The Bio-Lubricants Market is expected to grow at > 6.2% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Bio-Lubricants Market
Bio-Lubricants Market is likely to witness an impressive CAGR of 6.2% during the forecast period. The prime factor that is contributing to the demand for industrial absorbents is mainly the rising sternness of environment-related regulations on chemical and oil spills.
North America is estimated to be the fastest-growing bio-lubricants market during the forecast period owing to various emission standards and the growing adoption of bio-degradable products. The growth of the market is driven by the evolution of various government initiatives to reinforce environmental regulation. Europe is also anticipated to offer significant growth opportunities over the forecast period, with Germany, France, Finland, Norway, and Italy being the major countries.
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Market Scope & Market Segmentation
Bio-Lubricants Market Share: By Oil Type
Based on the oil type, the market is segmented as vegetable oil, animal fat, and others. The vegetable oil segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The significant share of the vegetable oil segment is attributed to multiple applications, oxidative stability, and high performance. Growing concerns for wildlife conservation are also likely to boost the growth of vegetable oil over the animal fat segment.
Bio-Lubricants Market Share: By Application Type
Based on the application type, the market is segmented as hydraulic fluids, metalworking fluids, chainsaw oils, mold release agents, gear oils, two-cycle engine oils, greases, and others. The hydraulic fluid segment accounted for the largest share in 2019, owing to high demand from hydraulic elevators, sweepers, garage trucks, fork lifts, motor graders, and front-end loaders. This segment is estimated to maintain its dominance during the forecast period as well.
Bio-Lubricants Market Share: By End-Use Industry Type
Based on the end-use industry type, the market is segmented as industrial, commercial transport, and consumer automobile. The industrial segment held the largest share of the market in 2019, and is expected to remain dominant over the forecast period. The dominance of the industrial segment is due to environmental regulations on the disposal of lubricants, ecolabels, and tax incentives for the use of bio-lubricants.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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