The Bio-Lubricants Global Market Report 2023 by The Business Research Company, provides bio lubricants market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Bio-Lubricants Global Market Report 2023, the market size grew from $2.74 billion in 2022 to $2.92 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global bio-lubricants is expected to grow to $3.63 billion in 2027 at a CAGR of 5.5%.
Increasing environmental awareness is expected to propel the growth of the bio lubricants market going forward. Environmental awareness refers to awareness of the natural environment and the choices that either promote its well-being or cause it more harm. Environmental awareness is helpful in increasing the bio-lubricant market because of its high viscosity indexes and flashpoints, good resistance to shear, and high biodegradability.
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The bio lubricants market is segmented:
1) By Base Oil: Vegetable Oil, Animal Fat, Other Base Oils
2) By Application: Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold release agents, Two-cycle engine Oils, Gear Oils, Greases, Other Applications
3) By End-User: Industrial, Commercial Transport, Consumer Automobile, Other End Users
Product developments are a key trend gaining popularity in the bio-lubricants market. Major companies operating in the bio-lubricant market are focused on developing new products to strengthen their position. For instance, in February 2020, Kluber Lubrication, a US-based chemical manufacturing company, launched specialty lubes for electric vehicles (EVs), electronic parking brakes (EPBs) at the Auto Expo. These specialty lubricants can help extend and enhance EV battery performance, improve the efficiency of the parking brake, optimize brake booster performance; and ensure reliable performance of actuators at temperatures ranging from -65 deg C to 200 deg C, thereby ensuring efficient output. These lubricants are unique and have been developed after extensive research and development in India.
The bio lubricants market report table of contents includes:
1.Executive Summary
2. Bio-Lubricants Market Characteristics
3. Bio-Lubricants Market Trends And Strategies
4. Bio-Lubricants Market – Macro Economic Scenario
5. Bio-Lubricants Market Size And Growth
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26.Africa Bio-Lubricants Market
27. Bio-Lubricants Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Bio-Lubricants Market
29. Bio-Lubricants Market Future Outlook and Potential Analysis
30. Appendix
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