Bio lubricants Market Global Opportunities, Share, Growth, Industry Trends to 2027
The global bio-lubricants market size is projected to reach USD 4,514.5 million by 2027, exhibiting a CAGR 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 lubricants Market 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”. 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.
In 2019, the report states that the
global 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 amid
COVID-19 to Hamper Market Growth
The COVID-19 pandemic has led to a
severe 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. 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 across regions 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 industry and contracting activities of this
industry will inevitably affect markets associated with it.
Browse In-depth Summary of This Research
Insight@ https://www.fortunebusinessinsights.com/bio-lubricants-market-104654
Regional Insights
North America to Retain Leading
Position with Growing Activities in the Region’s Auto Industry
North America is slated to dominate the
bio-lubricants market share 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.
Asia Pacific, which is rapidly emerging
as the auto manufacturing hub of the world, is generating wide growth
opportunities for market players. Governments in the region are creating
favorable investment conditions to attract global automakers and are also
framing policies to promote the adoption of sustainable materials for domestic
vehicle manufacturers. Active encouragement to adopt bio-based lubricants and
other materials through policy nudges is fueling the market for bio-lubricants
in Europe.
Competitive Landscape
Strategic Investments in New Ventures
to be a Prominent Feature of Market Competition
The competitive dynamics of this market
are currently being shaped by 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.
List of Key Companies Covered in the
Bio-lubricants Market Report:
- Castrol (Pangbourne, UK)
- Emery Oleochemicals (Selangor, Malaysia)
- Repsol (Madrid, Spain)
- Klüber Lubrication (Munich, Germany)
- Cortec Corporation (Minnesota, U.S.)
- Axel Christiernsson (Gothenburg, Sweden)
- Total (Paris, France)
- Shell (The Hague, Netherlands)
- PANOLIN AG (Madetswil, Switzerland)
- IGOL (Geneva, Switzerland)
- bp p.l.c. (London, UK)
- Environmental Lubricants Manufacturing, Inc. (Iowa, U.S.)
- BECHEM (Hagen, Germany)
- Cargill (Minnesota, U.S.)
- Exxon Mobil Corporation (Texas, U.S.)
- FUCHS (Mannheim, Germany)
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