Latest News- Bio-Lubricants Market: Vegetable oil is expected to lead the Source segment during 2025-2029
The Bio-Lubricants Market is being driven by Rise in sales of commercial vehicles
The Bio-Lubricants Market is expected to grow at a CAGR of 13.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2549.5 million. The global bio-lubricants market is experiencing robust growth due to the continuous introduction of innovative, high-performing, and sustainable products. In April 2024, Savsol Lubricants launched Savsol Ester 5, a biodegradable lubricant, catering to high-end applications in the automotive and railway sectors. This groundbreaking product boasts superior performance characteristics, including reduced engine deposits and friction, leading to enhanced overall mileage. Suitable for electric vehicle batteries and high-speed railway coaches, Savsol Ester 5 addresses the critical need for efficiency and minimal maintenance. Moreover, its introduction addresses the market's import substitution requirements, making it a significant development in the bio-lubricants industry.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Source (Vegetable oil, Animal oil) Application (Automotive, Industrial) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Bio-Lubricants Market Research Report
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The global lubricants market is witnessing a shift towards eco-friendly alternatives, with bio-based lubricants gaining popularity. These biolubricants, including bio-based motor oils and engine oils, are derived from renewable raw materials such as plant oils and animal fats. In contrast to mineral oil-based lubricants, bio lubricants offer biodegradability, reducing the risk of environmental contamination. Industrial and transportation sectors, particularly manufacturing, are adopting these biodegradable solutions for their consistency in viscosity, high flash points, and lower emissions. The EU eco-label certifies the environmental friendliness of these green base oils, which contribute to fuel efficiency and reduced carbon emissions.
The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals used in the production of various industries' necessities, including fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market analysis, the specialty chemicals market size is determined by the consolidated revenue generated by these businesses. Factors fueling the market expansion include the increasing preference for specialty adhesives and sealants, driven by the growing demand for these products across multiple sectors. This shift is expected to significantly contribute to the market's growth throughout the forecast period. Bio-lubricants, specifically bio-based motor oils, represent a segment within the specialty chemicals market. The market for these eco-friendly alternatives to petroleum-based and mineral-based oils is poised for growth as consumers and industries prioritize sustainability and reduced environmental impact.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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