Bio-lubricants or environmentally accepted lubricants (EAL) are lubricants derived from renewable sources. These lubricants are readily biodegradable, less toxic, and do not harm aquatic organisms and surrounding vegetation. Bio-lubricants have several environmental advantages over petroleum-based lubricants because of the inherent qualities of vegetable oils. Vegetable oils have a high viscosity index, which does not thin at high temperature, unlike petroleum-based lubricants. They provide better lubricity and longer life to equipment.
MarketsandMarkets expects the global bio-lubricants market size to grow from USD 2.0 billion in 2020 to USD 2.4 billion by 2025, at a CAGR of 4.1% from 2020 to 2025. The market for Bio-lubricants is segmented, based on base oil as vegetable oil, animal fat, and others. The vegetable oil segment is projected to be the fastest-growing segment in the overall bio-lubricants market during the forecast period. The growth of this segment is attributed to its properties such as higher biodegradability, higher lubricity, lower volatility, higher shear stability, and higher viscosity index.
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The bio-lubricants market is classified, based on end-use industries as industrial, commercial transport, and consumer automobile. The industrial segment is projected to register the fastest growth in the overall bio-lubricants market during the forecast period, in terms of value. The growth of the segment is attributed to the increasing demand from the marine industry.
The bio-lubricants market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Europe region accounted for the largest market share in 2019, in terms of both value and volume. The market for bio-lubricants in this region is projected to register a CAGR of 3.6% between 2020 and 2025, in terms of value.
The bio-lubricants market is dominated by large players, such as ExxonMobil (US), Royal Dutch Shell (Netherlands), Total SA (France), BP (UK), FUCHS Group (Germany), Cargill Inc. (US), and Panolin (Switzerland). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, and agreements, to increase their market shares and enhance their product portfolios.
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In March 2020, Royal Dutch Shell announced the expansion of the lubricant production facility located at Marunda Centre, Indonesia. After the expansion, the plant will be capable of 300-million-liter lubricant production.
In December 2019, FUCHS Group acquired 50% shares of three distributor companies based in Zimbabwe, Zambia, and Mozambique to enhance its presence in sub-Saharan Africa.
In January 2018, ExxonMobil launched Mobil SHC Aware HS (Hydraulic System) Series hydraulic oils, which provides protection in challenging marine operating environments and meet VGP requirements for EAL. This will provide the company with a competitive advantage over others in the bio-lubricants market in the marine sector.
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