[Online Quarterly Update]Global Bio Lubricant demand was 4.32 Million Tonnes in 2020 and is forecast to reach 6.06 Million Tonnes by 2030, growing at a healthy CAGR of 3.45% until 2030. Bio lubricant is a bio-based lubricant which is used to enhance machine performance by reducing friction between different mechanical layers. Bio lubricant is based on vegetable oil and animal fat instead of petroleum. It is biodegradable and environment friendly in nature. It has many application areas, including engine oil, metalworking fluid, transmission and hydraulic fluid, general industrial oil, gear oil, grease, process oil, and others. Due to its lubricating properties, bio lubricant finds application in various end use industries including power generation, automotive and transportation, heavy equipment, metallurgy and metalworking, chemical manufacturing etc. Growing awareness about environment friendly materials coupled with increasing environmental regulations is expected to drive the demand of bio lubricant for the forecast period. Additionally, the increasing demand from the automotive industry is also going to fuel the demand of bio-lubricants during the forecast period.
In 2020, the spread of COVID-19 in major global economies caused nationwide lockdowns, which had an impact on several industries. Automotive was among the most affected industries during the pandemic. This had an impact on the demand of bio lubricant for the first half of 2020. The demand for bio lubricant fell during the coronavirus pandemic. Due to the negative effect on the market, postponement or extension of regulations regarding conventional lubricants is also possible. Also, the consistent inflow of the private funding and investment has also discontinued due to the lockdown.
Region wise, Asia Pacific region holds the major share of global demand for bio lubricant due to increasing demand of application industries such as automotive and power generation. Moreover, increasing awareness about bio lubricant and its biodegradable environment friendly nature in economies like India and China coupled with growing number of industries using bio lubricant derivatives is another factor influencing demand growth in the Asia Pacific region.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2030
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Objective of the Study:
• To assess the demand-supply scenario of bio lubricant which covers production, demand and supply of bio lubricant market globally.
• To analyse and forecast the market size of bio lubricant.
• To classify and forecast global bio lubricant market based on technology, end-use and regional distribution.
• To identify drivers and challenges for the global bio lubricant market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global bio lubricant market.
• To identify and analyse the profile of leading players involved in the manufacturing of bio lubricant.
Major players for bio lubricant globally include Axel Christiernsson, BP PLC, Chevron Corporation, Cortec Corporation, ExxonMobil Corporation, Kluber Lubrication, Novvi LLC, Panolin Ag, Royal Dutch Shell PLC, Repsol, Bechem, Cargill, Total, FUCHS, Emery Oleochemicals.
To extract data for the global bio lubricant market, primary research surveys were conducted with bio lubricant manufacturers, suppliers, distributors, wholesalers and end-users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end-user segments and projected a positive outlook for Global bio lubricant market over the coming years.
ChemAnalyst calculated bio lubricant demand globally by analyzing the historical data and demand forecast, which was carried out considering imported bio lubricant, prices, materials used for production of bio lubricant. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Bio lubricant manufacturers and other stakeholders
• Organizations, forums and alliances related to bio lubricant distribution
• Government bodies such as regulating authorities and policymakers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as bio lubricant manufacturers, customers and policymakers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in making investment decisions and facilitating their expansion.
In this report, global bio lubricant market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by Application
Engine Oil, Metalworking Fluid, Transmission and Hydraulic Fluid, General Industrial Oil, Gear Oil, Grease, Process Oil
Market, by End Use
Power Generation, Automotive and Transportation, Heavy Equipment, Metallurgy and Metal Working, Chemical Manufacturing
Market, by Sales Channel
Direct/Institutional Sales, Indirect Sales
Market, by Region
North America, APAC, Europe, MEA, South America
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