NEW YORK, March 28, 2022 /PRNewswire/ -- The global bio-lubricants market size is expected to reach USD 5,194.0 Million in 2030 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Increasing application of bio-lubricants and increasing investment by private players into the development of advanced bio-lubricants are key factors driving market revenue growth. Petroleum-based lubricants generally cause skin inflammation, which bio-based lubricants do not. They also have several advantages, including lower energy consumption, lower labor costs, higher employee safety, improved environmental conditions, longer machine life, and enhanced productivity, thereby boosting the growth of the market. Bio-lubricants are safer to use than conventional lubricants because of their high flash point and stability. Bio-based lubricants are widely used in heavy machinery where lubricant loss is relatively high in the atmosphere. Railroad flanges, two-stroke engines, dust suppressants, and chainsaw bars are among the most common bio-based lubricant applications.
The Bio-Lubricants Market is gaining significant traction as they are widely accepted as petroleum-based oil substitutes. This change promises to have a positive impact on environmental concerns and will aid in the resolution of related issues. Renewable raw materials such as plant oils and animal fats are being used. Vegetable oil-based lubricants are known to have a number of environmental and long-term advantages over petroleum-based counterparts. They are also more cost-effective and have a higher degree of biodegradability.
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Some Key Highlights From the Report
- Transmission fluids enhance the performance of brake band friction, valve operation, gear lubrication, and torque conversion. Transmission fluids can also be used as hydraulic fluids and lubricants in power steering and 4WD transfer cases. Segment revenue growth is due to increased use of transmission fluids in automotive manufacturing.
- Consumer automobile segment is expected to expand at a significant revenue growth rate in the global bio-lubricants market over the forecast period. Increasing passenger car sales in emerging economies have fueled product demand in the consumer automobile industry. Consumers are progressively investing in modern technologies and performance-enhancing items to meet fuel efficiency regulations.
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- Market in Europe is expected to expand at a rapid revenue CAGR in the global bio-lubricants market over the forecast period. The stringent regulations and the rolling transition towards bio-economy in countries such as Germany, Nordic countries, Benelux, Italy, and France are promoting the use of bio-based chemicals such as bio-lubricants and biofuels in the region. Innovation and R&D investments to promote novel lubricant applications are also expected to drive the market revenue growth in the European region.
- In October 2021, Neste, a well-known oil refiner, has entered into a collaboration agreement with Hesburger, a well-known Finnish restaurant chain, for the collection of used cooking oil from more than 300 local restaurants. This will be used to make bio-lubricants and renewable diesel. In addition, the restaurants will use Neste's MY Renewable Diesel in their transport fleet throughout Finland.
- Companies profiled in the market report are Exxon Mobil Corporation, Royal Dutch Shell plc, Cargill, Inc., BP PLC, PANOLIN AG, Chevron Corporation, Albemarle Corporation, Emery Oleochemicals, Fuchs Petrolub SE, and Polnox Corporation.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/bio-lubricants-market
For the purpose of this report, Reports and Data has segmented the global bio-lubricants market based on raw material, application, end-use, and region:
- Raw Material Outlook (Revenue, USD Million; 2018-2030)
- Vegetable Oil
- Animal Fat
- Others
- Application Outlook (Revenue, USD Million; 2018-2030)
- Automotive Engine Oils
- Transmission Fluids
- Hydraulic Fluids
- Metalworking Fluids
- Chainsaw Oils
- Mold Release Agents
- Two-Cycle Engine Oils
- Gear Oils
- Process Oils
- Greases
- Others
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- End-Use Outlook (Revenue, USD Million; 2018-2030)
- Industrial
- Commercial Transport
- Consumer Automobile
- Others
- Regional Outlook (Revenue, USD Million; 2018-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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