A study made by research firm Reports and Data foresees the global bio-lubricants market reaching $4.41 Billion by 2026. The company calculates the market being worth $2.74 billion in 2018 and growing at a CAGR of 5.9% through 2026. Restrictions being imposed on petroleum products is said to be a prime driver of this market.
Bio lubricant, a.k.a., bio-lube, is produced from sunflower oil, rapeseed oil, animal fats, and others. They are increasingly demanded as they are non-toxic, environmentally friendly, biodegradable, and renewable.
- The rise in the sale of vehicles has driven the market for bio-lubricants.
- Europe dominates the market owing to the presence of rigid environmental laws where companies go through various emission standards and application of biodegradable products in countries like Germany, Finland, Norway Italy, and France.
- North America is expected to grow with the highest CAGR.
- Bio-lubricants do not cause any toxic effect which is generally the case with petroleum. To reduce the dependency on petroleum, alternatives were developed.
- Bio lubrication is generally safer to use over conventional lubrication.
- The market is hindered by a limited range of applications in the coming years.
- The industrial segment accounts for a substantial portion of the market due to the large-scale application of lubricants in the machine and for production.
- Vegetable oil has the largest market share as they are used in multiple applications and are produced in large quantities.
- Hydraulic fuel generates the largest revenue owing to its application in both stationary and mobile equipment. It is used as a medium to transfer energy and power to hydraulic systems.
- Commercial based transport dominates the market in the end-use.
- Edible and non-edible oil also generates substantial revenue. These oils are not only used for industrial application but also in households for domestic purpose.
- Key participants include ExxonMobil Corporation, Royal Dutch Shell Plc, Total SA, Chevron Corporation, BP Plc, Albemarte Corporation, Panolin AG, Binol Lubricants, Enemy Oleochemicals, and Fuchs Petrolub AG.
To learn more, checkout the “Bio Lubricants Market” report.
Reports And Data