Biolubricants Market Size, Share, & Trends Analysis Report By Source (Vegetable Oil, Animal Oil), By Application (Transportation, Industrial), By End-use (Industrial, Commercial Transportation), By Region, And Segment Forecasts, 2023 - 2030

Biolubricants Market Size, Share, & Trends Analysis Report By Source (Vegetable Oil, Animal Oil), By Application (Transportation, Industrial), By End-use (Industrial, Commercial Transportation), By Region, And Segment Forecasts, 2023 - 2030

Biolubricants Market Growth & Trends

The global biolubricants market size is expected to reach USD 3.73 billion by 2030, registering a CAGR of 5.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing passenger car sales in emerging economies is one of the major drivers of industry expansion in recent years. The favorable regulatory framework is expected to encourage the production & consumption of bio-based lubricants over the forecast period. The U.S. EPA has implemented regulations that require all marine vessels to obtain the mandatory Vessel General Permit (VGP) for plying in the U.S. waters & also utilize environment-friendly, acceptable lubricants in all oil-to-sea interfaces.

Various environmental issues associated with conventional lubricants are driving the demand for vegetable & plant-based lubricants. The product segment is anticipated to benefit from the growing demand from industrial & transportation sectors in developed regions.

Vegetable oil was the leading raw material used for biolubricants with a commanding share of 88.1% in 2015. They are also expected to witness the highest growth of 7.6% over the forecast period.

Biolubricants Market Report Highlights

• Increasing cost competitiveness of advanced biolubricants, specifically on account of high crude oil prices in the future, is a significant factor driving their demand in automotive applications
• Automotive engine oils dominate the industry, since these oils exceed the performance of conventional engine oils Developments resulting in better oxidation resistance of vegetable oils and improved functionality are expected to drive the segment growth
• North America dominated the biolubricants market and accounted for the largest revenue share of 35.2% in 2022. The region is technologically mature compared to others such as Asia Pacific, Latin America, and the Middle East.
• Regulations have played a huge role in shaping the consumer base for bio-based products in the U.S. Currently, the U.S. accounts for nearly 80% of the North American market in terms of volume.

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