
- Biodegradability - The USP of Biolubricants
- Global Biolubricant Market Set for a Rapid Growth Post COVID-19
- Industrial and Automotive - The two Major End-use Markets
- Europe and the US Dominate, Asia-Pacific Offers Significant Growth Opportunities
- Competition
2. FOCUS ON SELECT PLAYERS (Total 84 Featured)
- BP Plc
- Cargill, Incorporated
- Chevron Corporation
- Emery Oleochemicals Group
- Eurol B.V.
- ExxonMobil Corporation
- Fuchs Petrolub SE
- HollyFrontier Corporation
- Millers Oils Ltd.
- NuPro Industries Corporation
- Panolin AG
- Renewable Lubricants, Inc.
- Royal Dutch Shell plc
- Total SE
- Valvoline Inc.
3. MARKET TRENDS & DRIVERS
- Growing Concerns over Rising Emissions to Encourage Demand for Biolubricants
- Excessive Dependence on Crude Oil Drives the Demand for Biolubricants
- Increasing Focus on Biodegradable, Non-toxic, and Eco-Friendly Products: A Strong Growth Driver
- Stringent Environmental Regulations Stimulate the Market
- Increasing Environmental Awareness Propels Biodegradable Hydraulic Oils Demand
- Projected Rise in Auto Sales & Vehicle Miles Boosts Market Demand
- Biolubricants to Replace Hydrocarbon based Oils in Passenger Cars
- Excellent Lubricity: A Key Scoring Point in Engines Powered by ULSD Fuel
- Increased Importance of Lubricants in Automotive Servicing Augurs Well for Market Growth
- Surging Demand for Low Viscosity Fluids to Benefit Biolubricants
- Rising Concerns over Oil Related Water Pollution Bodes Well for the Market
- Increasing Demand for Biolubricants in the Marine Industry
- Agriculture and Forest Machinery Benefits from Bio-Based Oils
- Biolubricants Gain Prominence in Construction Machinery
- Expanding Machine Tools Sector Spurs Demand Growth
- Global Machine Tools Market (2019): Percentage Share Breakdown of Demand by End-Use Industries
- Rising Focus on Wind Energy to Benefit Biolubricants
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/hvq12g
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