The Biolubricants Market size is estimated to reach US$3.2 billion by 2027, after growing at a CAGR of 4.3% during the forecast period 2022-2027. The growth of the Biolubricants market would be highly influenced by increasing demand from the transportation sector, oil & gas and others. Biolubricants are functional fluids, prepared from vegetable oils, natural sources or downstream esters. Biolubricants are increasingly utilized in automotive vehicles as engine oils, hydraulic fluids and others, owing to their environment-friendly features. This factor continues to drive the Biolubricants industry.

According to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production increased from 77,621,582 units in 2020 to 80,145,988 units in 2021. Biolubricants are increasingly utilized in transportation, construction, oil & gas, marine and others, which is anticipated to fuel its growth scope.

Biolubricants Market: The Automotive Sector Leads the Market

Based on the end-use industry, the Biolubricants market can be segmented into automotive, building & construction, oil & gas, metalworking, marine and others. The leading segment in the Biolubricants industry has been evaluated to be automotive. During the forecast period 2022-2027, the automotive industry is projected to grow with a CAGR of 4.9%. This can be attributed to growth factors such as emphasis on vehicle electrification, established demand for fuel-efficient vehicles and urbanization trends.

According to the European Automobile Manufacturer Association, South America's car production grew by 11%, while U.S. car production grew by 3.1% in 2021. Thus, the Biolubricants industry would grow significantly as a result of emerging applications such as hydraulic fluids, engine oil and others in the automotive industry over the forecast period.

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Biolubricants Market: Asia-Pacific Holds the Largest Share

Based on geography, the Biolubricants market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, the Asia-Pacific region held a 34.6% share of the total revenues earned by the market, globally. The Asia-Pacific region is estimated to grow rapidly due to the established base for the transportation sector (majorly automotive) and rising infrastructural development and construction activities. The automotive sector saw lucrative growth in APAC countries, including China, India and others due to increasing demand for smart and fuel-efficient vehicles, increasing production of automotive vehicles and industrialization. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$251.4-282.8 billion by 2026.

With robust growth scope for Biolubricants across various industries such as automotive, oil & gas, construction and others in the Asia-Pacific region, the biolubricants industry would emerge significantly over the forecast period. The Biolubricants market would also gain demand from the North American region. The U.S., Canada and others are emerging countries in the Biolubricants industry.

Biolubricants Market: Competitive Landscape

Key companies holding major shares in the Biolubricants market are ExxonMobil, TotalEnergies, Royal Dutch Shell, RSC Bio Solutions, Renewable Lubricants Inc., Cargill Inc., Balmer Lawrie & Co. Ltd, KAJO Group, Polnox Corporation and BECHEM.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.