Bio Lubricants Market to Reach USD 4.26 Billion by 2029; Rising Adoption of Sustainable Lubricants to Propel Growth

The global bio lubricants market size was valued at USD 2.92 billion in 2021. The market is projected to grow from USD 3.08 billion in 2022 to USD 4.26 billion by 2029, exhibiting a CAGR of 4.7% during the forecast period. This information is published by 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, 2022-2029."

According to researchers, the key market players are expected to grow significantly due to increasing utilization of biodegradable lubricants. Companies focus on collaborating with supporting organizations to expand their business and propel growth. Also, innovation strategies to develop new products will allow companies to enhance their product portfolio.  

Automotive Production Shutdown Affected the Market Growth    

The bio lubricants market growth was negatively affected due to the outbreak of COVID-19 pandemic. Governments imposed strict restrictions on import/export activities and revised operational policies of transportation services and logistics. Also, automotive plants' manufacturing and production units were shut down during the initial lockdown, affecting the market growth. These factors restricted the market development and expansion during the pandemic.  

FUCHS Collaborates With BASF

Through holistic sustainability assessment, FUCHS collaborated with BASF to develop more sustainable lubricant products. This is named Life Cycle Analysis of Hydraulic Fluids. The collaboration allows both the companies to adopt recent technologies and firmly manage the sustainability goals. This will ensure improved business performance and profitability.   

Rising Adoption of Sustainable Alternatives to Bolster Market Growth

This market is anticipated to grow rapidly during the forecast period due to government initiatives to adopt sustainable lubricants. Also, increasing R&D activities and investments in the market are expected to fuel the market growth in the coming years. The systematic approaches implemented by key players as the lifecycle of bio lubricants analysis and monitoring its environmental effects through bio lubricant processing, utilization, and disposal are anticipated to drive the market during the projected period. 

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/bio-lubricants-market-104654

Collaboration & Partnerships Allow Companies to Strengthen Position

The major companies operating in the industry focus on adopting various business development strategies such as collaborations, mergers, partnerships, and acquisitions. These strategies allow key players to expand their business reach and improve their overall business performance. Product development and new product launches allow key players to enhance their product portfolio and meet customer demands.

Key Industry Development

• April 2020: FUCHS and BASF collaborated for a holistic sustainability assessment and more sustainable lubricant products - Life Cycle Analysis of Hydraulic Fluids. With this collaboration, both the companies are jointly pioneering the assessment of sustainability aspects within the lubricant industry.

List of Key Players Covered in the Report:

• PANOLIN AG (Switzerland)


• FUCHS (Germany)


• Shell (Netherlands)


• Exxon Mobil Corporation (U.S.)


• Total (France)


• Cargill (U.S.)


• Axel Christiernsson (Sweden)


• BECHEM (Germany)


• Cortec Corporation (U.S.)


• Environmental Lubricants Manufacturing, Inc. (U.S.)


• Klüber Lubrication (Germany)


• Novvi, LLC. (U.S.)


• Repsol (Spain)


• bp p.l.c. (U.K.)


• Emery Oleo chemicals (Malaysia)


• IGOL (Norway)


• LanoPro (Norway)

Further Report Findings

North America stood at USD 1.22 billion in 2020. The regional market growth is attributed to the developing automotive industry in the U.S. and Canada. Also, emerging government initiatives to adopt sustainable lubricants are expected to drive the market. These factors ensure regional dominance on the global bio lubricants market share during the projected period.    

The market is segmented into automotive and other transportation, metalworking, mining, forestry, marine, engines, and others based on the end-use industry. The automotive and other transportation segments are expected to dominate the market due to the rising demand for lubricants.    

Table of Segmentation