The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Bio-Lubricants Market.
It was estimated prior to this unanticipated outbreak that the Bio-Lubricants Market was expected to grow at a CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Bio-Lubricants are triglyceride esters obtained from plant oil, animal fat or mineral oil?based products. Such lubricants are both rapidly biodegradable and non?toxic to humans and aquatic environments. The rising demand for eco-friendly products all across the globe is augmenting the demand for bio-lubricants. However, high cost in comparison to petroleum-based products might hinder the market growth.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the oil type, the market is segmented as vegetable oil, animal fat, and others. The vegetable oil segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The significant share of the vegetable oil segment is attributed to multiple applications, oxidative stability, and high performance. Growing concerns for wildlife conservation are also likely to boost the growth of vegetable oil over the animal fat segment.
Based on the application type, the market is segmented as hydraulic fluids, metalworking fluids, chainsaw oils, mold release agents, gear oils, two-cycle engine oils, greases, and others. The hydraulic fluid segment accounted for the largest share in 2019, owing to high demand from hydraulic elevators, sweepers, garage trucks, fork lifts, motor graders, and front-end loaders. This segment is estimated to maintain its dominance during the forecast period as well.
Based on the end-use industry type, the market is segmented as industrial, commercial transport, and consumer automobile. The industrial segment held the largest share of the market in 2019, and is expected to remain dominant over the forecast period. The dominance of the industrial segment is due to environmental regulations on the disposal of lubricants, ecolabels, and tax incentives for the use of bio-lubricants.
In terms of regions, North America is estimated to be the fastest-growing bio-lubricants market during the forecast period owing to various emission standards and the growing adoption of bio-degradable products. The growth of the market is driven by the evolution of various government initiatives to reinforce environmental regulation. Europe is also anticipated to offer significant growth opportunities over the forecast period, with Germany, France, Finland, Norway, and Italy being the major countries.
Some of the major players in the bio-lubricants market are-