(MENAFN- PR Newswire) DUBLIN
, Nov. 30, 2023 /PRNewswire/ --
The
"Global Biolubricants Market: Analysis By Base Oil, By Application (Hydraulic Oil, Metalworking Fluids, Greases, Gear Oil and Others), By End Use, By Region Size and Trends and Forecast up to 2028" report has been added to
ResearchAndMarkets's offering.
The global
biolubricants market was valued at US$2.21 billion in 2022. The market value is expected to reach US$2.97 billion by 2028.
The global biolubricants market has significantly expanded, propelled mainly by the burgeoning automobile sector. Concerns over emissions, particularly associated with traditional petroleum-based lubricants, have spurred the demand for biolubricants.
The expanding machine tools sector, crucial in precision-driven industries like manufacturing and automotive, drives the uptake of biolubricants due to their eco-friendly nature and operational advantages. The shift from crude oil reliance towards renewable-sourced biolubricants aligns with stringent global regulations, addressing sustainability and environmental worries. Industries prefer these alternatives for their eco-friendly traits, including biodegradability. In construction, biolubricants meet environmental regulations and improve heavy machinery performance, establishing them as dependable solutions for challenging conditions.
These elements collectively shape the burgeoning landscape of the biolubricants market. The biolubricants market is projected to grow at a CAGR of 5.25% over the years 2023-2028.
Market Segmentation Analysis:
By Base Oil: In 2022, vegetable oil-based biolubricants dominated the market and would grow at the highest CAGR during the forecast period due to their innate biodegradability, renewability, and minimal environmental footprint. As environmental awareness and regulatory mandates heighten, the demand for eco-conscious lubricants, particularly those derived from vegetable oils, intensifies. This surge underscores the market's response to environmental needs, stressing the necessity for sustainable lubricants.
By Application: In 2022, the market was led by hydraulic oil biolubricants, derived from biodegradable base stocks and additives, specifically designed for eco-friendly hydraulic systems. They are designed to reduce environmental impact and are used in hydraulic systems. As industries and environmental regulations prioritize sustainability, the demand for biolubricants, including Hydraulic Oil Biolubricants, has risen. Aligned with eco-conscious trends, these products minimize environmental harm, fostering market expansion as businesses and consumers opt increasingly for eco-friendly alternatives over traditional lubricants.
By End Use:
The Automotive segment dominated the market in 2022 and is projected to be the fastest-growing sector in the forecasted period. Biolubricants find extensive applications in automotive operations, including engine oils, transmission fluids, and greases, offering efficient lubrication while minimizing environmental impact. The escalating adoption of eco-friendly lubricants in the automotive field propels the overall demand for biolubricants. As the automotive industry gravitates towards more sustainable solutions, the surge in demand for biolubricants remains pivotal, driving the continual expansion of the biolubricants market.
Market Dynamics:
Growth Drivers: The global biolubricants market has witnessed sustained growth due to several driving forces. The expanding automotive sector propels biolubricant demand due to their eco-friendly advantages. Biolubricants, being biodegradable, less toxic, and having a smaller carbon footprint than traditional lubricants, meet environmental concerns in the industry. With mounting pressure to cut emissions, biolubricants offer a sustainable solution, aligning with these objectives amid increasing consumer and manufacturer awareness. Other factors such as growing concerns over rising emissions, increasing use in machine tools sector, crude oil alternative, environmental regulation, adoption in construction industry are significantly influencing the biolubricants market.
Challenges: Despite the biolubricants market experiencing strong growth, it faces notable challenges such as the considerable initial expense and performance uncertainties. The substantial upfront cost stands as a significant barrier to the expansion of the biolubricants industry. While biolubricants offer various environmental advantages as they are derived from renewable sources, their comparatively higher price remains a considerable obstacle to widespread adoption. Additionally, concerns about performance represent a significant impediment to the industry's growth.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as propelling demand in marine industry, rising research & development, growing adoption in emerging economies, rising demand for low viscosity fluids, rising focus on wind energy to benefit biolubricants. The increasing focus on wind energy positively impacts biolubricant demand, driving the market. Wind power relies on intricate mechanical parts requiring efficient lubrication for durability. Biolubricants, with superior lubricating abilities and eco-friendliness, suit these needs. As the global wind sector expands, the need for reliable, environmentally conscious lubricants like biolubricants rises. Wind energy's sustainable nature fuels the demand for lubricants aligned with eco-goals, making biolubricants a natural fit. This trend accelerates biolubricant adoption, especially in wind turbines, aligning with sustainable energy and boosting market demand.
Competitive Landscape:
The global biolubricants market is fragmented. However, the market share of organized players has increased significantly over the last few years and is expected to continue given the wide product offerings, better service, and higher brand visibility.
Companies profiled:
TotalEnergies Fuchs Petrolub Shell plc. ExxonMobil BP Quaker Houghton Emery Oleochemicals Renewable Lubricants BioBlend Renewable Resources
Some of the strategies among key players in the market are new launch, mergers, acquisitions, and collaborations. For instance, In September 2023, FUCHS announced a significant increase in their presence in South America by acquiring full ownership of FUCHS LUBRICANTS SpA in Chile.
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