Newark, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2 billion in 2023 global bio-lubricants market will reach USD 3.25 billion in 2033. Eco-friendly lubricants are called bio-lubricants. They come from replenishable biological sources, such as plants and animals. They provide a sustainable substitute for conventional lubricants made of petroleum. Bio-lubricants have minimal toxicity and high lubricity and are renewable, biodegradable, and stable. Bio-lubricants are made or produced using techniques such as esterification, hydrogenation, and vegetable oil extraction. Bio-lubricants are used in various industries, such as agriculture, industrial machinery, vehicles, and maritime. The market for bio-lubricants is driven by the increasing focus on environmental sustainability and the need to lessen reliance on non-renewable resources. Because bio-lubricants have lower toxicity levels, which improve workplace safety and lessen the possibility of harm to human health and the environment, they also support environmental sustainability, decreased ecological footprint, eco-friendly practices, and increased workplace safety.
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Key Insight of the Global Bio-lubricants Market
North America will dominate the market during the forecast period.
Bio-lubricant manufacturing has advanced technologically with increased investments in research and development backed by government efforts and private sector funding, which has fueled the growth of the regional market. The region's thriving agriculture industry offers a plentiful supply of feedstock to produce bio-lubricants. The need for bio-lubricants is driven by the increased emphasis on environmental sustainability, which is in line with strict legislation and a growing awareness of the ecological impact of traditional lubricants.
In 2023, the vegetable oil segment dominated the market with the largest market share of 54% and revenue of 1.08 billion.
The source segment is divided into vegetable oil and animal oil. In 2023, the vegetable oil segment dominated the market with the largest market share of 54% and revenue of 1.08 billion.
In 2023, the hydraulic fluids segment dominated the market with the largest market share of 27% and revenue of 0.54 billion.
The application segment is divided into hydraulic fluids, chainsaw oils, two cycle engine oils, greases, metalworking fluids, mold release agents, gear oils, and others. In 2023, the hydraulic fluids segment dominated the market with the largest market share of 27% and revenue of 0.54 billion.
In 2023, the automotive segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
The end-use industry segment is divided into automotive, mining, marine, metalworking, forestry, engines and others. In 2023, the automotive segment dominated the market with the largest market share of 38% and revenue of 0.76 billion.
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Advancement in market
The automated lubricant mixing factory of UMW Lubetech Sdn Bhd is located in Klang's Pulau Indah Industrial Park. The Shah Alam plant, which could only generate 35 million litres of lubricants annually, was replaced by the new facility, which can produce 60 million litres. Situated on a 6.9-acre plot of land, the new facility has a built-up area of 3.2 acres. It has more than 200 employees. With a GreenRe Gold certification, the new UMW Lubetech factory complies with the UMW Group's Sustainability Roadmap. The plant's solar panel installation is scheduled to be finished by the first quarter of 2024. It features rainwater collection, electric car charging, composting of garbage, and energy-efficient lighting.
Market Dynamics
Driver: The growing global need for lubricants that benefit the environment in light of the climate change crisis.
The ecological effects of conventional lubricants have raised worries about the environment, which has prompted governments and other industry players to look for more environmentally friendly options. Bio-lubricants are a sustainable alternative with a smaller environmental impact, supporting international initiatives to reduce pollution and disturb ecosystems. Industries will have to respond due to consumers' shifting preferences and increased environmental consciousness since they will need to implement eco-friendly practices to maintain their market share. Tight environmental laws will also play a big role in the increasing use of bio-lubricants. Thus, given the various causes contributing to this transformation, the growing demand for eco-friendly lubricants in a climate-conscious world will propel the growth of the global bio-lubricants market.
Restraints: limitations of bio-lubricants.
Due to their low-temperature stability, bio-lubricants cannot be used in automotive or industrial operations that require high temperatures for manufacture. When these lubricants are employed in products, their reduced oxidative stability causes premature degradation, lowering the product's overall efficacy and service life. Its application is further restricted by compatibility difficulties with specific materials. The manufacturing and accessibility of bio-lubricants are also impacted by the erratic and unpredictable availability of feedstocks, which further impedes the market's expansion.
Opportunities: developments in technology.
Technological developments enable better formulations that increase the bio-lubricants stability and efficacy, increasing their versatility and range of uses. For example, hydro-processing methods and additive technologies that help customize bio-lubricants make them compatible with current infrastructure and increase their adoption. Cutting-edge blending methods improve formulation accuracy for bio-lubricants, which supports the market's expansion and development.
Challenges: Cost considerations.
The reliance on plant-based oils or animal fats as feedstocks leads to fluctuating and volatile raw material costs, resulting in price fluctuations in bio-lubricants. The production processes involved in manufacturing bio-lubricants are intricate and energy-intensive compared to traditional lubricants, which further increases regulatory compliance encompassing testing, certification, and adherence to environmental standards, adding to further costs. Investments in research and development contribute to the overall expense. Therefore, cost considerations of bio-lubricants will challenge the market's growth.
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Some of the major players operating in the global bio-lubricants market are:
• Albemarle Corporation
• CASTROL LIMITED
• Chevron Corporation
• Emery Oleochemicals
• Exxon Mobil Corporation
• FUCHS
• Kluber Lubrication
• PETRONAS Lubricants International
• Shell plc
• TotalEnergies
Key Segments covered in the market:
By Source
• Vegetable Oil
• Animal Oil
By Application
• Hydraulic Fluids
• Chainsaw Oils
• Two Cycle Engine Oils
• Greases
• Metalworking Fluids
• Mold Release Agents
• Gear Oils
• Others
By End Use Industry
• Automotive
• Mining
• Marine
• Metalworking
• Forestry
• Engines
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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