Pune, India, May 18, 2022 (GLOBE NEWSWIRE) -- 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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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)
Report Scope & Segmentation
| Report Attribute | Details | |
| Market size value in 2021 | USD 2.92 Billion | |
| Revenue forecast in 2029 | USD 4.26 Billion | |
| Growth Rate | CAGR of almost 4.7% 2022-2029 | |
| Base Year | 2021 | |
| Historic Years | 2018 - 2020 | |
| Forecast Years | 2022 - 2029 | |
| Segments Covered | By End-use Industry, By Application | |
| Forecast Units | Value (USD Billion), and Volume (Units) | |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 | |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World | |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others | |
| Number of Companies Covered | 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) and more players profiled. | |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. | |
| Customization Scope | Avail customized purchase options to meet your exact research needs. | |
COVID-19 Impact:
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.
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Segments:
Automotive & Other Transportation Segment Dominates Market Due to Developing Automobile Sector
By application
- hydraulic fluids
- metalworking fluids
- chainsaw oils
- mold release agents
- two-cycle engine oils
- gear oils
- greases
Based on end-use industry
- automotive & other transportation
- metalworking
- mining
- forestry
- marine
- engines
Geographically
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Report Coverage:
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.
Regional Insights:
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.
Competitive Landscape:
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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/bio-lubricants-market-104654
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.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Application Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Bio-lubricants Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Bio-lubricants Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Volume/Value)
- Hydraulic Fluids
- Metalworking Fluids
- Chainsaw Oils
- Mold Release Agents
- Two-Cycle Engine Oils
- Gear Oils
- Greases
- Others
- By End-use Industry (Volume/Value)
- Automotive and Other Transportation
- Metalworking
- Mining
- Forestry
- Marine
- Engines
- Others
- By Application (Volume/Value)
TOC Continued…!
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