Global Biolubricants Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Biolubricants Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Biolubricants are biodegradable and nontoxic lubricants used in mechanical components lubrication which provide a range of advantages over conventional lubricants such as carbon neutral, renewable, non-toxic and environment friendly. These biolubricants are widely used in applications such as metal working, greases, industrial Lubricant, automotive and others.

Market Overview:

The latest research study on the global Biolubricants market finds that the global Biolubricants market reached a value of USD 2411.25 million in 2022. It’s expected that the market will achieve USD 3558.19 million by 2028, exhibiting a CAGR of 6.7% during the forecast period.

Replacement of mineral oil-based lubricants

Positioning biolubricants as an acceptable alternative to petroleum-based oils can solve several environmental problems. Vegetable oils and animal fats are gradually being used as renewable raw materials. In the field of lubricants, after the necessary chemical changes, environmental and economic factors contribute to the use of vegetable oils and animal fats or waste oils and fats. Compared with petroleum-based lubricants, biolubricants have major advantages such as biodegradability, cost-effectiveness, renewability and lower environmental impact.

In most industries, mineral oil-based lubricants are commonly used. Lubricant usage is huge, and most of the energy is released back into the atmosphere due to leaks, injuries, instability, and overall failure applications. Fresh lubricant undergoes many changes before being discarded into the environment. This loss pollutes the air, fresh water and soil, which seriously affects the atmosphere. As the public's awareness of the environmental impact of mineral oil-based lubricants continues to increase, the demand for biodegradable biolubricants is also increasing.

The production cost of biolubricants is relatively high

Vegetable oil-based lubricants are organic and biodegradable to a large extent, so they can be used as a potential substitute for traditional lubricants. Through appropriate chemical changes, formulations containing antioxidants and combination with mineral oil, its original shortcomings can be alleviated. However, they can lead to increased costs, pollution and decreased biodegradability.

Therefore, producing cost-effective biolubricants with a breakthrough combination of biodegradability and high lubricating properties is a huge challenge. The cost of these biolubricants is a major obstacle to the market. Compared with traditional lubricants, the cost of biolubricants is higher. Most bio-based products are priced to compete with medium and high-performance mineral oil products.

Region Overview:

United States had the highest growth rate of all regions.

Company Overview:

Exxon Mobil is one of the major players operating in the Biolubricants market, holding a share of 22.89% in 2021.

Exxon Mobil

Exxon Mobil Corporation is engaged in energy business. The Company is engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. The Chemical segment operates to manufacture and sell petrochemicals.

Shell

Royal Dutch Shell Plc engages in the oil and natural gas production. It operates through the following segments: Integrated Gas, Upstream, Oil Products, Chemicals and Corporate. The Upstream segment manages the exploration for and extraction of crude oil, natural gas, and natural gas liquids.

Segmentation Overview:

Among different product types, Plant Oil segment is anticipated to contribute the largest market share in 2027.

Plant Oil

Plant-based biolubricants are usually extracted and processed from plants such as Palm, Soybeans, Coconut and sunflower seeds. Plant-based biolubricants are generally highly biodegradable, less toxic, and high lubricity. And the abundant availability of plant raw materials is also one of the advantages.

Animal Oil

Animal oil-based bio-lubricants are triglycerides obtained from animal fats. Because their cost is much lower than the cost of vegetable oil. Such lubricants are rapidly biodegradable and non-toxic to humans and the aquatic environment.

Application Overview:

By application, the Industrial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Biolubricants market covered in Chapter 3:

FUCHS Group
Pacific Bio Lubricants
Exxon Mobil
TOTAL
DANFER
Renewable Lubricants
Quaker Houghton
Panolin
Q8Oils
Shell
BP
Novamont
Chevron
Klüber Lubrication

In Chapter 4 and Chapter 14.2, on the basis of types, the Biolubricants market from 2018 to 2029 is primarily split into:

Plant Oil
Animal Oil

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Biolubricants market from 2018 to 2029 covers:

Automotive
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)