Press Release Description

Mounting Sales of Passenger Cars in Emerging Economies to Boost the Global Bio-Lubricant Market

The Global Bio-lubricant Market is projected to grow at a CAGR of around 4.1% during the forecast period, 2022-27 says MarkNtel Advisors in their recent research report. The growing manufacturing of passenger cars in the countries such as the US, China, and Germany resulted in accelerating the demand for bio-lubricants such as vegetable oil-based bio-lubricants. The vegetable oil-based bio-lubricants act as an alternative lubricant for the automobile due to their excellent lubricity.

In addition, the global demand for bio-lubricants captured a notable growth rate during the historical period. The factors responsible for the market growth are increasing the US & Chinese government concerns regarding greenhouse gas emissions & the increasing price of crude oil. Furthermore, the growing use of vegetable oil such as palm oil & sunflower oil-based bio-lubricants as substitute lubricants for the automotive industry is also escalating the market growth. Likewise, the adoption of labeling schemes by different European nations to support the classification of bio-lubricants is enhancing the Global Bio-lubricant market.

Moreover, advancements in the field of the automobile industry, mainly developments in engine design & operating efficiency, have also been driving considerable demand for bio-lubricants. Additionally, strict government regulations in Belgium, Germany, and Australia, among others, that ban synthetic and chemical-based lubricants are predicted to boost bio-based lubricant demand. Hence, the Global Bio-lubricants Market would grow considerably during the forecast period, further states the research report “Global Bio-Lubricant Market Analysis, 2022-2027F”.

Vegetable Oil Held a Significant Share in the Global Bio-lubricant Market

Based on Base oil, the market is divided into Vegetable Oil, Animal Tallow (Fat), and Others (Refined oils, Synthetic oils, etc.). Of them, Vegetable oil acquired a significant growth rate during the historical period. Some key factors responsible for market growth are the price difference between petroleum & vegetable oil makes vegetable oil an appealing substitute for lubricant production. In order to generate electricity, coconut oil, sunflower oil, and palm oil are widely used as bio-lubricants & transportation fuels. Furthermore, the extensive use of petroleum-based lubricant oil in numerous industries such as industrial machinery, mining, textile manufacturing, forestry, and construction contaminates the environment in small but widespread amounts, causing the majority of environmental damage.

Additionally, due to inappropriate disposal, unintentional spills, leaks, and lost lubrication, environmental problems have become more severe around the world. In order to address the growing environmental problems, the demand for bio-lubricants is developing quickly, which is driving up prices for vegetable oil in all the different regions.

Asia-Pacific to Witness Substantial Growth in the Global Bio-lubricant Market

Geographically, the Asia-Pacific captured a notable growth rate in the Global Bio-lubricant market during the historical period due to the strengthened automotive industry in China & India. Along with this, the growing regulatory intervention by the Chinese government regarding the use of bio-based lubricants in engine oils is expected to escalate the demand for bio-lubricants in the coming years.

In addition, the growing awareness of biodegradable lubricants & the growing use of bio-based chemicals in the region due to strict regulations & the rising shift towards bio-economy in the countries such as China, Australia, and Japan, among others, led to stimulating the market growth. Moreover, Asia-Pacific is home to major automotive manufacturers such as Hyundai, Toyota, and Nissan compared to the US & Germany. Thus, the increasing manufacturing of passenger cars & other vehicles in the region is projected to escalate the demand for bio-lubricants in the region, reveals MarkNtel Advisors in their research report, "Global Bio-Lubricant Market Analysis, 2027."

Key Market Competitors

The leading players in the Global Bio-lubricant Market are Chevron Corporation, Shell Plc, BP Plc, ExxonMobil Corporation, Axel Christiernsson, TotalEnergies, Cargill, Fuchs Petrolub AG, Klüber Lubrication, Panolin AG, Emery Oleochemicals, M-O-8 Specialities Ltd (Binol Lubricants), Renewable Lubricants, Polnox Corporation, Rsc Bio Solutions, BIONA JERSÍN s.r.o., Carl Bechem GmbH, Advonex International, Others).

Key Questions Answered in the Study

  1. What are the current & future trends in the Global Bio-lubricant Market?
  2. How has the industry been evolving in terms of geography?
  3. How has the competition been shaping across various countries, followed by their competitive landscape?
  4. What are the key growth drivers & challenges for the Global Bio-lubricant Market?
  5. What are the customer orientation, purchase behavior, and expectations from product providers across various regions?

Market Segmentation:

  1. By Base Oil (Vegetable Oils (Coconut Oil, Sunflower Oil, Palm Oil, Rapeseed oil, Others), Animal Tallow (Fat), Others (Refined oils, Synthetic oils, etc.))
  2. By Application (Automotive Engine Oil, Gear Oil, Metalworking Fluid, Transmission Fluid, Hydraulic Fluid, Chainsaw Oil, Two-Cycle Engine Oil, Others (Greases, Process Oil, Mold Release Agents, etc.))
  3. By End User (Industrial, Commercial Transport, Consumer Automotive)
  4. By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific)
  5. By Competitors (Chevron Corporation, Shell Plc, BP Plc, ExxonMobil Corporation, Axel Christiernsson, TotalEnergies, Cargill, Fuchs Petrolub AG, Klüber Lubrication, Panolin AG, Emery Oleochemicals, M-O-8 Specialities Ltd (Binol Lubricants), Renewable Lubricants, Polnox Corporation, Rsc Bio Solutions, BIONA JERSÍN s.r.o., Carl Bechem GmbH, Advonex International, Others)