Biolubricants generated from biomass and other waste can reduce the carbon footprint of manufacturing processes and energy generation. Biolubricants are gaining popularity and acceptance worldwide due to their non-toxic, sustainable and environmentally friendly properties.
New York, Feb. 14, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Biolubricants Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Base Oil, Application and End Use ” – https://www.reportlinker.com/p06419228/?utm_source=GNW
They are also derived from renewable vegetable oils. Increasing environmental problems and increasing health problems due to the use of mineral oils are driving the demand for biolubricants.
Based on the base oil, the biolubricants market is segmented into vegetable oils, animal fats and others. The vegetable oils segment accounted for the largest share of the market in 2022.
Vegetable oils are the extracted, refined and processed forms of plant matter such as seeds, fruits and stems. Vegetable oils have excellent lubricity, far superior to mineral oil.
Vegetable oils are widely used as biolubricants in their natural forms to decrease friction between two surfaces and reduce machine wear. They have great potential to replace petroleum oil-based lubricants, which are obtained in the refining of crude oil.
In addition, vegetable oils are biodegradable, generally less toxic and renewable.
The market is segmented into five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2022, Europe dominated the biolubricants market.
Asia Pacific is expected to register the highest CAGR of the market during the forecast period. Factors such as growing environmental concerns and rising crude oil costs are driving the demand for biolubricants in Europe.
The demand for biolubricants in Asia Pacific is directly proportional to the industrialization and vehicle production in the region. The growth of regional construction activities and the industrial and automotive sectors are accelerating the growth of the market.
The COVID-19 pandemic adversely affected the growth of the biolubricants market in 2020 due to shutdown of manufacturing facilities and restrictions imposed on transportation and logistics. Disruptions in supply chains also hampered the supply of biolubricants.
To comply with national and regional guidelines, manufacturers introduced extensive modifications to their processes to protect their employees from SARS-CoV-2 infection. The pandemic wreaked havoc on the historically stable biolubricant industry.
Labor shortages led to a slowdown in biolubricant production and distribution operations. Lockdowns imposed by various countries in 2020 hampered the ability of industries to maintain inventory levels.
In addition, sanitary measures and other precautions related to COVID-19 significantly reduced production capacity, creating a shortage of vegetable oils and animal fats.
Despite these adverse effects on end-use industries, the biolubricant market started to revive in late 2020 due to the relaxation of social restrictions and important measures, such as well-coordinated vaccination drives, by of the governments of many countries to combat the spread of the virus infection. The recovery of various end-use industries is driving the growth of the biolubricants market in the post-pandemic recovery period.
Emery Oleochemicals LLC, Fuchs Petrolub SE, Carl Bechem GmbH, PANOLIN AG, Renewable Lubricants Inc, TotalEnergies SE, Shell Plc, RSC Bio Solutions LLC, Crevier Group Inc and Kluber Lubrication GmbH & Co KG are among the key players in the biolubricants market . .These companies are adopting strategies such as mergers and acquisitions and product launches to expand their geographic presence and customer base.
They collectively hold the majority of the global biolubricant market.
The global market size of biolubricants has been obtained through primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Several primary interviews were conducted with industry participants to validate the data and gain further analytical insights into the market. Participants in this process include vice presidents, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, who specialize in the biolubricants market.
Read the full report: https://www.reportlinker.com/p06419228/?utm_source=GNW
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