According to TechSci Research report, “Global Bio-Lubricants Market By Base Oil Type (Rapeseed, Canola, Sunflower, Soybean, Palm, and Coconut oils, Animal Fat, Others), By Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents, Two-Cycle Engine Oils, Greases, Others), By End Use (Industrial, Commercial Transport, Consumer Automobile), By Region, Competition, Forecast & Opportunities, 2025”, global bio-lubricants market is expected to grow at a substantial CAGR during the forecast period.
The Important Elements of the Global Bio-Lubricant Market
New products, antioxidants, and additives are being developed in order to enhance market penetration in various end-user industries, which in turn is expected to drive market growth over the coming years. When compared to traditional lubricants, these bio-lubricants offer various advantages such as non-toxicity, carbon neutral, renewable, and environment-friendly, which is resulting in increased demand for bio-lubricants across the globe. Additionally, petroleum-based lubricants lead to skin inflammation, which is not the case with bio-based lubricants, which is expected to bode well for the growth of the global bio-lubricants market through 2025.
Moreover, reduction in labor costs along with increased security of the employees is other factors creating new growth opportunities for the global bio-lubricants market in the years to come. Furthermore, escalating research and development activities are further anticipated in giving a healthy push to the growth of the global bio-lubricants market in the coming years. However, the limited range of well-developed applications is a major factor that might restrain the growth of the global bio-lubricants market through 2025.
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The global bio-lubricants market can be segmented based on base oil type, application, end-use, composition, company, and region. Considering the base oil type, the market is fragmented into rapeseed, canola, sunflower, soybean, palm, coconut oils, animal fat, and others. The vegetable oil-based bio lubricants that are rapeseed, canola, sunflower, and soybean are anticipated to register high growth until 2025, as they provide enhanced oxidative stability along with technical performance in comparison with animal fats. Moreover, owing to wildlife conservation concerns, vegetable oil-based bio-lubricants are preferred, which is anticipated to fuel the growth of the global bio-lubricants market in the coming years.
The Major Competitors of the Global Bio-Lubricant Market
- Albemarle Corporation
- Fuchs Petrolub AG
- Panolin AG
- Klüber Lubrication München SE & Co. Kg
- Emery Oleochemicals
- Binol Lubricants, and Panolin among others are the leading players operating in the global bio-lubricants market. The players are adopting several growth strategies to enhance the market scenario of bio-lubricants. Other competitive strategies include mergers & acquisitions to diversify their product portfolio in order to strengthen their market position.
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“Europe dominated the market until 2019 with the majority of the market shares in the global market for bio-lubricants. Release of lubricants into the environment which can be in any form such as chainsaw oils, two-stroke oils, and mold release agents is a concern among growing economies. Therefore, these developed countries have ecolabels which support the use of bio-lubricants instead of conventional one, which is anticipated to positively influence market growth in the region through 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Global Bio-Lubricants Market By Base Oil Type (Rapeseed, Canola, Sunflower, Soybean, Palm, and Coconut oils, Animal Fat, Others), By Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents, Two-Cycle Engine Oils, Greases, Others), By End Use (Industrial, Commercial Transport, Consumer Automobile), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global bio-lubricants market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global bio-lubricants market.
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