Global Bio-Based Lubricants Market size is estimated to reach USD 5,194.0 Million in 2030 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Growing demand for lubricants with superior product characteristics like constant viscosity, biodegradability, high flash points, and lower emission levels are key factors driving the market revenue growth. Bio-Based Lubricants, commonly known as bio-lubes, are non-toxic and biodegradable lubricants. Raw materials used to make lubricants include rapeseed oil, palm oil, sunflower oil, coconut oil, and animal fats. Bio-Based Lubricants have various advantages over petroleum-based products in terms of non-toxicity, renewable energy, carbon neutrality, and environmental friendliness. Bio-Based Lubricants are safer to use than conventional lubricants because of their high flash point and stability. Bio-Based Lubricants are used in a variety of industries, including automotive, maritime, and construction industries, among others.
Rising consumer awareness about environment around the world, as well as declining crude oil reserves in developed regions, are expected to drive revenue growth of the global Bio-Based Lubricants market. Additionally, increasing oil prices and stringent environmental regulations regarding use of conventional lubricants are expected to fuel global market growth. Furthermore, increasing government spending on R&D and product innovation is expected to drive market revenue growth over the forecast period. The use of petroleum-based lubricants, tax breaks, and volatile crude oil prices, combined with favorable socioeconomic and demographic factors like population growth, rapid urbanization, rising disposable income, and an improvement in the standard of living, have boosted the global Bio-Based Lubricants market. The growth of the automotive sector, particularly in emerging markets, is expected to increase demand for high-performance, cost-competitive green base oils, thereby fueling the revenue growth of the global Bio-Based Lubricants market.
Request a sample copy of this report @ https://www.reportsanddata.com/sample-enquiry-form/1193
The leading contenders in the global Bio-Based Lubricants market are:
Royal Dutch Shell Plc,
and Fuchs Petrolub AG.
Some Key Highlights From the Report:
Vegetable oil segment is expected to register a rapid revenue growth rate over the forecast period. The vegetable oil segment's revenue growth can be attributed to its high biodegradability, low toxicity, and high lubricity. The abundant availability of vegetable oil seeds, which are used as raw materials, can also be attributed to revenue growth.
Hydraulic fluids segment is expected to account for largest revenue share in the global Bio-Based Lubricants market over the forecast period. Bio-based lubricants are frequently used as hydraulic fluids in equipment, such as cranes, harvesters, tractors, or load carriers. Hydraulic fluid acts as a lubricant for reducing wear and tear on moving parts.
Industrial segment accounted for the largest revenue share in the global Bio-Based Lubricants market in 2020. This segment has been sub-segmented into agriculture, marine, and construction. Various regulations, like the Vessel General Permit (VGP) in the U.S. and Ecolabel in Europe, have made it essential to use Bio-Based Lubricants or Environmentally Acceptable Lubricants (EAL) in shipping vessels, which is expected to drive revenue growth of industrial segment.
Market in North America is expected to contribute to highest revenue share in the global Bio-Based Lubricants market during the forecast period because the automotive industry is a major consumer of Bio-Based Lubricants. Rising government spending on Bio-Based Lubricants used in marine and automotive industries is expected to create lucrative market opportunities. North America is also likely to benefit from an abundance of soybean & rapeseed feedstock as a result of high biodiesel production in the region.
Companies profiled in the market report are Exxon Mobil Corporation, Royal Dutch Shell plc, Cargill, Inc., BP plc, Panolin AG, Chevron Corporation, Albemarle Corporation, Emery Oleochemicals, Fuchs Petrolub SE, and Polnox Corporation.
Download Summary: https://www.reportsanddata.com/download-summary-form/1193
The global materials & chemicals industry has gained major momentum over recent years, owing to many favorable factors. Major factors contributing to industry revenue growth include rise in global populace and rapid surge in demand for essential consumer goods including soaps, detergents, personal care & hygiene products, cosmetics, and other consumer products. Other factors driving industry revenue growth are extensive use of raw materials & chemicals in various industries including buildings & construction, agriculture, food & beverage, power & energy, pulp & paper, textile, automotive, and consumer goods industries, rising environmental awareness among consumers worldwide, growing demand for eco-friendly and sustainable materials and chemicals, and rising demand for organic, high-performance chemicals.
To know more about the report @ https://www.reportsanddata.com/report-detail/bio-lubricants-market
Bio-Based Lubricants Market segmentation by Raw Material:
Bio-Based Lubricants Market segmentation by Application:
Hydraulic fluids and tractor transmission oils
Greases and stern tube greases
Stern tube oils
Concrete release agents
Wire rope oils
Industrial and marine gear oil
Regional Analysis covers:
Middle East & Africa
Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/1193
Thank you for reading our report. For further information regarding the report or to get a customized copy of it, please connect with us. We will make sure you receive a report perfectly tailored to your needs.
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: [email protected]