The global biolubricants market size was valued at USD 3.26 billion in 2023 and is projected to grow from USD 3.44 billion in 2024 to USD 4.90 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period. Fortune Business Insights™ publishes this information in a report titled, "Bio Lubricants Market, 2025-2032". As per the report, the market is projected to rise during the forecast period due to increasing adoption of sustainable and biodegradable bio lubricants in several end-use industries.
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Segmentation Analysis:
Automotive & Other Transportation Segment Dominates Market Due to Developing Automobile Sector
By application, the market is segmented into hydraulic fluids, metalworking fluids, chainsaw oils, mold release agents, two-cycle engine oils, gear oils, greases, and others.
Based on end-use industry, the market is divided into automotive & other transportation, metalworking, mining, forestry, marine, engines, and others.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints:
Government Initiatives Governing Oil-based Lubricants to Bolster Market Growth
Bio lubricants are highly utilized in the automotive sector. In recent years, the automobile industry has been projected to grow rapidly. Also, biodegradable lubricants are being replaced with mineral oil-based lubricants to ensure high-quality performance. Also, government policies to increase sustainable lubricants and increase investment in R&D activities are expected to drive the market during the forecast period. These factors are expected to ensure the bio lubricants market growth in the coming years.
Regional Insights
North America to Retain Leading Position with Growing Activities in the Region’s Auto Industry
North America is slated to dominate the bio-lubricants market share during the forecast period due to the rising intensity of technological advancements in the region’s automotive industry. Top carmakers are constantly experimenting with different ecofriendly materials to increase the sustainability of their products and manufacturing operations. In 2019, the North America market size stood at USD 1,410.3 million.
Asia Pacific, which is rapidly emerging as the auto manufacturing hub of the world, is generating wide growth opportunities for market players. Governments in the region are creating favorable investment conditions to attract global automakers and are also framing policies to promote the adoption of sustainable materials for domestic vehicle manufacturers. Active encouragement to adopt bio-based lubricants and other materials through policy nudges is fueling the market for bio-lubricants in Europe.
Competitive Landscape
Strategic Investments in New Ventures to be a Prominent Feature of Market Competition
The competitive dynamics of this market are currently being shaped by the well-calculated investments by key players in initiating novel production ventures in distinct geographies. These ventures are aimed at capitalizing on the speedily evolving trend of utilizing bio-lubricants and other bio-based materials for industrial operations.
Industry Development:
- August 2020: Novvi LLC announced the successful commencement of its plant in Deer Park, Texas, where it will be producing and marketing all of its renewable base oils for the lubricant industry. The company aims to advance its sustainable lubricant offering range and engage with local vendors to reduce their carbon footprint.
List of Key Companies Covered in the Bio-lubricants Market Report:
- Castrol (Pangbourne, UK)
- Emery Oleochemicals (Selangor, Malaysia)
- Repsol (Madrid, Spain)
- Klüber Lubrication (Munich, Germany)
- Cortec Corporation (Minnesota, U.S.)
- Axel Christiernsson (Gothenburg, Sweden)
- Total (Paris, France)
- Shell (The Hague, Netherlands)
- PANOLIN AG (Madetswil, Switzerland)
- IGOL (Geneva, Switzerland)
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