Stringent government regulations on the use of petroleum-based lubricants are driving the growth of the market.

Market Size – USD 2.74 billion in 2018, Market Growth-CAGR of 5.9%, Market Trends – Volatile prices of crude oil

The global  Bio Lubricants Market  is expected to reach USD 4.41 Billion by 2026, according to a new report by Reports and Data. Bio lubricant is also known as bio-lubes is produced from sunflower oil, rapeseed oil, animal fats, and others. They are increasingly demanded as they are non-toxic, environmentally friendly, biodegradable and renewable.

The rise in the sale of vehicles has driven the market for bio-lubricants. As demand for automobile sector has increased over the years, demand for grease chain saw oil and engine oil had encouraged the growth of the market. Plant-based oil is also a substitute in food and healthcare sector. Bio-Lubricants are renewable unlike fossil fuels and is environment-friendly. Not only do they reduce labor cost and energy usage, but it also increases production and machine life as well. In addition, there are strict government regulations regarding fossil fuels that is encouraging manufacturers to switch to alternatives hence fueling the market.

Europe dominates the market owing to the presence of rigid environmental laws where companies go through various emission standards and application of biodegradable products in countries like Germany, Finland, Norway Italy, and France. North America is expected to grow with the highest CAGR. Companies are switching more and more to renewable options and making use of bio-lubricants in various other sectors as well.

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Further key findings from the report suggest

  • Vegetable oil provide has oxidative property than animal fats and thus have higher technical performance.
  • Hydraulic fuel generates the largest revenue owing to its application in both stationary and mobile equipment. It is used as a medium to transfer energy and power to hydraulic systems.
  • Commercial based transport dominates the market in the end-use The number of commercial transport on roads switch to bio lubricants will push the growth of the market exponentially.
  • Edible and non-edible oil also generates substantial revenue. These oils are not only used for industrial application but also in households for domestic purpose.

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Regional Landscape:

An essential component of the report is the detailed study of the geographical outlook of the global Bio Lubricants market. The global Bio Lubricants market is categorized into several key geographical regions, including North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In this section of the report, the authors have meticulously analyzed the regional market share, market size, revenue contribution, sales network, distribution channels, and numerous other aspects.

Competitive Outlook:

The leading contenders in the global Bio Lubricants market are:

  • ExxonMobil Corporation,
  • Royal Dutch Shell Plc,
  • Total SA,
  • Chevron Corporation,
  • BP Plc,
  • Albemarte Corporation,
  • Panolin AG,
  • Binol Lubricants,
  • Enemy Oleochemicals,
  • and Fuchs Petrolub AG.

Bio Lubricants Market segmentation by Raw Material:

  • Vegetable Oil
  • Animal Fats
  • Others

Bio Lubricants Market segmentation by Application:

  • Hydraulic fluids and tractor transmission oils
  • Greases and stern tube greases
  • Stern tube oils
  • Chainsaw Oils
  • Concrete release agents
  • Wire rope oils
  • Two-stroke oils
  • Industrial and marine gear oil

To know more about the report @ https://www.reportsanddata.com/report-detail/bio-lubricants-market

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