Summary

Overview
Global Bio-Based Lubricants Market reached US$ 2.4 billion in 2023 and is expected to reach US$ 3.6 billion by 2031, growing with a CAGR of 5.1% during the forecast period 2024-2031.
As emerging economies expand and industrialize, the need for lubricants has risen dramatically, particularly in manufacturing, construction and transportation industries. Lubricants are critical in underdeveloped countries for ensuring that machinery and equipment run smoothly. Increasing R&D activities to investigate prospects for biolubricant formulation using animal oils and fats is projected to increase market growth during the forecast period.
Automotive manufacturers are increasingly focusing on energy efficiency and high-performance lubricants to improve fuel efficiency. The German Association of Automotive Industry (VDA) predicted that domestic passenger car production will reach 264,500 units in December 2023, over 1% more than in December 2022. In 2023, 4.1 million automobiles were produced, representing an 18% increase over 2022. As more vehicles are sold, the frequency of oil changes and servicing rises, leading to an increase in demand for the bio-based lubricants market.
In 2023, North America is expected to be the second-dominant region with over 20% of the global bio-based lubricants market. North America is expected to benefit from a renewed automobile industry in U.S. and Canada, as well as more regulatory intervention from the US government, which has mandated a minimum renewable content for certain products, to encourage bio-based lubricant consumption.
Dynamics
Growing Product launch by Key Players
For any market, the introduction of new items with superior features, a broad application range and affordability is a primary market driver. Similarly, in the lubricants market, leading competitors are developing new product lines to reach a wider spectrum of end customers and increase revenue. For example, in October 2021, Neste, an established oil refiner, collaborated with Hesburger, a recognized Finnish restaurant chain, to gather waste cooking oil from more than 300 local restaurants. It will be utilized to produce bio-lubricants and renewable diesel.
Lubricants are a competitive market and prominent competitors are investing extensively in the development of innovative products. For example, in March 2020, Royal Dutch Shell announced the expansion of its lubricant production facility in Marunda Center, Indonesia. Following the expansion, the factory will be capable of producing 300 million liters of lubricant.
Growing Industrial Sector Demand for Better Lubrication
The industrial sector is seeking to cut energy usage and operational costs in response to rising energy costs. Without lubrication, engine groups are more likely to encounter friction, leading to higher fuel consumption and causes emissions and pollutants. The National Lubricating Grease Institute conducted independent testing and discovered that synthetic lubricants have better density, viscosity and molecular weight, resulting in lower friction in lubricated gears.
For example, in 2022, Nemco Lubricants & Chemicals, a Prairie-based supplier of lubricants and automotive fluids, was acquired by Catalys Lubricants, a leading Canadian distributor and producer of automotive and commercial lubricants. The acquisition also includes two warehouses in Regina and Saskatoon, as well as Nemco's inventory, equipment and business operations, which are housed at a cutting-edge facility in Winnipeg.
Rising Adoption of Electric Vehicles
The demand for lubricants in the automotive sector has increased in recent decades and is likely to rise more in the coming years. However, the arrival of Evs has hampered the product's expansion. According to IEA forecasts, electric vehicles will account for around 4% of the total car market in 2020, 14% in 2022 and 18% this year as a result of their rapid rise.
Internal combustion engine vehicles typically require more maintenance than electric ones. They have fewer parts that need regular maintenance, such as filter replacements and oil changes. The need for maintenance lubricants will reduce due to less maintenance requirements, leading to limitations on the product's growth, primarily in automotive applications.
Segment Analysis
The global bio-based lubricants market is segmented based on base oil, application, end-user and region.
Rising Focus on Energy Efficiency in Automotive and Transporation Sector Drives the Segment Growth
Automotive is expected to be the dominant segment with more than 30% of the market during the forecast period 2024-2031. The transportation business focuses on improving lubricant attributes like as performance, longevity, energy consumption and environmental friendliness. Bio-greases are effective in a variety of applications, involving construction vehicles, forestry machinery, rail flanges, rail curves and marine machinery.
Bio-based lubricants are predicted to promote growth in the automotive sector due to their minimal toxicity, high viscosity index, effective lubricating qualities, extended machine service life and high combustion temperature. The rise of the automotive sector is expected to boost demand for bio-lubricants. In accordance to the International Organization of Motor Vehicle Manufacturers (OICA), China is the world's largest vehicle manufacturer. The country alone manufactured 2,60,82,220 automobiles in 2021.
Geographical Penetration
Rising Government Initiatives in Asia-Pacific
Asia-Pacific is expected to be the dominant region in the global bio-based lubricants market covering over 30% of the market. The region is home to some of the largest automotive production hubs. Countries like China and India are increasingly producing and exporting passenger cars and other vehicles to developed markets. The relocation of production plants to Asian countries due to favorable government rules and low labor costs is predicted to boost automobile spending.
To increase their client base and strengthen their position in the bio-lubricants market, the players are expanding their presence across several geographies and entering new markets in growing regions. In December 2021, RSC Bio Solutions and Standard Sekiyu Osaka Hatsubaisho Co., Ltd (SSOH) established a new distribution relationship to fulfill the growing demand in Japan for ecologically friendly lubricant options for maritime and industrial applications.
Competitive Landscape
The major global players in the market include Albemarle Corporation, Chevron Corporation, Cortec Corporation, Emery Oleochemicals, Exxon Mobil Corporation, Fuchs Petrolub SE, Panolin AG, Quaker Chemical Corporation, Royal Dutch Shell PLC and Total SE.
COVID-19 Impact Analysis
The epidemic caused major disruptions to global supply systems. Lockdowns and limitations caused delays in the manufacture and transfer of raw materials, especially those required for bio-based lubricants. The sourcing of feedstocks such as vegetable oils and other agricultural products was disrupted, resulting in supply shortages and increased costs. Many manufacturing plants suffered operational issues due to health and safety constraints, restricted personnel availability and periodic shutdowns.
Production slowed and operational costs rose, affecting the supply and price of bio-based lubricants. Certain industries, notably as automotive and industrial, had decreased activity during the peak of the epidemic, resulting in lower demand for lubricants, particularly bio-based ones. However, sectors like agriculture and food production continued to operate, maintaining a consistent need for bio-based lubricants.
Russia-Ukraine War Impact
The war has interrupted supply networks, particularly for raw commodities coming from Ukraine and Russia. This includes agricultural items utilized in bio-lubricants, such as vegetable oils. Transport and logistics challenges caused by the fighting have further stressed the supply chain, resulting in delays and higher expenses. The war has resulted in rising worldwide energy prices.
Bio-based lubricants frequently compete with conventional petroleum-based lubricants, therefore rising oil prices may make bio-based alternatives more appealing. However, rising energy costs increases production costs for bio-based lubricants, potentially offsetting some of their competitive benefits. Companies operating in the region incur immediate repercussions, such as operational disruptions and decreased market access.
Russia's invasion of Ukraine caused the worldwide price of crude oil to surge, increasing from around US$ 76 per barrel in early January 2022 to more than US$ 110 per barrel on March 4, 2022. Crude oil prices were already high previous to the war because of restricted investment in the oil and gas sector and increased demand caused by global economies recovering from the COVID-19 epidemic.
By Base Oil
• Vegetable Oils
• Animal Fats
• Others
By Application
• Greases
• Hydraulic Oils
• Gear Oils
• Metalworking Fluids
• Chainsaw Oils
• Mold Release Agents
• Two-Cycle Engine Oils
• Others
By End-User
• Industrial
• Automotive and Transportation
• Mining
• Building and Construction
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Russia
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• In November 2022, Shell plc's wholly-owned companies in Switzerland, UK, U.S. and Sweden have mutually agreed to acquire the Panolin Group's environmentally considerate lubricants business. The transaction includes an offering of biodegradable lubricants.
• In February 2022, BP has made a 30% investment in Green Biofuels Ltd and is going to work to help decarbonize firms in the construction, freight, off-road and maritime sectors. Renewable hydrogenated plant-based fuels created from green biofuels can be a direct substitute to diesel.
Why Purchase the Report?
• To visualize the global bio-based lubricants market segmentation based on base oil, , application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of bio-based lubricants market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key product of all the major players.
The global bio-based lubricants market report would provide approximately 62 tables, 59 figures and 205 pages.
Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Base Oil
3.2. Snippet by Application
3.3. Snippet by End-User
3.4. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Growing Product launch by Key Players
4.1.1.2. Growing Investments in Automotive Industry
4.1.2. Restraints
4.1.2.1. Rising Adoption of Electric Vehicles
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID
6.1.2. Scenario During COVID
6.1.3. Scenario Post COVID
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Base Oil
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
7.1.2. Market Attractiveness Index, By Base Oil
7.2. Vegetable Oils*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Animal Fats
7.4. Others
8. By Application
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
8.1.2. Market Attractiveness Index, By Application
8.2. Greases*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Hydraulic Oils
8.4. Gear Oils
8.5. Metalworking Fluids
8.6. Chainsaw Oils
8.7. Mold Release Agents
8.8. Two-Cycle Engine Oils
8.9. Others
9. By End-User
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.1.2. Market Attractiveness Index, By End-User
9.2. Industrial*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Automotive and Transportation
9.4. Mining
9.5. Building and Construction
9.6. Others
10. By Region
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
10.1.2. Market Attractiveness Index, By Region
10.2. North America
10.2.1. Introduction
10.2.2. Key Region-Specific Dynamics
10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.2.6.1. U.S.
10.2.6.2. Canada
10.2.6.3. Mexico
10.3. Europe
10.3.1. Introduction
10.3.2. Key Region-Specific Dynamics
10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.3.6.1. Germany
10.3.6.2. UK
10.3.6.3. France
10.3.6.4. Italy
10.3.6.5. Russia
10.3.6.6. Rest of Europe
10.4. South America
10.4.1. Introduction
10.4.2. Key Region-Specific Dynamics
10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.4.6.1. Brazil
10.4.6.2. Argentina
10.4.6.3. Rest of South America
10.5. Asia-Pacific
10.5.1. Introduction
10.5.2. Key Region-Specific Dynamics
10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.5.6.1. China
10.5.6.2. India
10.5.6.3. Japan
10.5.6.4. Australia
10.5.6.5. Rest of Asia-Pacific
10.6. Middle East and Africa
10.6.1. Introduction
10.6.2. Key Region-Specific Dynamics
10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Base Oil
10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
11. Competitive Landscape
11.1. Competitive Scenario
11.2. Market Positioning/Share Analysis
11.3. Mergers and Acquisitions Analysis
12. Company Profiles
12.1. Albemarle Corporation*
12.1.1. Company Overview
12.1.2. Base Oil Portfolio and Description
12.1.3. Financial Overview
12.1.4. Key Developments
12.2. Chevron Corporation
12.3. Cortec Corporation
12.4. Emery Oleochemicals
12.5. Exxon Mobil Corporation
12.6. Fuchs Petrolub SE
12.7. Panolin AG
12.8. Quaker Chemical Corporation
12.9. Royal Dutch Shell PLC
12.10. Total SE
LIST NOT EXHAUSTIVE
13. Appendix
13.1. About Us and Services
13.2. Contact Us