Global Biolubricants Market, By Base Oil (Vegetable Oil, Animal Fat, Others), Application (Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold Release Agents, Two-Cycle Engine Oils, Gear Oils, Greases, Others), End-Use Industry (Industrial, Commercial Transport, Consumer Automobile) – Industry Trends and Forecast to 2029
Market Analysis and Size
Biolubricants are gaining popularity since they are universally accepted and positively impact the environment. Furthermore, the favorable regulatory framework is expected to stimulate the manufacture and consumption of bio-based lubricants over the projected period. For instance, the U.S. EPA has established laws requiring all marine boats plying in U.S. waters to get a mandatory Vessel General Permit (VGP) and to use environmentally friendly, acceptable lubricants in all oil-to-sea interfaces. Therefore, owing to these determinants market is projected to flourish over the forecasted period.
Global Biolubricants Market was valued at USD 2.11 billion in 2021 and is expected to reach USD 3.22 billion by 2029, registering a CAGR of 5.43% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Base Oil (Vegetable Oil, Animal Fat, Others), Application (Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold Release Agents, Two-Cycle Engine Oils, Gear Oils, Greases, Others), End-Use Industry (Industrial, Commercial Transport, Consumer Automobile)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Exxon Mobil Corporation (U.S.), Shell (Netherlands), Total S.A (France), Cargill Incorporated (U.S.), Nye Lubricants, Inc. (U.S.), BP plc (UK), Emery Oleochemicals (Malaysia), FUCHS (Germany), Panolin AG (Switzerland), Kluber (Germany), and Clariant (Switzerland), Polnox Corp (U.S.), RSC Bio Solutions, (U.S.), Quaker Chemical Corporation (U.S.), Castrol Limited (UK), TotalEnergies (France) and BioBlend Renewable Resources, LLC (U.S.)
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Market Opportunities
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Market Definition
Biolubricants are lubricants made from vegetable oils or animal fat that are biodegradable, nontoxic, non-bio accumulative, and environmentally friendly. Historically, lubricants were made from petroleum-based oil, which had a low degradability. Furthermore, petroleum-based lubricants endanger the environment by collecting in bodies of water and harming aquatic life.
Biolubricants Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand due to Environmental Benefits
Bio-based lubrication products are a "greener" alternative to traditional lubricating oils, which contaminate the environment by producing toxic fumes. The sector is getting a lot of traction among environmental activists because of its unique 'environmental benignity.' Owing to the growing consumer awareness regarding the environment and depleting crude oil reserves in the developed areas combined with the generally held belief that bio-lubricants are of a sustainable nature and are part of the biodegradable base stocks used in their formulations, the market operators are projected to foresee a significant increase throughout the projection period. Therefore, the increasing demand for environment-friendly lubricants is estimated to carve a way for the growth of the market.
- Utilization as a Mineral-Based and Petroleum-Based Oil Alternatives
Biolubricants are getting a lot of traction since they are commonly acknowledged as a viable alternative to petroleum-based oils. Compared to petroleum-based alternatives, these lubricants are proven to offer numerous environmental and long-term benefits. They are also less expensive and have a higher biodegradability rating. Their increased utilization as an alternative of mineral -and petroleum-based oil has largely accelerated market growth.
Furthermore, the rising oil prices will further propel the growth rate of biolubricants market. Additionally, the increasing need for improving fuel efficiency in vehicles will also drive market value growth. The biolubricants are basically less costly due to the lower maintenance, storage and disposal requirements, which are also projected to bolster the growth of the market.
Opportunities
- Research and Development and Regulations
Furthermore, the various research and development projects have been completed to improve the physicochemical properties of bio-based lubricants extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the strict environmental regulations on conventional lubricant reserves will further expand the future growth of the biolubricants market.
Restraints/Challenges
- High Cost
The market is limited by the high cost of bio-lubricants, which is the most major problem facing bio lubricant makers. In comparison to conventional lubricants, biolubricants are 30-40% more expensive. Most bio-based products are priced to compete with mineral oil products in the mid- to high-performance range.
- Limitations of Bio lubricants
However, their low oxidative properties and low-temperature capabilities lead to contamination and biodegradability losses limiting their direct use as base oils. As a result, coming up with a breakthrough combination of biodegradability and excellent lubricating properties is a major challenge for the biolubricants market growth rate.
This biolubricants market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the biolubricants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Biolubricants Market
The recent outbreak of coronavirus had a negative impact on the biolubricants market. The market suffered a major financial setback owing to the various lockdown restrictions imposed by government across the globe, which prevented them from continuing their operations for a longer period of time. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Moreover, one of the other setback that market suffered was the limited or non-existent availability of raw resources, which further limited producers' ability to create enough to meet the needs of target consumers all over the world.
Following the pandemic, the markets are likely to rebound quickly due to increased demand from end-use industries such as automotive, transportation, and industry. Moreover, the suspended and cancelled operations have resumed and as a result the market is estimated to expand.
Recent Development
- In April 2020, Vickers Oils (Australasia) Pty Ltd., Australia, has been established as a wholly-owned subsidiary of UK independent lubricant maker Benjn R. Vickers & Sons Ltd. This is Vickers Oils' first overseas company, and it was founded to offer specialty lubricants, technical leadership, and exceptional customer service to market segments in Australasia with the same core objectives. It presents an excellent chance to establish its award-winning EALs in Australasia while extending its total market footprint.
- In December 2021, RSC Bio Solutions and Standard Sekiyu Osaka Hatsubaisho Co., Ltd (SSOH) have formed a new distribution agreement in Japan to fulfil the growing demand for Environmentally Acceptable Lubricant (EAL) products for marine and industrial applications.
Global Biolubricants Market Scope
The biolubricants market is segmented on the basis of base oil, application and end-use industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Base Oil
- Vegetable Oil
- Animal Fat
- Others
Application
- Hydraulic Oil
- Metalworking Fluids
- Chainsaw Oil
- Mold Release Agents
- Two-Cycle Engine Oils
- Gear Oils
- Greases
- Others
End-Use Industry
- Industrial
- Commercial Transport
- Consumer Automobile
Biolubricants Market Regional Analysis/Insights
The biolubricants market is analyzed and market size insights and trends are provided by country, base oil, application and end-use industry as referenced above.
The countries covered in the biolubricants market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the biolubricants market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing number of government initiatives.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing demand of sustainable alternatives in the region. Moreover, the rising vehicle manufacturing in China is a significant driver for the market expansion within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Biolubricants Market Share Analysis
The biolubricants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to biolubricants market.
Some of the major players operating in the biolubricants market are
- Exxon Mobil Corporation (U.S.)
- Shell (Netherlands)
- Total S.A (France)
- Cargill Incorporated (U.S.)
- Nye Lubricants, Inc. (U.S.)
- BP plc (UK)
- Emery Oleochemicals (Malaysia)
- FUCHS (Germany)
- Panolin AG (Switzerland)
- Kluber (Germany)
- Clariant (Switzerland)
- Polnox Corp (U.S.)
- RSC Bio Solutions, (U.S.)
- Quaker Chemical Corporation (U.S.)
- Castrol Limited (UK)
- TotalEnergies (France)
- BioBlend Renewable Resources, LLC (U.S.)
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