Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Bio-Lubricants Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global bio-lubricants market grew from $2.74 billion in 2022 to $2.92 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The bio-lubricants market is expected to grow to $3.63 billion in 2027 at a CAGR of 5.5%.
North America was the largest region in the bio-lubricants market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bio-lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing environmental awareness is expected to propel the growth of the bio lubricants market going forward. Environmental awareness refers to awareness of the natural environment and the choices that either promote its well-being or cause it more harm. Environmental awareness is helpful in increasing the bio-lubricant market because of its high viscosity indexes and flashpoints, good resistance to shear, and high biodegradability.
For instance, a survey by Mastercard, a US-based financial company, conducted across 24 countries reveals that 58% of adults are aware of their impact on the environment, in 2021, and 85% of respondents claim they are willing to take personal action to address environmental and sustainability issues. Therefore, increasing environmental awareness is driving the growth of the bio-lubricants market.
Product developments are a key trend gaining popularity in the bio-lubricants market. Major companies operating in the bio-lubricant market are focused on developing new products to strengthen their position. For instance, in February 2020, Kluber Lubrication, a US-based chemical manufacturing company, launched specialty lubes for electric vehicles (EVs), electronic parking brakes (EPBs) at the Auto Expo.
These specialty lubricants can help extend and enhance EV battery performance, improve the efficiency of the parking brake, optimize brake booster performance; and ensure reliable performance of actuators at temperatures ranging from -65 deg C to 200 deg C, thereby ensuring efficient output. These lubricants are unique and have been developed after extensive research and development in India.
In August 2021, Mega First Corporation Berhad, a Malaysia-based company, acquired Emery Oleochemicals and Emery Specialty Chemicals for $8.99 million. With this acquisition, Mega First Corporation Berhad expands into coconut and other agricultural produce processing portfolios. Emery Oleochemicals is a US-based biolubricant company that offers fatty acids, glycerin and triacetin, ozone acids, plastic additives, and ester-based oilfield chemicals.
The countries covered in the bio-lubricants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered:
1) By Base Oil: Vegetable Oil; Animal Fat; Other Base Oils
2) By Application: Hydraulic Oil; Metalworking Fluids; Chainsaw Oil; Mold release agents; Two-cycle engine Oils; Gear Oils; Greases; Other Applications
3) By End-User: Industrial; Commercial Transport; Consumer Automobile; Other End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.92 billion |
| Forecasted Market Value (USD) by 2027 | $3.63 billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Binol Biolubricants
- British Petroleum
- Cargill Corporation
- Chevron Corporation
- Royal Dutch Shell PLC.
- ExxonMobil
- Kluber Lubrication
- Statoil Lubricants
- Total SA
- Castrol
- HollyFrontier Corporation Millers Oils Ltd
- Petronas Lubricant
- Renewable Lubricants
- Solution Biogen Sdn Bhd
For more information about this report visit https://www.researchandmarkets.com/r/n4ltrf
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