The global bio-lubricants market size is expected to reach USD 3.05 billion by 2030, according to a new study by Polaris Market Research. The report “Bio-lubricants Market Share, Size, Trends, Industry Analysis Report, By Base Oil Type (Vegetable Oils, Animal Fats, Others); By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The automotive and transportation segment is estimated to remain a key end-use segment in the global industry. Growing customer preference for high-quality bio-based automotive lubricants is driving its growth. Growing demand for passenger vehicles and rising inclination toward sustainable solutions further support the growth of this segment.
North America is expected to exhibit high growth during the forecast period. US and Canada lead the market due to their renewed automotive sector and government regulations regarding the use of bio-lubricants. The introduction of emission and government initiatives and support is encouraging industry players to develop new products.
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The key players in the market are Albemarle Corporation, Axel Christiernsson, Bechem, Chevron Corporation, Cortec Corporation, Emery Oleochemicals, Environmental Lubricants Manufacturing Inc., Exxon Mobil Corporation, Fuchs Petrolub SE, Klüber Lubrication, Panolin AG, Polnox Corporation, Quaker Chemical Corporation, Royal Dutch Shell PLC, and Total SE.
Industry players are collaborating with each other for research and development, strengthening global presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies for the development of high-quality products.
Rising consumer awareness regarding the environment and depleting crude oil reserves are driving the bio-lubricant industry towards growth. Governments have increased their spending on R&D due to which product innovation has increased, thus generating demand for the bio-lubricants in the industry over the conventional lubricants.
Bio-lubricants Market Report Highlights
Polaris Market Research has segmented the bio-lubricants market report based on base oil type, application, end-use, and region:
Bio-lubricants, Base Oil Type Outlook (Revenue - USD Billion, 2018 - 2030)
Bio-lubricants, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Bio-lubricants, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Bio-lubricants, Regional Outlook (Revenue - USD Billion, 2018 - 2030)