THE BIO-BASED LUBRICANTS MARKET SIZE WAS VALUED AT USD 3.34 BILLION IN 2021 AND IS EXPECTED TO REACH USD 4.53 BILLION BY 2027, GROWING AT A CAGR OF 5.21%.

The Global Bio-Based Lubricants Market Size, Share, & Trends Analysis Report by

  • Product Type:  Plant-Based and Biodegradable Synthetic
  • Application: Hydraulic Fluid, Gear Oil, Chain Oil, Metalworking Fluid, and Others
  • End-User: Marine, Mining, Agriculture & Forestry, Automotive, and Others
  • Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2027

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264 Pages

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109 Tables

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84 Charts

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5 Regions

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21 Countries

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17 Companies

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4 Market Segment

BIO-BASED LUBRICANTS MARKET REPORT SCOPE

Report Attribute Details
Market Size (2027) USD 4.53 Billion
Market Size (2021) USD 3.34 Billion
CAGR (2022-2027) 5.21%
Base Year 2021
Forecast Year 2022-2027
Market Segments Product, Application, End-User, and Geography
Geographic Analysis North America, Europe, APAC, Latin America, and Middle East & Africa
KEY PLAYERS Castrol, FUCHS, Renewable lubricants, and TotalEnergies

MARKET INSIGHTS

The global bio based lubricant market is expected to reach USD 4.53 billion in 2027 from USD 3.49 billion in 2022, at a CAGR of 5.21% from 2022 to 2027. Bio-based lubricants are natural organic chemicals formulated with organic materials such as vegetable oil (sunflower oil, rapeseed oil, castor oil, and palm oil), animal fats, natural esters, and special additives. These components are environment-friendly, thus release no harmful chemicals on the environment, and are capable of meeting stringent government standards, specifically related to carbon emission, while maintaining high performance. Bio-based lubricants also offer performance benefits such as prolonging the equipment life and reducing maintenance costs, friction, and energy consumption. Bio-based lubricants are highly preferred in sensitive environments such as forest, mining, marine, wind power, and construction equipment where there is a high chance of oil spill and oil mist which can potentially harm aquatic life and human health.

KEY INDUSTRY INSIGHTS

  • The increasing price of petrochemicals, the depletion of crude oil reserves, and the rising awareness among consumers towards protecting the environment from greenhouse gas emissions are stimulating the demand for the bio-based lubricants market.
  • The stringent regulatory standards of the EU Ecolabel, VGP, IMO, and other regulations (such as Blue Angel and Swedish Standard) to limit the CO2 and other harmful emissions are shaping the demand in the global bio-based lubricants market.
  • Under VGP regulation, the U.S. Environmental Protection Agency mandates the regulation regarding oil discharge during the usual operation of commercial vessels in the U.S. territorial waters and the Great Lakes.
  • The regulatory landscape is a significant hindrance for small and medium enterprises scaling up operations. But at the same time, it is driving the industry because these standards and regulations ensure the product's safety, quality, and low toxicity.
  • “The greatest impact in accelerating the growth of biodegradable lubricants has been the development of high-performance synthetic hydrocarbon base oils. This technology is both readily biodegradable and more oxidatively and hydrolytically stable than the ester technology that was used in the past”, says Dr. Larry Beaver, Vice President, Research & Development for RSC Bio Solutions.

MARKET TRENDS

Stringent Government Regulation Driving Demand for Bio-based Lubricants

The increasing concern for environmental protection, carbon footprint, and sustainable development has contributed to the strict regulations to use bio-based lubricants. The U.S. Environmental Protection Agency (EPA), EU Ecolabel, and IMO are the regulatory bodies that monitor and implement stringent regulations regarding the discharge of oil spills in the ocean by the marine industry or provide a certified label that ensures the customer that the product is environment friendly. Therefore, with the rising focus of the government to reduce carbon footprint worldwide, companies across the industries (such as mining, construction, marine, wind power, and automotive) need to ensure that the lubricant products they are using must comply with the regulations set by the regulatory body and meet the performance standard, thereby augmenting the demand of the bio-based lubricants market.

Accelerating Demand from Mining Industry

The increasing automotive production, infrastructure development, and power industry is driving the bio-based lubricants market growth worldwide. This growth is creating a demand for bio-based lubricant products as these lubricants are primarily used in mining equipment ranging from large wheel loaders, mining trucks, wheel tractor scrapers, large dozers, underground mining loaders and mining, rock drills, and mining shovels which are used across above and below ground. Lubricants play a vital role in the smooth functioning of this equipment, continuous operation, and protection from dust, water, and breakdown. In addition, bio-based lubricants also reduce the health risk for employees and are gentle on the environment using protecting the aquatic life in case of spilled lubricants.

MARKET RESTRAINTS

Availability at High Cost & Lack of Lubricating Properties

The major challenge faced in the bio-based lubricant market is its availability at a high cost, especially in the emerging economies of India, where people are price sensitive. The high cost of bio-based lubricants is attributed to their production process. It is produced using several chemical modification processes, including transesterification, epoxidation, and esterification reactions which increases the overall cost of the product.

Similarly, the lack of lubricating properties is also a hurdle to the growth of the global bio-based lubricants market. Bio-based lubricants fail to provide crucial physical properties such as thermal stability, oxidative stability, and viscosity range. Also, it does not perform well in cold processing facilities, giving an edge to petroleum-based lubricants over vegetable oil-based ones. These properties play a vital role in ensuring the smooth functioning of the vehicle while protecting the machine from friction and corrosion and ensuring the machine functions at high temperatures without any damage.

SEGMENT ANALYSIS

INSIGHTS BY TYPE

Biodegradable synthetic is expected to dominate the industry during the forecast period. Since the 1950s, synthetic esters have been used to produce lubricants. Presently, manufacturers prefer synthetic esters over vegetable oil to produce bio-based lubricants because it offers enhanced benefits compared to vegetable oil and is abundantly available in nature as compared to vegetable oil. Synthetic esters are primarily preferred for those applications that require frequent lubricant changes, such as hydraulic fluid, engine oil, and stern tube-thruster fluid. TotalEnergies, Fuchs, and Condat are some companies offering lubricants based on synthetic esters.

INSIGHTS BY APPLICATION

Hydraulic fluid is the largest segment amongst others in the bio-based lubricant market. The segment is expected to witness growth due to the rising demand for bio-based hydraulic fluid in agriculture & forest equipment and the mining industry.

INSIGHTS BY END-USER

The marine industry held the highest share in the bio-based lubricants market in 2021; however, the automotive industry is expected to lead the bio-based lubricants market during the forecast period. Over the years, the demand for bio-based lubricants in the marine industry has increased due to the rising regulation and to mitigate the issues caused by the oil spill. A regulatory landscape highly characterizes the marine industry. The Vessel Grant Permit and IMO 2020 are the major regulations that promote biodegradable lubricants in marine vessels to reduce carbon emissions while protecting the equipment.

GEOGRAPHIC ANALYSIS

The rising economic development, increasing sustainability to reduce carbon footprint, and growing automotive, mining, and industrial sectors are boosting the global bio-based lubricants market. The government's stringent regulation towards eco-friendly and environment-friendly products is also driving the industry for bio-based lubricants products across all the regions. Europe accounted for the highest contribution to the global bio-based lubricants market, followed by North America.

The bio-based lubricant industry in North America has grown dramatically in recent years. The U.S. is a crucial country in the region with the world's largest economy in terms of GDP. Because of rigorous emission standards and robust transportation infrastructure, the United States is one of the primary centers for bio-based lubricant manufacture, attracting global players to set up their facilities in the U.S.

Asia-Pacific is projected to be the fastest-growing bio-based lubricants market during the forecast period. Indonesia, Malaysia, and China lead the region. These regions are witnessing a surge in demand from the automotive & transportation sectors, increasing mining activities, and the manufacturing & machinery sector driven by the increasing regulation to reduce carbon emissions.  In APAC countries Indonesia and Malaysia are rich in palm oil, whereas India is the third largest producer of rapeseed oil and the world’s largest producer of castor oil. Thus, lubricant manufacturers are emphasizing increasing their production base in Asia due to the easy availability of raw materials and low labor costs. The consumption base is also highly driven by foreign investments, a booming manufacturing sector due to the friendly policy, a growing middle-class population, and increasing living standards across the APAC.

COMPETITIVE LANDSCAPE

The competitive scenario in the global bio-based lubricants market is currently intensifying. The rapidly changing technological environment, the trend to reduce carbon footprint, and sustainability scenario can adversely affect vendors as customers expect continual innovations and upgrades. The market is moderately fragmented, with players providing bio-based lubricant products that are readily biodegradable, environmentally friendly, and highly functional.

The major companies operating in the global bio-based lubricants market are Castrol (UK), Fuchs (Germany), Cortec Corporation (US), Renewable Lubricants (US), and Metalube (UK), Repsol (Spain), and Kluber Lubrication (Germany), among others. These companies continually compete for the leading position in the industry, with steady competition from local vendors and international players.

Recent Developments

  • In 2019, Metalube launched biodegradable lubricants for lubricating and protecting umbilical cables and steel wire ropes operating in marine environments. The lubricant product is formulated from biodegradable resources and high-performance additives that are non-toxic to aquatic organisms.
  • In March 2020, Abu Dhabi National Oil Company (ADNOC) launched biodegradable lubricants for engine oil formulated with 100% plant oil in the UAE market.
  • In 2021, BioAccelergy entered into a joint agreement with Exxon Mobil to develop bio-based lubricants formulated from vegetable and seed oil. This joint agreement would benefit Exxon Mobil not only in terms of enhancing its sustainability aspect but would also be assisted in terms of technology.

Frequently Asked Questions

How big is the bio-based lubricants market?

The global bio-based lubricants market size is expected to reach USD 4.53 billion by 2027.

What is the growth rate of the bio-based lubricants market?

The global bio-based lubricants market is estimated to grow at a CAGR of 5.21%. The increasing price of petrochemicals and the depletion of crude oil reserves worldwide stimulate the demand for the bio-based lubricants market.

Who are the key vendors in the global bio-based lubricants market?

Castrol, FUCHS, Renewable lubricants, and TotalEnergies are the key players in the global bio-based lubricants market.

What are the latest trends in the global bio-based lubricants market?

The increasing importance of bio-based lubricants in the automotive industry and accelerating demand from the mining industry are the latest trends in the global bio-based lubricants market.

Which region holds the largest global bio-based lubricants market share?

Europe holds the largest global bio-based lubricants market share; the demand for bio-based lubricants will rise in the region due to the government's stringent environment regulations policy.

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The global bio-based lubricants market is expected to grow at a CAGR of approximately 5.21% during 2022-2027.

The following factors are likely to contribute to the growth of the bio-based lubricants market during the forecast period:

  • Rising Sustainability Aspect
  • Stringent Government Regulation Driving Demand for Bio-based Lubricants
  • Increasing New Product Launches

Base Year: 2021

Forecast Year: 2022-2027

The report considers the present scenario of the bio-based lubricants market and its market dynamics for 2022−2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

Key Vendors

  • Castrol
    • Business Overview
    • Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • FUCHS
  • Renewable lubricants
  • TotalEnergies

Other Prominent Vendors

  • Addinol
    • Business Overview
    • Product Offerings
  • Cortec Corporation
  • Condat
  • DuBois Chemicals
  • Exxon Mobil Corporation
  • Environmental Lubricants Manufacturing
  • Haynes Lubricants
  • Kluber Lubrication
  • Lubriplate Lubricants Company
  • Metalube
  • Panolin AG
  • Repsol
  • Vickers Oil

Segmentation by Product Type

  • Plant-Based
  • Biodegradable Synthetic

Segmentation by Application

  • Hydraulic Fluid
  • Gear Oil
  • Chain Oil
  • Metalworking Fluid
  • Others

Segmentation by End-Users

  • Marine
  • Mining
  • Agriculture & Forestry
  • Automotive
  • Others

Segmentation by Geography

  • APAC
    • China
    • Malaysia
    • India
    • Indonesia
    • Japan
    • Rest of APAC
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Iran
    • Rest of MEA

Section 1 – Introduction
• Market Snapshot
• Executive Summary

Section 2 – The Market Overview

Economic Scenario, Foreign Direct Investment

Section 3 – Belgium Construction Equipment (Type & Application)

 3.1 Belgium Construction Equipment Market by Type (Volume & Value)
 3.1.1. Earth Moving Equipment

  1. Excavator
  2. Backhoe Loader
  3. Motor Grader
  4. Other Earth Moving Equipment (Other Loaders, Bulldozer, Trencher, etc.)

 3.1.2 Road Construction Equipment

  1. Road Roller
  2. Asphalt Paver

3.1.3.  Material Handling Equipment

  1. Forklifts & Telescopic Handlers
  2. Cranes
  3. Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, Scissors Lifts, etc.)

3.2 Belgium Construction Equipment Market by End User (Volume & Value)

  1. Construction
  2. Mining
  3. Manufacturing
  4. Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, and Waste Management, etc)

Section 4: Market Dynamics

Market Drivers, Restraints, Trends, Key Economic Regions in Brazil, Advantage Brazil, FDI in Brazil, Import/Export Trend Analysis, Supply chain, COVID-19 Impact

Section 5: Technology Development

 Advent of New Technology

Section 6 – Competitive Landscape

  1. Competitive Landscape Overview
  2. Major Vendors (Caterpillar, Kobelco Construction Machinery, Komatsu, Kubota, Zoomlion, SANY, Hyundai Construction Equipment, Volvo Construction Equipment, Hitachi Construction Machinery, JCB, Liebherr)
  3. Other Prominent Vendors
  1. Distributors Profile

Section 7-Quantitative Summary

Section 8 – Report Summary
1. Key Insights

  1. Abbreviations
  2. List of Graphs
  3. List of Tables

Section 9 – Report Scope & Definition
1. Research Methodology
2. Market Definition, Inclusion & Exclusion

LIST OF EXHIBITS

Graph-1: Belgium Construction Equipment Market by Volume (Unit sales) 2019–2028

Graph-2:  Belgium Construction Equipment Market by Type 2021 Volume Share (%)

Graph-3: Belgium Construction Equipment Market by Volume 2019–2028 (Unit Sales)

Graph-4: Belgium Construction Equipment Market by Value 2019–2028 ($ MN)

Graph-5: Belgium Construction Equipment Market by Application 2021 (% share)

Graph-6: Belgium Construction Equipment Market by Type 2021 (% share)

Graph-6: Belgium Countries Investment by Sectors in 2019(%)

Graph-7: GDP of Belgium Value ($ BN) 2015–2020

Graph-8: Share of Infrastructure Projects in Belgium 2020

Graph-9: Belgium Construction Equipment Market by Type 2019–2028 (Unit Sales)

Graph-10: Belgium Construction Equipment Market by Type 2021 Volume Share (%)

Graph-11: Belgium Construction Equipment Market by Application 2018–2027 (Unit Sales)

Graph-12: Belgium Earthmoving Equipment Market 2019–2028 (Unit Sales)

Graph-13: Belgium Earthmoving Equipment Market 2019–2028 ($MN)

Graph-14: Belgium Excavators Market 2019–2028 (Unit Sales)

Graph-15: Belgium Excavators Market 2019–2028 ($MN)

Graph-16: Belgium Backhoe Loaders Market 2019–2028 (Unit Sales)

Graph-17: Belgium Backhoe Loaders Market 2019–2028 ($ MN)

Graph-18: Belgium Motor Graders Market 2019–2028 (Unit Sales)

Graph-19: Belgium Motor Graders Market 2019–2028 ($ MN)

Graph-20: Belgium Other Earthmoving Equipment Market 2019–2028 (Unit Sales)

Graph-21: Belgium Other Earthmoving Equipment Market2019–2028 ($MN)

Graph-22: Belgium Road Construction Equipment Market 2019–2028 (Unit Sales)

Graph-23: Belgium Road Construction Equipment Market 2019–2028 ($MN)

Graph-24: Belgium Road Rollers Market 2019–2028 (Unit Sales)

Graph-25: Belgium Road Rollers Market 2019–2028 ($MN)

Graph-26: Belgium Asphalt Pavers Market 2019–2028 (Unit Sales)

Graph-27: Belgium Asphalt Pavers Market 2019–2028 ($MN)

Graph-28: Belgium Material Handling Equipment Market 2019–2028 (Unit Sales)

Graph-29: Belgium Material Handling Equipment Market 2019–2028 ($MN)

Graph-30: Belgium Forklifts & Telescopic Handlers Market 2019–2028 (Unit Sales)

Graph-31: Belgium Forklifts & Telescopic Handlers Market 2019–2028 ($MN)

Graph-32: Belgium Cranes Market 2019–2028 (Unit Sales)

Graph-33: Belgium Cranes Market 2019–2028 ($MN)

Graph-34: Belgium Aerial Platforms Market 2019–2028 (Unit Sales)

Graph-35: Belgium Aerial Platforms Market 2019–2028 ($MN)

Graph-36: Belgium Construction Equipment Market 2019–2028 (Unit Sales)

Graph-37: Belgium Construction Equipment Market 2019–2028 ($MN)

Graph-38: Belgium Manufacturing Equipment Market 2019–2028 (Unit Sales)

Graph-39: Belgium Manufacturing Equipment Market 2019–2028 ($ MN)

Graph-40: Belgium Mining Equipment Market 2019–2028 (Unit Sales)

Graph-41: Belgium Mining Equipment Market 2019–2028($MN)

Graph-42: Belgium Construction Equipment Market by Others 2019–2028 (Unit Sales)

Graph-43: Belgium Construction Equipment Market by Others 2019–2028 ($ MN)

Graph-44: FDI Inward Flow ($BN)

Graph-45: FDI Investment in Provinces 2020 (%)

Graph-46: Import Value of Construction Equipment 2020 ($MN)

Graph-47: Export Value of Construction Equipment 2020 ($ Thousand)

Graph-48: Caterpillar, Revenue 2018-2021 ($BN)

Graph-49: Caterpillar: Sales by Region (% share)

Graph-50: Caterpillar: Total Revenue by Segment 2021 (% share)

Graph-51:  Komatsu, Net sales 2018-2021 ($BN)

Graph-52 Komatsu, Construction, Mining, and Utility Equipment Business Sales by Region 2021 (% Share)

Graph-53 Komatsu: Breakdown of Net Sales by Segment 2021 (% Share)

Graph-54: Volvo Construction Equipment: Net sales 2018–2020 ($BN)

Graph-55: Volvo Construction Equipment: Sales by Region (% Share)

Graph-56: Volvo Construction Equipment: Total Revenue by Segment 2020 (%)

Graph-57: Hyundai Construction Equipment: Revenue (2018–2020) ($BN)

Graph-58: Kobelco Construction Machinery: Net Sales (2017–2020) ($BN)

Graph-59: Zoomlion: Revenue 2017–2021 ($BN)

Graph-60: Hitachi Construction Machinery: 2019–2021 ($BN)

Graph-61: Kubota: Revenue 2017-2021 ($BN)

Graph-62: Kubota: Revenue by Segment 2021 (% Share)

Graph-63: Kubota: Revenue by Regions 2021 (% share)

Graph-64: Liebherr: Revenue 2017-2021 ($BN)

Graph-65: Liebherr: Revenue by Segment 2021 (% Share)

Graph-66: Liebherr: Revenue by Regions 2021 (% share)

LIST OF TABLES:

Table-1: Sectors receiving Major FDI Investments

Table-2: Leading FDI Investing Countries 2019, 2020 (%)

Table-3: Belgium Construction Equipment Market by Volume 2019-2028 (Volume, Units)

Table-4 Belgium Construction Equipment by Type 2019-2018 (Volume, Units)

Table-5 Belgium Earth Moving Equipment Market Size & Forecast, By Type (Volume, Units)

Table-6 Belgium Material Handling Equipment Market Size & Forecast, By Type (Volume, Units)

Table-7 Belgium Road Construction Equipment Market Size & Forecast, By Type (Volume, Units)

Table-8 Belgium Construction Equipment Market Size & Forecast, By End User (Units)

Table-10 Belgium Construction Equipment Market by Value 2019-2028 (Value, $ MN)

Table-11 Belgium Construction Equipment by Type 2019-2018 (Value, $ MN)

Table-12 Belgium Material Handling Equipment Market Size & Forecast, By Type (Value, $ MN)

Table-13 Belgium Earth Moving Equipment Market Size & Forecast, By Type (Value, $ MN)

Table-14 Belgium Road Construction Equipment Market Size & Forecast, By Type (Value, $ MN)

Table-15 Belgium Construction Equipment Market Size & Forecast, By End User

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