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, 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, 2020-2027”.
Bio-based compounds, such as polyalkylene glycols and saturatedesters, 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 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.
Regional Insights
North America to Retain Leading Position with Growing Activitiesin the Region’s Auto Industry
North America is slated to dominate the bio-lubricants marketshare during the forecast period due to the rising intensity of technological
advancements in the region’s automotive industry. Top carmakers are constantly
experimenting with different ecofriendly materials to increase the
sustainability of their products and manufacturing operations. In 2019, the
North America market size stood at USD 1,410.3 million.
Competitive Landscape
Strategic Investments in New Ventures to be a Prominent Feature ofMarket Competition
The competitive dynamics of this market are currently being shapedby the well-calculated investments by key players in initiating novel
production ventures in distinct geographies. These ventures are aimed at
capitalizing on the speedily evolving trend of utilizing bio-lubricants and
other bio-based materials for industrial operations.
Industry Development:
- August 2020: Novvi LLC announced the successful commencement of its plant in Deer Park,
Texas, where it will be producing and marketing all of its renewable base
oils for the lubricant industry. The company aims to advance its
sustainable lubricant offering range and engage with local vendors to
reduce their carbon footprint.
