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Bio-Lubricants Market Report 2023-2032: Industry Demand, Growth Rate, Global Outlook And Top Key Players | Binol Biolubricants, British Petroleum, Cargill Corporation, Chevron Corporation, Royal Dutch Shell PLC
Bio-Lubricants Market
The Business Research Company's Bio-Lubricants Global Market Report 2023 identifies Increasing environmental awareness as the major driver for the Bio-Lubricants Market's growth in the forecast period. nvironmental 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.
The global bio-lubricants 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 bio-lubricants market size is expected to grow to $3.63 billion in 2027 at a CAGR of 5.5%.
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Major competitors in the bio-lubricants market are Binol Biolubricants, British Petroleum, Cargill Corporation, Chevron Corporation, Royal Dutch Shell PLC., ExxonMobil, Kluber Lubrication, Statoil Lubricants, Total SA, Castrol, HollyFrontier Corporation Millers Oils Ltd., Petronas Lubricant, Renewable Lubricants, and Solution Biogen Sdn Bhd.
A key trend in the Bio-Lubricants Market includes Product developments. 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.
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The Bio-Lubricants Market is segmented -
By Base Oil: Vegetable Oil, Animal Fat, Other Base Oils
By Application: Hydraulic Oil, Metalworking Fluids, Chainsaw Oil, Mold release agents, Two-cycle engine Oils, Gear Oils, Greases, Other Applications
By End-User: Industrial, Commercial Transport, Consumer Automobile, Other End Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Bio-Lubricants Market.
The Business Research Company's "Global Bio-Lubricants Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Bio-Lubricants Market Include:
1. Executive Summary
2. Bio-Lubricants Market Characteristics
3. Bio-Lubricants Market Trends And Strategies
4. Bio-Lubricants - Macro Economic Scenario
5. Bio-Lubricants Market Size And Growth
……
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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