Farmington, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Global Biolubricants Market Size Is Valued At USD 1,950.0 Million In 2022 And Is Expected To Grow at a CAGR of 4.9% During The Forecast Period 2023 To 2030. Transportation and industry are likely to use bio-lubricants more and more over the next few years, which will help the market grow. Due to strict emission rules and regulations, there is a rising demand for lubricants with better product qualities, such as constant viscosity, high flash points, biodegradability, and lower emission levels. This is causing rise in a lot of industrial uses.
Key players will likely do more research and development, and new technologies will make it possible to use oils in new ways. Also, the market is rising because government regulations are bringing more high-performance, cost-competitive green base oils to market. Along with these factors, the main things that are driving up the demand for lubricants are rising concern about the environment and strict government rules, especially in Europe and North America, about the use of synthetic lubricants.
Request Sample Copy of Report “Biolubricants Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2023 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- December 2021, RSC Bio Solution and Standard Sekiyu Osaka Hatsubaisho Co., ltd enter latest distribution partnership to meet growing demand for environmentally acceptable lubricants (EALs) in Japan serving industrial and marine applications announced.
- In April 2020, FUCHS and BASF collaborated on a sustainability assessment and life cycle analysis of hydraulic oil as a sustainable lubricant product. The collaboration between the two companies has jointly pioneered sustainability aspects within the lubricants sector.
Segment Overview
Raw Material Insights:
Plant-based oils have a lot of potential to replace mineral oils because, like mineral oils, they are made up of long strings of hydrocarbons. So, more and more of these oils are being used to make biolubricants because they have good qualities like being renewable, non-toxic, cheap, and good for the earth. Some of the plants that are often used are soybean, rapeseed, and canola.
More research and development (R&D) to find ways to make biolubricants out of animal oils and fats is likely to help this market grow over the next few years. Oils and fats like these could make a lot of money in businesses like healthcare that mostly use petrochemical lubricants.
Application Insights:
On the world market, bio-lubricants are mostly used in two places: cars and factories. In 2015, the first one was a lot bigger and made up more than 56% of the market share. Automotive engine oils are the most famous in this market segment because they work better than other engine oils. Also, bio-based engine oils naturally break down faster, are less harmful to aquatic life, and don't build up in the environment. All of these things make them more useful in the field.
Biolubricants are also used in transmission oils, which is one of the main places they are used. The friction of brake bands, the way valves work, how gears are lubricated, and how power is changed are all made better by these liquids. Transmission fluids can also be used as hydraulic fluids and lubricants in the power steering and 4WD transfer case. Transmission fluids are being used in more cars, which is going to be good for the market.
Process oils made up a big part of the industrial applications section. Many businesses in the technical and chemical fields use these oils to improve the way they make things. The growing demand for specialty chemicals in the developing economies of Asia and the Pacific is expected to increase the use of these oils.
End-Use Insights:
In 2015, more than 43% of all traffic in the world was for business. This is because more people are learning that heavy and light-duty cars use less gas and are well-kept. These lubricants are famous in this market because they improve the quality of a car and make it less harmful to the environment at the same time.
Demand for consumer automotive goods has also gone up because more people are buying cars in emerging economies. Consumers are investing more and more in new technologies and goods that improve performance in order to meet fuel efficiency rules. During the forecast period, private sector investments and the efforts of a number of car companies to make ultra-low emission cars to meet changing government standards are also expected to increase the demand for biolubricants.
Regional Outlook:
Up to 34.6% of the Biolubricants Market was in Asia-Pacific in 2021, making it the market winner. Biolubricants have a good chance of growing in this area because the number of companies that make cars is growing, the transportation industry is doing well, building spending is going up, and more people are moving to cities. Asia-Pacific's car industry is growing quickly because the number of people using public transportation has gone up and the number of people working in the industry has grown. The number of new cars registered in Australia went up by 1.2% from March 2021 to March 2022, from 100,233 to 101,233. This is according to the Federal Chamber of Automotive Industries. The India Brand Equity Foundation (IBEF) says that the Indian auto business will be worth between US$251.4 and US$282.8 billion by 2026. As the automotive business in Asia-Pacific grows and makes more cars, more Biolubricants are being used in engine oils. This should make it easier for it to grow in the Asia-Pacific area over the next few years.
Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/248552
Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 4.9% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 4.73 Billion |
| By Type | Vegetable, Animal Oil, Others |
| By Application | Automotive, Industrial, Others |
| By End-Use | Industrial, Commercial Transportation, Consumer Automotive, Others |
| By Companies | ExxonMobil, TotalEnergies, Royal Dutch Shell Plc, RSC Bio Solutions, Renewable Lubricants Inc., Cargill Inc, Balmer Lawrie & Co. Ltd, KAJO Group, Polnox Corporation, BECHEM |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Drivers:
Rules from the government that make using biolubricants easier:
Biolubricants, which are made from animal and veggie oils, esters, natural sources, or biomass (renewable feedstock), are becoming more popular than mineral oil. Several good government measures are helping to make bio-based lubricants more popular. For instance, the U.S. Environmental Protection Agency (EPA) made it a law that all boats that play in U.S. seas must have a Vessel General Permit (VGP) and use bio-based lubricants in all oil-to-sea interfaces. Biolubricants are also better for the environment than mineral or petroleum-based goods. Another important piece of North American law is the Vessel General Permit (VGP). In the same way, Blue Angel in Germany, VAMIL Regulations in the Netherlands, and Swedish Standard in Sweden all control how much oils are made. So, these good rules are making more people want to use Biolubricants, which is what drives the Biolubricants business.
Challenge:
High Costs of Biolubricants: Biolubricants are very hard to sell because they are expensive and don't have any lubricating properties. Also, it's hard to use biolubricants as base oils because they don't work well at low temperatures, don't fight oxidation well, and have a small range of viscosities. Fixing these problems means that the cost of making the drugs goes up and the way they are made changes. Because of these things, the world market for biolubricants will grow much more slowly.
Key Segments Covered:
Top Market Players:
ExxonMobil, TotalEnergies, Royal Dutch Shell Plc, RSC Bio Solutions, Renewable Lubricants Inc., Cargill Inc, Balmer Lawrie & Co. Ltd, KAJO Group, Polnox Corporation, BECHEM, and others.
By Segment
- Vegetable
- Animal Oil
- Others
By Application
- Automotive
- Industrial
- Others
By End-Use
- Industrial
- Commercial Transportation
- Consumer Automotive
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Air Conditioning System Market - The Global Air Conditioning System Market Is Estimated At USD 123 Billion In 2023 And Is Forecast To Surpass USD 198 Billion By 2031, Growing At A CAGR Of 4.8% During 2023-2031.
- Semiconductor IP Market - The Global Semiconductor IP Market Size Was Valued At USD 4.58 Billion In 2021. The Market Is Projected To Grow From USD 4.95 Billion In 2022 To USD 8.53 Billion By 2030, Exhibiting A CAGR Of 8.1% During The Forecast Period.
- Air Conditioning System Market - The Global Air Conditioning System Market Is Estimated At USD 123 Billion In 2023 And Is Forecast To Surpass USD 198 Billion By 2031, Growing At A CAGR Of 4.8% During 2023-2031.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
Social: Facebook / LinkedIn / Twitter
Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Email: anna@contrivedatuminsights.com
Website:
https://www.contrivedatuminsights.com
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports
