According to ChemAnalyst report, “Bio Lubricant Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, bio lubricant market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 3.45% during the forecast period. 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 automotive industry is also going to fuel the demand of bio lubricants during the forecast period.
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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 metal working, chemical manufacturing etc.
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Bio lubricant is basically processed vegetable oil and animal fat. It is different from conventional lubricants as it is bio based and biodegradable in nature. increasing awareness about environment friendly materials and stronger government support for bio-based materials are the major drivers of growth in the demand of bio lubricant. It finds application in various industries such as automotive, power generation, heavy equipment, metallurgy and metal working, chemical manufacturing etc. automotive segment of the end use industries holds the major share of global demand of bio lubricant. Out of the application areas including engine oil, metalworking fluid, transmission and hydraulic fluid, general industrial oil, gear oil, grease, process oil etc., engine oil segment holds the major share of global market for bio lubricant.
Bio lubricant is related to vegetable oil and animal fat hence the price is directly linked to the fluctuations in the price of vegetable oil and animal fat. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of automotive rendered a major downfall in the bio lubricant, hence the prices remained low for bio lubricant during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.
Regionally, Asia Pacific dominates the bio lubricant market and holds the largest market share in 2020. Asia’s bio lubricant market is anticipated to grow in the economies like China due to increasing demand of automotive and power generation. Moreover, increasing government support for environment friendly materials is also an influencing factor supporting demand rise in Asia Pacific.
According to ChemAnalyst report, Bio Lubricant Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating bio lubricant market are 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.
“Being linked to the automotive and mechanical industry, the bio lubricant industry has shown a robust growth alongside growing population and changing consumer preference which is moving towards more environment friendly materials like bio lubricants. China serves as the key growth region with sufficiently installed capacities for bio lubricant. With new competitors emerging across the Asia Pacific bio lubricant market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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The Global Polyolesters for Bio-based Lubricants and Lubricant Additives Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on product, and application.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
The segment analysis is useful in understanding the growth areas and probable opportunities of the market.Final Report will cover the impact of COVID-19 on this industry.Browse the complete Global Polyolesters for Bio-based Lubricants And Lubricant Additives Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 @ https://www.decisiondatabases.com/ip/8648-polyolesters-for-bio-based-lubricants-and-lubricant-additives-market-reportThe report also covers the complete competitive landscape of the worldwide market with company profiles of key players such:Croda International PlcLumar QuimicaPeter Greven GmbH & Co. KGOleon NVEmery OleochemicalsKuala Lumpur Kepong Berhad (KLK)Ecogreen OleochemicalsNOF CorporationDowpol CorporationA Fratelli Parodi SpaCustom Synthesis, LLCSEGMENTATIONS IN THE REPORT:By Product:Neopentyl GlycolsTrimethylolpropanesPentaerythritolsOthers (Including Dipentaerythritols (DiPEs), etc.
)By Applications:Automotive LubricantsAviation OilBiodegradable and Fire-Resistant Hydraulic FluidsRefrigerant OilMetalworking OilCompressor OilOther (Including Greases, Industrial Gear, Transformer Oil, etc.
