DUBLIN, May 8, 2023 /PRNewswire/ — The report “Biolubricants: Global Strategic Business Report” has been added to ResearchAndMarkets.com’s offers
Global biolubricants market to reach 3.2 billion dollars by 2030
The global biolubricant market is estimated at 2 billion dollars by 2022, it is expected to reach a revised size of 3.2 billion dollars by 2030, growing at a CAGR of 5.8% during the analysis period 2022-2030.
It is expected that vegetable oils, one of the segments analyzed in the report, will register a CAGR of 6.4% and reach 1.5 billion dollars at the end of the analysis period. Given the ongoing post-pandemic recovery, growth in the animal fat segment is readjusted to a revised CAGR of 5.6% for the next 8 years.
The US market is estimated at 374.8 million dollarsWhile China is projected to grow at 8.2% CAGR
The biolubricant market in the US is estimated at 374.8 million dollars in the year 2022. chinathe world’s second largest economy, is expected to reach a projected market size of 313.4 million dollars in the year 2030, with a CAGR of 8.2% during the analysis period of 2022 to 2030. A
Among the other notable geographical markets are Japan i canada, each predicts a growth of 4.2% and 4.6% respectively during the period 2022-2030. inside europe, Germany It is expected to grow at approximately 5.6% CAGR.
Looking towards 2023
The global economy is at a critical crossroads with a series of intertwined challenges and crises running in parallel. Uncertainty about how the Russian war continued Ukraine will play out this year and the war’s role in creating global instability means the problems on the inflation front are far from over.
Food and fuel inflation will continue to be a persistent economic problem. Higher retail inflation will affect consumer confidence and spending. As governments fight inflation by raising interest rates, job creation will slow and affect economic activity and growth.
Lower capital spending is expected as companies are slow to invest, held back by concerns about inflation and weaker demand. With slower growth and high inflation, developed markets appear poised to enter recession.
Volatile financial markets, growing trade tensions, a tighter regulatory environment and pressure to incorporate climate change into economic decisions will add to the complexity of the challenges they face.
2023 is expected to be a tough year for most markets, investors and consumers. However, there are always opportunities for companies and their leaders to chart a path forward with resilience and adaptability.
What’s new for 2023?
- Special coverage activated Russia–Ukraine war; global inflation; flexibility of the zero-Covid policy a china and its “achieved” reopening; supply chain disruptions, global trade tensions; and recession risk.
- Global competitiveness and market shares of key competition
- Market presence in various geographies: strong/active/niche/trivial
- Interactive online peer-to-peer tailored updates
- Access to digital files and Research Platform
- Free updates for one year
MARKET OVERVIEW
- Influencer Market Insights
- World market trajectories
- Impact of Covid-19 and an imminent global recession
- Weak economic environment discourages market outlook
- Limited market opportunities amid subdued industrial activity
- Despite moves to reopen economy, battered business confidence sinks to new lows: Business Confidence Index (BCI) points
- Biolubricants: A cleaner and more sustainable alternative to petroleum-based lubricants
- Scoring of biolubricants over synthetic and petroleum based lubricants
- Environmental fears drive demand for biolubricants
- Key characteristics and corresponding advantages of biolubricants
- Properties of biolubricants by base stock
- Biodegradability of selected base fluids
- Biodegradability – The USP of Biolubricants
- Competitive Market Presence: Strong/Active/Niche/Trivial for Global Players in 2022 (E)
- The global biolubricants market is poised for rapid growth post-Covid-19
- Industrial and Automotive – Both Major Final-Use Markets
- europe and US dominance, Asia-Pacific offers significant growth opportunities
- competition
MARKET TRENDS AND DRIVER
- Growing concern over increased emissions to encourage demand for biolubricants
- Excessive dependence on crude oil is driving the demand for biolubricants
- Increasing attention to biodegradable, non-toxic and ecological products: a strong driver of growth
- Strict environmental regulations stimulate the market
- Increasing environmental awareness is driving the demand for biodegradable hydraulic oils
- The expected increase in car sales and vehicle miles increases the market demand
- Biolubricants to replace hydrocarbon-based oils in passenger cars
- Excellent lubricity – a key point in engines fed with ULSD fuel
- The increasing importance of lubricants in automotive service augurs for market growth
- Increased demand for low viscosity fluids to benefit biolubricants
- Growing concern about oil-related water pollution is good for the market
- Increasing demand for biolubricants in the marine industry
- Agricultural and forestry machinery benefits from bio-based oils
- Biolubricants are gaining prominence in construction machinery
- The expansion of the machine tool sector drives demand growth
- Increasing focus of wind energy for the benefit of biolubricants
FOCUS ON SELECTED PLAYERS (Total 84 highlights)
- BP Plc
- Cargill, Incorporated; Chevron Corporation
- Emery Oleochemicals Group
- Eurol BV
- ExxonMobil Corporation
- Fuchs Petrolub SE
- HollyFrontier Corporation
- Millers Oils Ltd.
- NuPro Industries Corporation
- Panolin AG
- Renewable Lubricants, Inc.
- Royal Dutch Shell plc
- Total SE
- Valvoline Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/l7sq9t
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