Bio Lubricants have gained widespread acceptability among end users. The Global Bio-Lubricants Market is estimated to reach USD 3.50 Bn at a CAGR of 7.2% over the forecast period of 2016-2022, affirms Market Research Future (MRFR) in a detailed study.
Regulatory norms in developed countries are more restrictive of the use petroleum-based lubricants. Regulatory mandates in various countries are encouraging the use biodegradable and renewable sources of raw materials which induce greater demand within the Global Lubricants Market.
Moreover, sustainability is of growing interest for consumers as well as the government in multiple countries. Various European countries have initiated ecolabeling of Lubricants which further supports the growth of the market. Growing emphasis on sustainability and environmental awareness are among key growth drivers.
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Additionally, volatile in the price of crude oil subjects petroleum-based lubricants to a major price fluctuations. Furthermore, the pressing need to achieve sustainability and eliminate dependency on petroleum sourced products have reflected favorably on the market growth.
Bio-Lubricants are ecofriendly and highly degradable nature which has helped them garner many accolades. Bio-Lubricants have gained more relevance in end use industries due to the appeal of superior performance, improved energy efficiency, and prolonged lifetime for lubricants and machines. Lubricant manufacturers are putting in substantial R&D efforts to develop improved Bio-Lubricants.
The metalworking industry is increasingly using Bio-Lubricants, not only for environmental reasons but for safeguarding health of the workers.
Bio-Lubricants have for long suffered from a poor reputation of being weak in performance and higher price point of bio-Lubricants and their limited application range are major bottlenecks to the market growth. However, the development of new generation, high performance, and cost-effective Bio-Lubricants are likely to provide growth opportunities to the Global Bio-Lubricants Market. Moreover, lack of regulations restricting the use of petroleum-based lubricants in various countries is likely to limit the growth of the market.
Royal Dutch Shell PLC, Total S.A, Castrol, Albemarle Corporation, Exxon Mobil, Panolin AG,
Chevron Corporation, Kluber Lubrication München Se & Co, Emery Oleochemicals, and
Binol Bio Lubricants are the key players in the Global Bio-Lubricants Market.
The Global Bio-Lubricants Market has been segmented based on Type, Application, and End User.
By Type, the Global Bio-Lubricants Market has been segmented into edible & non-edible oil and animal oil.
By Application, the Global Bio-Lubricants Market has been segmented into automotive, engine oil, greases, process oil, chainsaw oils, metal working, and fluids.
By End User, the Global Bio-Lubricants Market has been segmented into automotive industry, construction, commercial transport, and others.
By Region, the Global Bio-Lubricants Market has been segmented into North America, Asia Pacific (APAC), Europe, and the In Europe, various public green procurement policies and local authority regulations mandating the usage of Bio-Lubricants are bolstering the demand for bio lubricants. Moreover, the introduction of Ecolabel has positively affected the market growth.
North America is the largest market for Bio-Lubricants spurred by stringent government regulations. The Vessel General Permit (VGP) is one of the most influential legislation laid down in North America which mandates the use of bio-degradable substances for marine vessels operating in North American waters.
APAC is poised to showcase rapid growth partly in view of presence of developing countries where the automotive and construction sector are burgeoning and providing opportunities for the growth of the Bio-Lubricants Market.
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