Global Bio-Lubricants Market To Attain A Value Of About USD 3.41 Billion By 2024 – ZMR
As per the researchers at Zion Market Research, the global bio-lubricants market was capitalized at around USD 2.24 billion in 2017 and is anticipated to attain a value of about USD 3.41 billion by 2025, registering approx. 6.2% CAGR during the forecast period. A few of the leading players within the global bio-lubricants market consist of Chevron Corp., BP PLC, FUCHS, Repsol, ExxonMobil, Total, and Royal Dutch Shell PLC, among others. several tactics such as acquisitions, expansions, agreements, and new product launches are being used by these players to assist them in expanding their capacities and provide services to the amplifying customer base. To cite, a high-temperature stable ester DEHYLUB 4105 with low-temperature lubrication and elevated hydrolytic & thermal stability properties was launched by Emery Oleochemicals in July 2017. This product has uses in forklifts, chain oil for cranes, rolling mills, conveyor systems, and forges.
Non-Toxic Nature And Rising Applications In Several Industries To Boost The Growth Of Global Market
The growth of the global bio-lubricants market is primarily boosted by strict environmental rules within developed countries. Numerous lubricants, like those that are petroleum-based or mineral oil-based, are prohibited in several countries as a result of their harmful impacts. Bio-lubricants are deemed as substitutes to petroleum-based or mineral-based lubricants as they are environment-friendly; thus, their usage is made obligatory in the industrial segment and commercial transport. Further, a high flash point, that is, it doesn’t catch fire easily in case of a leak and high viscosity index are few other factors propelling the market growth. In addition, being non-toxic in nature escalated the application of bio-lubricants in numerous industries such as marine, agriculture, and food & beverage, among others. also, the global bio-lubricant market has the prospect to expand during the upcoming period as a result of its eco-friendly traits, namely, renewable and biodegradable.
Hydraulic Fluids Segment, By Application, To Witness Considerable Growth Rate
The global bio-lubricant market, on the basis of product, is divided into metalworking fluids, hydraulic fluids, drilling oil, engine oil, chainsaw oil, greases, process oils, mold release agents, two-cycle engine oils, gear oil, general industrial oil, and others. among these, the hydraulic fluids segment is estimated to capture the maximum market share. Hydraulic fluids are extensively utilized as a means for transferring energy and power within hydraulic systems, thereby amplifying the product demand and boosting the market growth.
Europe Anticipated To Dominate The Global Market During The Forecast Period
Geographically, the global bio-lubricants market is anticipated to be ruled by Europe during the forecast period. The lubricants’ discharge in the form of chainsaw oils, mold release agents, and two-stroke oils into the environment is severe distress within the developed nations. In Europe, several countries have ecolabels that shore up the usage of bio-lubricants rather than a conventional one. Also, the elevated requirement for biodegradable products because of the strict environmental standards in countries such as Norway, Finland, Germany, Italy, France, and others is projected to drive the regional market growth.
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This review is based on a report by Zion Market Research, titled “Global Bio-Lubricants Market By Application (Metalworking Fluids, Hydraulic Fluids, Mold Release Agents, Chainsaw Oils, And Others), By Base Oil Type (Animal Fat, Vegetable Oil, And Others), By End-Use Industry (Commercial Transport, Industrial, And Consumer Automobile), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”