The bio-based lubricants market is growing at 5.2% CAGR and is forecast to reach US$4.9bn by 2032, according to research by Acumen Research and Consulting reported by Globe Newswire.
Derived from renewable sources such as vegetable oils, animal fats and synthetic esters, bio-based lubricants have low toxicity, high biodegradability, and a lower carbon footprint compared to traditional petroleum-based lubricants, the 13 March report said.
The growing demand for eco-friendly lubricants in applications such as automotive, industrial, marine and aerospace is driving the growth of the global bio-based lubricants market, according to Acumen Research and Consulting’s ‘Bio-Based Lubricants Market Forecast, 2023-2032’.
The Asia-Pacific region was expected to be the fastest-growing market, with Europe and North America also key markets for bio-based lubricants, the report said.
South American and MEA regions have a smaller share of the bio-based lubricants market, although their share is expected to grow at a steady pace, with Brazil and South Africa expected to be key growth markets in these regions, with increasing demand from the automotive and industrial machinery sectors, according to the report,
Major players in the sector included Royal Dutch Shell, ExxonMobil, Total, Fuchs Petrolub, and Panolin AG, the Acumen report said.
Trends noted in the report included increasing use of vegetable oils as a feedstock, rising adoption of synthetic esters in a range of applications and increasing demand for bio-based lubricants in the marine sector.
Despite the growth in the sector, a range of factors were hampering the bio-based lubricants sector, the report said. These included high costs, supply chain challenges, compatibility and quality control issues.
