The Global Bio-Lubricants Market is expected to exhibit a solid 7.1% CAGR over the forecast period from 2018 to 2025, according to the latest research report from Market Research Future (MRFR). The Global Biolubricants Market is mainly driven by the growing demand for environmentally viable lubricants from the heavy industries, commercial vehicles, and automotive industries. Growing government support for Biolubricants is likely to be a major driver for the Global Biolubricants Market. The quantitative impact of various drivers and restraints on the Global Biolubricants Market is studied in the report in order to provide a clear overview of the market’s growth trajectory over the forecast period. Leading factors affecting the Biolubricants Market are profiled in the report to provide readers a clear view of the major drivers and restraints affecting the market. A detailed economic analysis of the Biolubricants Market is provided in the report in order to provide readers with a comprehensive overview of the market and its likely growth trajectory in the coming years.
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Biolubricants are lubricants derived from natural plant or animal fats, as opposed to conventional lubricants, which are derived from petroleum byproducts. The growing demand for environmental viability in industrial operations has been the major driver for the Biolubricants Market. The growing support to environmental movements all over the world has resulted in a growing demand from the Biolubricants Market, with several governments also supporting the growth of the industry in order to gain more credibility in environmental matters. As opposed to conventional lubricants, biolubricants are biodegradable, as they are derived from natural sources. This makes them highly environmentally viable and lucrative. Biolubricants also work at lower concentrations than petroleum lubricants, meaning less lubricant is required in industrial operations. This is also a major driver for the Biolubricants Market.
On the other hand, the higher prices of Biolubricants in comparison to traditional lubricants are the major restraint against the Global Biolubricants Market. As a result of the high prices of biolubricants, the market is mainly concentrated in North America and Europe, where end users can pay the higher prices to acquire biolubricants.
The Global Biolubricants Market is expected to reach a valuation of USD 3.98 billion by the end of 2025.
Leading players in the Biolubricants Market include IGOL, BECHEM, RSC Bio Solutions, Binol Biolubricants, Emery Oleochemicals, Panolin AG, Fuchs, BP plc, Total, and Exxon Mobil Corporation. Leading players are likely to focus on capacity expansion in the coming years, as the growing demand for environmentally sound lubricants has driven the biolubricants market.
The Global Biolubricants Market has been segmented based on Type, Application, End-Use Industry and Region.
Based on Type, the Global Biolubricants Market has been bifurcated into vegetable oils and animal fats.
Based on Application, the Global Biolubricants Market has been classified as hydraulic fluids, mold release agents, chainsaw oils, greases, automotive engine oils, and others.
By End-Use Industry, the Global Biolubricants Market has been segmented into automotive, construction, transportation, and others.
North America is the leading revenue generator in the Global Biolubricants Market and is likely to exhibit the highest growth rate over the forecast period, thus retaining its dominance over the market. North America has been the technological hotbed for the biolubricants market, as numerous key discoveries and inventions in the field were made in North America. The strong presence of lubricant manufacturers such as Exxon Mobil has led to a growing presence of the Biolubricants Market in North America. The growing demand for biodegradable lubricants in the automotive, transportation, and industrial sectors is likely to be a major driver for the biolubricants market. Biodegradable lubricants have also been incentivized by government bodies, leading to more widespread adoption of Biolubricants. This is likely to remain a major driver for the biolubricants market in North America.
Europe is also a major regional market for Biolubricants and is likely to remain a key revenue generator over the forecast period, followed by Asia Pacific.
Asia Pacific is also likely to emerge as a leading producer of biolubricants in the coming years due to the growing production of palm and other plant fat sources in the region. In August 2019, the Thai government announced plans to aid the adoption of locally produced Biolubricants in the industrial sector. Thailand is one of the leading producers of palm oil and has a significant palm oil surplus to deal with. This solution thus provides an excellent solution, utilizing the palm oil as well as enabling growth in the local industrial sector by self-reliant means.
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