Press Release

Europe's Leadership in Sustainable Practices Drives Growth in Bio-based Lubricants Market

The Europe Bio-based Lubricants Market is projected to grow at a CAGR of around 5.8% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Europe has been a trendsetter in promoting sustainability & environmentally friendly practices, which is evident in the growing market for bio-based products. The region's strong commitment to sustainability & strict environmental regulations have played a significant role in driving the expansion of the Bio-based Lubricants Market. To support the transition toward a green & digital economy, the European Union has implemented stringent regulations & initiatives to encourage the use of bio-based products, including lubricants, as part of a circular economy framework.

The increasing energy production in European countries has led to a surge in the demand for bio-based lubricants. Lubricants played a vital role in the operation & maintenance of power generation equipment, driving energy production companies like Electricite de France SA and Engie SA to adopt bio-based lubricants in recent years. This shift aligns with the sustainable approach adopted by governments in the region, encouraging companies to embrace eco-friendly alternatives.

Furthermore, with several sustainable energy projects in progress in countries like Germany & the UK, the demand for bio-based lubricants is expected to accelerate in the coming years. The market's future outlook is promising, driven by the region's commitment to sustainability & the adoption of greener practices in the energy sector.

Additionally, the demand for greener alternatives like bio-based lubricants has increased in Europe due to growing environmental awareness among industries & consumers. Concerns about carbon footprints and VOC emissions from synthetic petroleum-based lubricants have prompted a shift towards eco-friendly options. Europe's well-developed infrastructure and strong research and development initiatives focused on sustainable products have further boosted the Bio-based Lubricants Market.

With research & development, the application areas of bio-based lubricants expanded, and sales have witnessed significant growth in the historical years. Also, in recent years, companies focus on improving sustainability & launching specialized bio-based lubricants for different end-users to unlock promising prospects for increased adoption. These developments are expected to act as a catalyst for market growth in the coming years, further states the research report, “Europe Bio-based Lubricants Market Analysis, 2023.”

Europe Bio-based Lubricants Market Segmentation Analysis

Vegetable Oil Thriving Bio-based Lubricants Market

Based on the oil type, the market is further bifurcated into vegetable oil & animal fat. The Bio-based Lubricants Market is primarily dominated by vegetable oils mainly due to their higher production volumes, wide availability, and excellent thermal stability. These inherent properties of vegetable-based lubricants enhanced their performance & protection capabilities, making them a preferred choice among end-users. Hence, recognizing the increasing demand for vegetable-based oils, companies are introducing innovative products to meet the evolving market needs.

Moreover, the market growth of bio-based lubricants is being driven by the introduction of innovative products from vegetable oil-based lubricant manufacturers, which are gaining popularity among consumers. Additionally, vegetable-based lubricants offer advantages over animal fat-based lubricants, such as ease of availability & versatility in various applications. These factors are expected to boost the demand for bio-based lubricants across the region from 2023 to 2028.

Germany Dominates the European Bio-based Lubricants Market

Germany witnessed a remarkable expansion in the Bio-based Lubricants Market, driven by stringent emission standards & a growing trend of adopting bio-degradable products. The government's efforts to revitalize the automobile sector through transformative programs also played a significant role. Furthermore, the increasing governmental expenditure on bio-based products to be used in the marine & automotive industries is expected to create lucrative opportunities for the market in Germany. Also, the country's commitment to sustainability & its focus on adopting eco-friendly solutions would drive the growth of the bio-based lubricants sector in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Shell, BP, Chevron Corporation, Exxon Mobil, Castrol Limited, Fuchs, Total Energies, Klueber Lubrication India Pvt. Ltd, Biosynthetic Technology, RSc Bioscience, and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the various countries?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?