The global bio-lubricants market sizewas valued at USD 3.26 billion in 2023 and is projected to grow from USD 3.44 billion in 2024 to USD 4.90 billion by 2032, exhibiting a CAGR of 4.7% 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, titled “Bio lubricantsMarket Size, Share & Covid-19 Impact Analysis, By Application (Hydraulic
Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents, Two-Cycle
Engine Oils, Gear Oils, Greases, and Others), By End-use Industry (Automotive
and Other Transportation, Metalworking, Mining, Forestry, Marine, Engines, and
Others), and Regional Forecast, 2024-2032”.
Source:
As per recent data and analysis released by the InternationalEnergy 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 augmentingthe 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 market value stood atUSD 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 amid COVID-19 to Hamper MarketGrowth
The COVID-19 pandemic has led to a severe and unprecedenteddownturn 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.
The demand for vehicles has also had to deal with multiple shocks acrossregions as employees swiftly adopted work from home measures. For example, the Oxford
Business Group found that light vehicle year-on-year sales in China contracted
by a historic 79.1% in February, while in Europe the decline was by 44% in
March. The pandemic is, thus, restraining the bio-lubricants market growth as
these materials are extensively used in the automotive
