The globalbio-lubricants market size is projected to reach USD 4,514.5 million by2027, exhibiting a CAGR of 4.8% during the forecast period. Soaring demand for
electric vehicles (EVs) worldwide will create unique opportunities for players
in this market, observes Fortune Business Insights™ in its report, As per
recent data and analysis released by the International Energy Agency (IEA), 2.1
million electric cars were sold across the globe in 2019, taking the global EV
stock to 7.2 million. Electric car sales, the IEA highlights, accounted for
2.6% of the global car sales, and even amid the coronavirus pandemic, the IEA
predicts that EVs will hold a 3% share in the overall car sales worldwide in
2020.
Source:
Bio-lubricants are expected to play a critical rolein augmenting the eco-friendly quotient of EVs. Bio-based compounds, such as
polyalkylene glycols and saturated esters, have proven to be highly effective
as lubricants, even more so than conventional mineral oil-based lubricants. The
increasing intensity towards achieving sustainable mobility is, therefore,
foreseen to drive the dynamics of this market over the next decade.
In 2019, the report states that the global marketvalue stood at USD 3,275.7 million. The report also shares the following:
- Microscopic diagnosis of all the factors driving and restraining the market;
- Comprehensive analysis of the various market segments;
- Granular examination of the regional prospects for the market; and
- Unparalleled research of the competitive landscape of the market.
Restraining Factor
Stalled Automotive Production amidCOVID-19 to Hamper Market Growth
The COVID-19 pandemic has led to a severe andunprecedented downturn in the automotive industry. Lockdowns, social
distancing, and strict government regulations on the movement of people and
materials have forced auto companies to shut down production and sales
operations. For example, in March 2020, the French automotive giant, PSA Group,
announced the closure of a dozen of its plants across Europe. Similarly, Fiat
Chrysler halted production at most of plants in Europe, with temporary shutdown
of its facilities in Serbia, Italy, and Poland.
