Bio-based lubricants, often known as bio-lubricants, are those whose basic components or base are renewable, bio-derived materials. Lubricants are derived from natural sources such as vegetable oils, animal fats, and other bio-based feedstocks. They are designed to lubricate and reduce friction between moving parts in a variety of industries, including automotive, industrial, marine, and aerospace.
According to SPER Market Research, ‘Europe Bio-based Lubricants Market Size - By Raw Material, By Application, By End User Industry - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Europe Bio-based Lubricants Market is estimated to reach USD 479.34 million by 2033 with a CAGR of 6.03%.
Drivers:
Europe has long been a leader in promoting sustainable and environmentally friendly techniques, as seen by the growing market for bio-based products. The region's increased emphasis on sustainability and stringent environmental restrictions have spurred the growth of the bio-based lubricants business. To help with the twofold transition to a green and digital economy, the European Union has enacted strong regulations and policies to encourage the use of bio-based products, including lubricants, as part of a circular economy framework.
These regulations have encouraged businesses such as automotive, manufacturing, and agriculture to utilise bio-based lubricants in order to meet standards while simultaneously promoting sustainable practices. As a result, the preference for bio-based lubricants over conventional ones has helped drive market expansion.
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Restraints:
The manufacture of bio-based lubricants incurs high expenditures. The high production cost has been a significant barrier for companies supporting the market expansion of bio-based lubricants. Bio-based lubricants were much more expensive to manufacture than traditional lubricants due to the high cost of raw materials sourced from crops such as corn, soybeans, and sugarcane, which are more expensive than the components used in petroleum-based lubricants. Furthermore, the manufacturing process for bio-based lubricants has been quite complex, necessitating considerable energy usage and heavy equipment.
Impact of COVID-19 on Europe Bio-based Lubricants Market
COVID-19 expanded throughout key global economies, resulting in nationwide lockdowns affecting a wide range of sectors. During the outbreak, the automotive industry was especially hard hit, affecting demand for bio-lubricants. During the coronavirus outbreak, demand for bio-lubricants dropped. One of the most pressing challenges is a shortage of raw materials, which will limit enterprises' capacity to meet consumer expectations. During the pandemic, government regulations restricted output for an extended period of time. Rising environmental concerns put pressure on governments to address major climate challenges, so they invest in environmentally friendly functions and products. Furthermore, enterprises' different attempts to extend the bio-lubricants market size will have a positive influence in the post-COVID-19 period and result in significant market returns.
Europe Bio-based Lubricants Market Key Players:
Germany dominates the bio-based lubricants market in Europe and will continue to do so during the forecast period due to severe rules governing the use of synthetic lubricants. Another growth-inducing aspect is the rapid transition to a bio-based economy. The market's major companies include Shell group of companies, BP, Chevron Corporation, Exxon Mobil Corporation, CASTROL LIMITED, and others.
Europe Bio-based Lubricants Market Segmentation:
By Raw Material: Based on the Raw Material, Europe Bio-based Lubricants Market is segmented as; Plant Oil, Animal Oil, Others.
By Application: Based on the Application, Europe Bio-based Lubricants Market is segmented as; Hydraulic Oil, Metal Working Fluids, Penetrating Oils, Grease, Transformer Oil, Crankcase Oils, Engine Oils, Elevator Hydraulic Fluid, Bar and Chain Oil, Firearm Lubricant, Others.
By End User Industry: Based on the End User Industry, Europe Bio-based Lubricants Market is segmented as; Power Generation, Automotive and Other Transportation, Heavy Equipment, Food and Beverage, Metallurgy and Metalworking, Chemical Manufacturing, Other End-user Industries.
By Region: This research includes data for Germany, France, Italy, UK, Russia, and the Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Europe Bio-based Lubricants Market Size
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