South America Bio-Lubricants Market Research Report Forecast till 2032
South America Bio-Lubricants Market is projected to register a CAGR of 8.7% during the review period. Bio-lubricants are as often as possible used in the handling ventures and vehicle parts, for example, motor oils, water powered liquids, and others. Furthermore, bio-lubricants are additionally utilized in electric vehicles in significant electrical parts, for example, coolants for vehicle batteries, gear oils for differentials, case, gear minimizer, wheels, slowing down liquids, and oil for other EV parts, in this way development in the auto business will drive the development in the South America bio-lubricants market. Besides, the popularity from the development business and presence of plentiful horticultural assets in South America could impel the development in the South America bio-lubricants market in the figure period.
The auto business is a significant buyer of lubricants, and the rising mindfulness about the natural effect of customary lubricants has prompted a shift towards bio lubricants. These bio lubricants, got from sustainable or biomass feedstock, offer a few benefits like biodegradability, decreased poisonousness, and great greasing up characteristics. Consequently, the headway of auto industry in the region is expected to drive the interest for bio-based lubricants utilized in auto parts. As per the European Car Maker Affiliation, South American auto creation expanded by 11.2% in 2021. In addition, the Global Association of Engine Vehicle Makers (OICA) reports that car creation in South America expanded by 28% moving from 23,18,523 units in 2020 to 29,58,117 units in 2022 with Brazil and Argentina representing greatest development of 4% and 24% separately in 2022. Moreover, carmakers are putting impressive sums in South America. As a developing car market wealthy in natural substances, makers from across Europe, the US, and progressively China, are directing their concentration toward the huge mainland. For example, Volkswagen (VW) declared it would make a USD 1.07 billion interest in South America by 2026. Furthermore, in Brazil, the biggest car market in the region, the German maker desires to develop by 40% by 2027. Subsequently, the rising venture and the extension of car industry in South America is expected to drive the interest for bio-based lubricants in the region over the conjecture period.
Market SegmentationThe South America Bio-Lubricants Market segmentation, based on base oil type has been segmented as Vegetable Oil, Synthetic Esters, Animal Fats. Based on Application, Market is segmented as Hydraulic Fluids, Mold Release Agents, Chainsaw Oil, Grease, Automotive Engine Oils, Others. Based on Application, the Market is segmented as Automotive, Construction, Marine, General Industrial, Food, Others.
Country Insights
Based on Country, the South America Bio-Lubricants market is segmented into Brazil, Argentina, Peru, Bolivia, Paraguay, Uruguay, Chile, Rest of South America. The Brazil Bio-Lubricants market held the maximum market share and is also expected to account for a significant revenue share during the forecast period. Brazil is the leading producer and consumer of bio-lubricants in the region, as it has abundant availability of raw materials, such as soybean oil, palm oil, and castor oil, which are the main sources of bio-lubricants. Brazil also has a strong automotive and transportation industry, which is the major end-user of bio-lubricants.
Major PlayersSome of the key players operating in the South America Bio-Lubricants Market are TENSAC, Petronas Petroleo Brasil Ltd, FUCHS LUBRIFICANTES DO BRASIL LTD, Klüber Argentina, BIOLUB QUÍMICA LTDA., TotalEnergies EP Brasil, Shell Brasil Petróleo Ltd, ExxonMobil Paulínia, Castrol Argentina.