As stated in our extensive report; the Global Bio Lubricants Market accounted forUSD 1.9 Billionin 2021.
Bio Lubricants are bio-degradable lubricants that are non-toxic to humans and the environment. Bio Lubricants are derived from plants. Bio Lubricants could be a better alternative to petrol-based oils and their products. Bio Lubricantspositively impacts the environment as they are biodegradable. Animal fats and oils from plants are used to produceBio Lubricants.
Vehicle-based industries fuel the demand for Bio Lubricants. As the vehicle-based sectors grow, it contributes to the Bio Lubricants Market's growth. Therefore, this segment is expected to the market value. Bio Lubricants are considered a better substitute for Petrol-based oil products and are more environmentally friendly. In addition, Bio Lubricants are bio-degradable and help to reduce the overall cost compared to petrol-based oils. Covid-19 has affected almost every industry severely. When the lockdown was imposed, restrictions were made compulsory for all. It hugely impacted the production of Bio Lubricants due to the unavailability of raw materials required to produce Bio Lubricants. Due to the imposed lockdown in various cities, the whole supply chain was affected badly, and production rates were low. As a result, the Bio Lubricants Market had a considerable loss.
Bio Lubricants are gaining massive exposure in the motor industry due to the increase in the production of vehicles, and the price for these oils is expected to increase by 30% or above. In addition, all industries dealing with oils are trying to move towards environment-friendly, cost-effective oils. Bio Lubricants are used to produce hydraulic oils, such as engine oils, greases, and all gear oils. Bio Lubricants are manufactured worldwide in the European and Middle Eastern countries, Africa, and northern and southern Parts of America. However, Europehas dominated the Bio Lubricants Market over the past few years and is expected to increase its market value.
Some of the key notable and prominent players in the Global Bio Lubricants Market include- ExxonMobil (US), Royal Dutch Shell (Netherlands), Total S.A (France), Cargill (US), BP (UK), Emery Oleochemicals (Malaysia), FUCHS Group (Germany), Panolin (Switzerland), Kluber Lubrication (Germany), Binol Lubricants (Sweden), and others.