Due to rising per capita disposable income and consumer preference for new products with lower emissions and higher fuel efficiency, the demand for automotive lubricants is expected to expand at the fastest rate in passenger cars. Moreover, market growth is likely to be aided by increased urbanization and increased personal mobility needs. Automotive bio lubricants have benefits such as increased reliability, longer equipment life cycle, and lower costs.
During the forecast period from 2021 to 2031, a favorable regulatory environment is expected to stimulate the production and use of bio-lubricants. The US Environmental Protection Agency has established laws requiring all marine vessels sailing in US waters to have a mandatory vessel general permit (VGP) and to use environmentally friendly bio-lubricants that are acceptable on all oil-to-sea interfaces.
However, one of the main factors impeding the growth of demand for bio-lubricants is the high price. Biological lubricants are more expensive than mineral oil lubricants, which has become a major barrier to commercial adoption. A lack of consumer understanding of the benefits of bio-lubricants is also an obstacle to market growth.
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The main takeaway from the market study
- Global demand for bio-lubricants is expected to reach the highest value US$2.4 billion by 2031.
- North America It is expected to remain one of the major markets capturing about 47.8% of the global market share.
- The global demand for bio-lubricants is expected to reach 741,540 tons by 2031.
- The vegetable oils segment is expected to experience a compound annual growth rate of 5.6% over the decade and is the leading raw material for bio-lubricants.
- Upon end use, automobiles are expected to remain a major segment and represent over 35% of the market share by value.
“To boost their annual sales, key market participants are focusing on strategic expansions, acquisitions, and technological developments in bio-lubricants,” says Persistence Market Research Analyst.
The global bio-lubricants market has been defined as a segmented market due to the large presence of key market participants along with numerous small and medium-sized companies. Some of the major market players listed in the report are ROYAL DUTCH SHELL PLC, ExxonMobil Corporation, Total Energies, FUCHS Group and Castrol Limited. The major market participants are expected to maintain a competitive environment worldwide.
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The main market participants focus on expansion through acquisitions, collaborations, and entry into emerging economies. They also focus on launching innovative new products associated with low carbon emissions.
- For example, in December 2021RSC Bio Solutions and Standard Sekiyu Osaka Hatsubaisho Co., Ltd (SSOH) have announced a new distribution partnership to meet the growing demand in Japan Environmentally Acceptable Lubricant (EAL) offerings for marine and industrial applications.
The global bio-lubricants business is expected to witness significant growth due to the expansion of the automotive and industrial segments and increased per capita spending.
The demand for plant-based and plant-based lubricants is driven by the many environmental challenges related to conventional lubricants. In developed countries, the market is expected to expand due to increased demand from the industrial and transportation sectors.
Several research and development activities have been completed to improve the physical and chemical properties of bio-lubricants. The research discovered that bio-lubricants can be used as an alternative to petroleum oils, and this is expected to be a market opportunity in the future.
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More valuable insights available
Persistence Market Research, a research and consulting firm, has published a new market research report on the global Bio-Lubricant Market which contains industry analysis for 2016-2020 and opportunity assessment for 2021-2031.
The report gives an in-depth analysis of the market by different segments, namely type, raw materials, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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