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The global bio-lubricants market size is projected to reach USD 4,514.5 million by 2027 owing to the rising demand for biodegradable materials for making machine-based operations more sustainable, shares 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 the report, the value of the market stood at USD 3,275.7 million in 2019 and the market is expected to register a CAGR of 4.8% from 2020 to 2027.
The bio lubricants market growth is likely to get stalled by the COVID-19 pandemic. The on-going health-economic crisis has dealt multiple blows to the automotive industry due to strict social distancing measures, severe supply chain disruptions, trade and travel bans, and staggered lockdowns by governments. As a result, investment plans and R&D spending of companies have undergone unprecedented upheavals, causing serious strain on this market.
AXEL Launches Biodegradable Heavy-Duty Grease
Axel Christiernsson, the largest grease maker in Europe, announced the release of ALASSCA 762 BD, its newest biodegradable heavy-duty grease, in December 2020. Complying with the Swedish Standard 155470 and the VGP Legislation, ALASSCA has been derived from specially selected biodegradable esters, complementing the company’s existing range of complex greases for applications where sustainability is given high importance. A unique amalgam of non-metallic solids ensures the suitability of the product in heavy-duty activities, such as jack operations, across the marine, heavy industry, and mining industries. Furthermore, the structural strength of ALASSCA empowers it with a superior load-carrying capacity, high resistance to shock loads, excellent mechanical ability, and a superb capacity to withstand corrosive agents.
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Development of Innovative Lubricant Products Using Vegetable Oils to Stoke Growth
Bio-lubricants derived from vegetable oils are gaining steady traction in various industrial spheres as manufacturing companies accelerate their transition towards sustainable technologies and materials. Vegetable oils are, in most cases, biodegradable and renewable and are thus being considered as a potential substitute to conventional, synthetic lubricants. Innovations based on these naturally-derived oils are already being witnessed. Novvi LLC, for instance, is known for being the first company to develop 100% renewable base oil derived from sugarcane, with the company receiving a certification from the National Sanitation Foundation for its creation. Further, the Catalysis Center for Energy Innovation of the University of Delaware developed feedstock materials extracted from vegetable oils and lignocellulose to produce renewable lubricant base oils for industrial applications. These innovations, based on extensive research, are steadily augmenting the adoption of bio-based lubricants and aiding the global shift towards sustainable development.
Key Players to Entrench Market Presence by Making Strategic Acquisitions
Strategically acquiring smaller companies has emerged as the mainstay feature of the competitive milieu of this market. This strategy is empowering leading players to substantially strengthen their portfolios and leverage new technologies devised by the conquered entities. Moreover, such acquisitions also enable the acquiring company to bolster its research & development capacities, expand its regional and global presence, diversify revenue streams, and establish operations in untapped markets.
List of Key Players Profiled in the Bio-lubricants Market Report:
Further Report Findings:
Table of Segmentation
Value (USD Million) and Volume (Tons)
By End-use Industry