Chemical

According to a market report by Lucintel, the future of the bio-based lubricating oil market looks promising with opportunities in the industrial, automotive and transportation, mining, and building & construction sectors. The global bio-based lubricating oil market is expected to reach an estimated $2.5 billion by 2028 with a CAGR of 4.7% from 2023 to 2028. The major drivers for this market are introduction of stringent regulations, growing environmental consciousness among people, and increasing usage of bio-based lubricant as an alternative of petroleum-based oils.



In this market, vegetable oil and animal fat are the two types of bio-based lubricating oil used by various end use industries. Lucintel forecasts that vegetable oil will remain the larger segment over the forecast period because it is highly flowable, less toxic in nature, and exceptionally biodegradable. 



Within this market, automotive and transportation is expected to remain the largest end use industry segment due to the increasing demand for long-lasting, energy-efficient, environmentally friendly, and high-performing lubricants in the automotive industry. 



North America will remain the largest region due to the growing use of plant-based products among US Air forces and increasing government expenditures on bio-lubricants used in the maritime and automotive industries.

Albemarle, Axel Christiernsson, Bechem, Chevron, and Cortec are the major suppliers in the global bio-based lubricating oil market.



Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global bio-based lubricating oil market by base oil, application, end use industry, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Bio-Based Lubricating Oil Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global bio-based lubricating oil market by base oil, application, end use industry, and region, as follows:

This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.

 

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

 

Q.1. What are some of the most promising, high-growth opportunities for the global bio based lubricating oil market by base oil (vegetable oils, animal fats, and others), application (greases, hydraulic oils, gear oils, metalworking fluids, chainsaw oils, mold release agents, two-cycle engine oils, and others), end use industry (industrial, automotive and transportation, mining, building & construction, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?