According to the new market research report “Bio-lubricants Market by Base Oil (Vegetable oil, Animal fat), Application (Hydraulic oil, metalworking fluids, chainsaw oil, mold release agents, two-cycle engine oils, gear oils, greases), End-use, Region – Global Forecast to 2025″, The global bio-lubricants market size is projected to grow from USD 2.0 billion in 2020 to USD 2.4 billion by 2025, at a CAGR of 4.1% between 2020 and 2025. The growth is attributed to growing awareness about environmental issues and the adoption of stringent regulation by various end-use industries.
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Vegetable base oil accounted for the largest share in the overall bio-lubricants market. It is widely used due to its properties such as higher biodegradability, higher lubricity, lower volatility, higher shear stability, and higher viscosity index. Apart from these, vegetable oil seeds are available in abundance in various countries.
The industrial segment led the overall bio-lubricants market in 2019, both in terms of value and volume. The reason for the industrial segment leading the market is due to the growing demand from the marine industry. Various countries have adopted regulations which make it mandatory for shipping vessels to use bio-lubricants in their systems to enter their territorial waters.
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The global bio-lubricants market size is projected to grow from USD 2.0 billion in 2020 to USD 2.4 billion by 2025, at a CAGR of 4.1% during the forecast year. The growth of this market is attributed to the stringent regulations adopted by various countries and increasing acceptance among end users.
The bio-lubricants market is dominated by large players, such as ExxonMobil (US), Royal Dutch Shell (Netherlands), Total SA (France), BP (UK), FUCHS Group (Germany), Cargill Inc. (US), and Panolin (Switzerland). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, and agreements, to increase their market shares and enhance their product portfolios.
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In March 2020, Royal Dutch Shell announced the expansion of the lubricant production facility located at Marunda Centre, Indonesia. After the expansion, the plant will be capable of 300-million-liter lubricant production.
In December 2019, FUCHS Group acquired 50% shares of three distributor companies based in Zimbabwe, Zambia, and Mozambique to enhance its presence in sub-Saharan Africa.
In January 2018, ExxonMobil launched Mobil SHC Aware HS (Hydraulic System) Series hydraulic oils, which provides protection in challenging marine operating environments and meet VGP requirements for EAL. This will provide the company with a competitive advantage over others in the bio-lubricants market in the marine sector.
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