The global Bio Lubricant Market size is expected to reach USD 5,194.0 Million in 2030 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Growing demand for lubricants with superior product characteristics like constant viscosity, biodegradability, high flash points, and lower emission levels are key factors driving the market revenue growth. Bio Lubricant, commonly known as bio-lubes, are non-toxic and biodegradable lubricants. Raw materials used to make lubricants include rapeseed oil, palm oil, sunflower oil, coconut oil, and animal fats. Bio Lubricant have various advantages over petroleum-based products in terms of non-toxicity, renewable energy, carbon neutrality, and environmental friendliness. Bio Lubricant are safer to use than conventional lubricants because of their high flash point and stability. Bio Lubricant are used in a variety of industries, including automotive, maritime, and construction industries, among others.

Rising consumer awareness about environment around the world, as well as declining crude oil reserves in developed regions, are expected to drive revenue growth of the global Bio Lubricant market. Additionally, increasing oil prices and stringent environmental regulations regarding use of conventional lubricants are expected to fuel global market growth. Furthermore, increasing government spending on R&D and product innovation is expected to drive market revenue growth over the forecast period. The use of petroleum-based lubricants, tax breaks, and volatile crude oil prices, combined with favorable socioeconomic and demographic factors like population growth, rapid urbanization, rising disposable income, and an improvement in the standard of living, have boosted the global Bio Lubricant market. The growth of the automotive sector, particularly in emerging markets, is expected to increase demand for high-performance, cost-competitive green base oils, thereby fueling the revenue growth of the global Bio Lubricant market.

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The leading contenders in the global Bio Lubricant market are:

ExxonMobil Corporation,

Royal Dutch Shell Plc,

Total SA,

Chevron Corporation,

BP Plc,

Albemarte Corporation,

Panolin AG,

Binol Lubricants,

Enemy Oleochemicals,

and Fuchs Petrolub AG.

Some Key Highlights From the Report:

Vegetable oil segment is expected to register a rapid revenue growth rate over the forecast period. The vegetable oil segment's revenue growth can be attributed to its high biodegradability, low toxicity, and high lubricity. The abundant availability of vegetable oil seeds, which are used as raw materials, can also be attributed to revenue growth.

Hydraulic fluids segment is expected to account for largest revenue share in the global Bio Lubricant market over the forecast period. Bio-based lubricants are frequently used as hydraulic fluids in equipment, such as cranes, harvesters, tractors, or load carriers. Hydraulic fluid acts as a lubricant for reducing wear and tear on moving parts.

Industrial segment accounted for the largest revenue share in the global Bio Lubricant market in 2020. This segment has been sub-segmented into agriculture, marine, and construction. Various regulations, like the Vessel General Permit (VGP) in the U.S. and Ecolabel in Europe, have made it essential to use Bio Lubricant or Environmentally Acceptable Lubricants (EAL) in shipping vessels, which is expected to drive revenue growth of industrial segment.

Market in North America is expected to contribute to highest revenue share in the global Bio Lubricant market during the forecast period because the automotive industry is a major consumer of Bio Lubricant. Rising government spending on Bio Lubricant used in marine and automotive industries is expected to create lucrative market opportunities. North America is also likely to benefit from an abundance of soybean & rapeseed feedstock as a result of high biodiesel production in the region.

Companies profiled in the market report are Exxon Mobil Corporation, Royal Dutch Shell plc, Cargill, Inc., BP plc, Panolin AG, Chevron Corporation, Albemarle Corporation, Emery Oleochemicals, Fuchs Petrolub SE, and Polnox Corporation.

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The global materials & chemicals industry has gained major momentum over recent years, owing to many favorable factors. Major factors contributing to industry revenue growth include rise in global populace and rapid surge in demand for essential consumer goods including soaps, detergents, personal care & hygiene products, cosmetics, and other consumer products. Other factors driving industry revenue growth are extensive use of raw materials & chemicals in various industries including buildings & construction, agriculture, food & beverage, power & energy, pulp & paper, textile, automotive, and consumer goods industries, rising environmental awareness among consumers worldwide, growing demand for eco-friendly and sustainable materials and chemicals, and rising demand for organic, high-performance chemicals.

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Bio Lubricant Market segmentation by Raw Material:

Vegetable Oil

Animal Fats

Others

Bio Lubricant Market segmentation by Application:

Hydraulic fluids and tractor transmission oils

Greases and stern tube greases

Stern tube oils

Chainsaw Oils

Concrete release agents

Wire rope oils

Two-stroke oils

Industrial and marine gear oil

Regional Analysis covers:

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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