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 analysisreleased 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 aspolyalkylene 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 report states that theglobal 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.
Restraining Factor
Stalled Automotive Production amidCOVID-19 to Hamper Market Growth
The COVID-19 pandemic has led to asevere 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.
