The global bio-lubricantsmarket size is projected to reach USD 4,514.5 million by 2027, exhibiting aCAGR 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. Bio-lubricants are expected to play a
critical role in 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.
Source:
In 2019, the reportstates that the global market value 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.
RestrainingFactor
StalledAutomotive Production amid COVID-19 to Hamper Market Growth
The COVID-19pandemic has led to a severe and unprecedented 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.
