Bio Lubricants Market is expected to surpass revenues worth US$ 2.43 Billion by 2031-end at a CAGR of 5.2%

Market Study on Bio Lubricants: Rising Demand for Environmentally Friendly Lubricants to Augment Market Expansion

Market Study on Bio Lubricants: Rising Demand for Environmentally Friendly Lubricants to Augment Market Expansion

NEW YORK, NEW YORK, UNITED STATES, February 3, 2023 /EINPresswire.com/ — Bio Lubricant Market

The global Bio Lubricants Market was valued at over US$ 1.4 Bn as of 2021. Consumption of bio lubricants is projected to increase at 5.2% CAGR and be valued at around US$ 2.43 Bn by 2031-end. Growing urbanization and significant growth in the automotive and industrial sectors, coupled with increasing demand for bio-based lubricants rather than petroleum- and mineral-based lubricants to remain key growth factors for the market.

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Bio lubricants are made from renewable resources and are biodegradable, making them an environmentally friendly alternative to traditional petroleum-based lubricants. The growing demand for eco-friendly products has led to a rise in the demand for bio lubricants, driving the growth of the bio lubricants market.

Bio lubricants are an attractive option for many industries due to their ability to reduce costs associated with waste disposal, maintenance and repair costs. They also provide excellent protection against wear and tear in engines, transmissions and hydraulic systems. Bio lubricants are also increasingly being used in food processing machinery since they meet all requirements specified under the FDA Food Safety Modernization Act (FSMA). Bio lubricants have been found to be effective at reducing carbon dioxide emissions when compared with their traditional counterparts.

Key Companies- 

• ExxonMobil Corporation
• TotalEnergies
• ROYAL DUTCH SHELL PLC
• Environmental Lubricants Manufacturing, Inc.
• FUCHS Group
• BINOL BIOLUBRICANTS
• Kluber Lubrication
• RSC Bio Solutions
• VICKERS & SONS LTD.
• Castrol Limited
• Emery Oleochemicals
• PANOLIN AG
• Balmer Lawrie & Co. Ltd
• ROWE MINERALÖLWERK GMBH
• Renewable Lubricants Inc.
• KAJO Group
• Polnox Corporation
• Cargill Inc.

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Bio Lubricants Market Segmentation:

The global bio lubricants market can be segmented based on product type, application, and region.

Product Type:

• Vegetable oils-based lubricants
• Synthetic ester-based lubricants
• Poly alphaolefin (PAO) based lubricants

Application:

• Automotive
• Industrial
• Marine
• Agriculture
• Others

Regional Analysis:

Geographically, the bio lubricants market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is expected to be the largest market for bio lubricants, driven by the growing demand from countries such as China and India. North America and Europe are also significant markets for bio lubricants, due to the increasing demand for environmentally friendly products in these regions.

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Conclusion:

The global bio lubricants market is expected to grow significantly in the coming years, driven by the increasing demand for environmentally friendly products and the growing concern for the environment. The growth of the bio lubricants market is expected to be driven by the increasing demand from various end-user industries, such as automotive, industrial, marine, and agriculture. The increasing demand for bio lubricants is expected to provide ample opportunities for the growth of the market in the coming years.

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