Austin, July 25, 2024 (GLOBE NEWSWIRE) -- The Biolubricants Market Size is projected to reach USD 4.14 Billion by 2032 and grow at a CAGR of 6.13%over the forecast period of 2024-2032.
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Growing the use of environment-friendly lubricants in places such as forests and aquatic areas drives the market growth.
Demand for biolubricants has increased dramatically as environmental protection has gained more attention, especially in fragile ecosystems like forests and aquatic areas. However, biodegradable and less harmful, biolubricants derived from renewable sources are the preferable option for enterprises working in these fragile habitats. Because of this, the usage of biolubricants in maritime, agricultural, and forestry applications is growing quickly.
Environmentally friendly lubricants are required by law in environments like woods, lakes, mountains, farms, and other locations where workers may be harmed by mineral-based oil. For example, the OECD's (Organisation for Economic Co-operation and Development) biodegradable standards must be followed by biolubricants that are launched into the market. A growing number of businesses are realizing how important sustainability is. To meet sustainability targets, businesses are turning to biolubricants, as the European Union approximates that those 3 million tonnes of oil, including lubricating oil, are squandered annually.
According to Auburn University, 75 biodiesel plants in the U.S. produce nearly 2,000 million gallons of biodiesel each year. Eighty percent of that yield is made from vegetable oils and only 13% is waste cooking oil.
The growing emphasis on preserving vehicle performance is driving up demand for biolubricants, which is supporting market expansion. Although biolubricants are widely employed, their primary function is to minimize friction between two mechanical parts. This reduces wear and corrosion of metal surfaces, ensures smooth operation, and keeps pollutants out of the system. They increase the longevity or life cycle of cars and reduce the chances of frequent malfunctions and accidents.
Biolubricants Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.59 billion |
| Market Size by 2032 | USD 4.14 billion |
| CAGR | 6.13% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
Major players in the Biolubricants Market report are Chevron Corporation, Exxon Mobil Corporation, FUCHS, CASTROL LIMITED, Kluber Lubrication, Total Energies, Shell plc, Emery Oleochemicals, PETRONAS Lubricants International, Albemarle Corporation, and Others.
Segmentation Analysis
By Source
- Vegetable Oil
- Animal Fat
- Others
The vegetable oil segment held the largest market share approx. 87.12% in the source segment in 2023. Their natural lubricating properties, biodegradability, and plentiful availability make them a desirable choice for producers. Vegetable oil-based lubricants have become the industry standard as a result of the growing global awareness of environmental effects and the resulting demand for sustainable products.
By Application
- Transport
- Industrial
The transport segment held the largest market share approx. 63.12% in application segment 2023. As environmental regulations tighten and sustainability becomes a top priority, the transportation industry is actively seeking eco-friendly alternatives. Animal oil lubricants address this need perfectly, offering a biodegradable solution that minimizes environmental impact compared to traditional lubricants. Beyond their environmental benefits, these lubricants impress with exceptional lubricating properties, making them ideal for the heavy-duty demands placed on vehicles in the transport sector.
By End-use
- Industrial
- Commercial Transport
- Consumer Automobile
The commercial transport held the largest market share accounting for approx. 49.22% in 2023. Due to its better-quality lubricants are in great demand due to the industry's reliance on heavy-duty vehicles, strict pollution standards, and the desire for fuel efficiency. Because of their potential to improve engine performance and their eco-friendliness, biolubricants have become a popular option among fleet operators, securing the position of the commercial transport sector as a major growth driver of the market.
Regional Landscape:
North America dominated the market and held the largest market share approx. 36.22% in 2023. The region's early adoption of sustainable practices, together with strict environmental laws and a thriving industrial and automotive industry, have created a climate that is favorable for the development and use of lubricants. North America's dominant position in this market has been solidified by large investments in research and development as well as rising consumer awareness of eco-friendly products.
Asia held the second largest market share in the biolubricant market. China's wind power capacity is growing quickly. By 2020, the 20,000 MW potential of the Gansu wind farm project, which is now under construction, is expected to meet the project's goal of producing 250 GW of wind power. Given that wind turbines require lubrication, this clearly suggests a growing market for biolubricants.
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Recent Developments
- In April 2023, Exxon Mobil invested approx. USD 110 million in lubricant production facility in India. This expansion will be completed at the end of 2025. This production facility aimed to cater to the increasing domestic demand from various sectors such as power, mining, steel, construction, and others.
- In February 2022, BP acquired some shares of Green Biofuels Ltd. And this strategic partnership aims to tackle decarbonization in key industries like construction, freight, off-road operations, and maritime transportation.
Key Takeaways:
- The biolubricants market is experiencing significant growth due to increasing environmental concerns and stringent regulations.
- The commercial transport segment is the largest consumer of biolubricants due to increasing fleet size and environmental regulations.
- Research and development are crucial for improving biolubricant performance and expanding applications.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Biolubricants Market Segmentation, By Source
8. Biolubricants Market Segmentation, By Application
9. Biolubricants Market Segmentation, By End-Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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