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 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 a severe and unprecedented downturn inthe 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
