NEW YORK, March 09, 2022 (GLOBE NEWSWIRE) -- The global bio lubricants market is anticipated to witness a growth rate of around 5.6% and be valued at over US$ 2.4 Bn by 2031, as per detailed industry analysis by Persistence Market Research.
Due to rising per capita disposable income and consumer preference for new products with low emissions and high fuel efficiency, demand for automotive lubricants is predicted to expand at the fastest rate in passenger cars. Furthermore, market growth is likely to be aided by rising urbanization and an increase in personal mobility needs. Automotive bio lubricants have benefits such as increased reliability, longer equipment lifecycle, and lower costs.
Over the projected period of 2021 to 2031, a favorable regulatory environment is expected to stimulate the production and usage of bio-based lubricants. The US EPA has established laws requiring all marine vessels plying in U.S. waters to get a mandatory Vessel General Permit (VGP) and use environmentally friendly, acceptable bio lubricants in all oil-to-sea interfaces.
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However, one of the primary factors impeding demand growth of bio lubricants is high price. Bio lubricants are costlier than mineral oil lubricants, which is becoming a major barrier to commercial adoption. Lack of consumer understanding about the benefits of bio lubricants is also posing a hindrance to market growth.
Key Takeaways from Market Study
- Global demand for bio lubricants is forecasted to top a value of US$ 2.4 Bn by 2031.
- North America is anticipated to remain one of the key markets accounting for around 47.8% of global market share.
- Global bio lubricant demand is expected to reach 741,540 tons by 2031.
- Vegetable oil segment is anticipated to witness a CAGR of 5.6% over the decade and the leading raw material used for bio lubricants.
- By end use, automotive is anticipated to remain a key segment and account for more than 35% market share by value.
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“To enhance their annual turnover, key market participants are focusing on strategic expansions, acquisitions, and technology developments in bio lubricants," says a Persistence Market Research analyst.
Competitive Landscape
The global market for bio lubricants has been identified as a fragmented market owing to high presence of key market participants along with numerous small and medium players. Some of the key market players included in the report are ROYAL DUTCH SHELL PLC, ExxonMobil Corporation, Total Energies, FUCHS Group, and Castrol Limited. Key market participants are expected to maintain a competitive environment all over the world.
Key market participants are focusing on expansion through acquisitions, collaborations, and by entering emerging economies. They are also focusing on the launching of new and innovative products that are associated with low carbon emissions.
- For instance, in December 2021, RSC Bio Solutions and Standard Sekiyu Osaka Hatsubaisho Co., Ltd (SSOH) announced a new distribution partnership to meet growing demand in Japan for environmentally acceptable lubricant (EAL) offerings for marine and industrial applications.
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Conclusion
The global business of bio lubricants is projected to witness significant growth owing to the expanding automotive and industrial sector and increasing per capita expenditure.
Demand for vegetable- and plant-based lubricants is being driven by many environmental challenges related with conventional lubricants. In developed nations, the market is expected to expand due to rising demand from the industrial and transportation sectors.
Several R&D activities to improve the physicochemical properties of bio-based lubricants have been completed. Research has discovered that bio lubricants can be utilized as a substitute for petroleum-based oils, and this is expected to be a market opportunity in the future.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the global Bio Lubricants market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, type, raw material, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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