Global Biodegradable Engine Oil Market is expected to reach the market valuation of US$ million by 2027 expanding at a reasonable CAGR of during the forecast period (2021-2027) from US$ million in 2020. Biodegradable Engine Oil is also often called bio-lubricants or bio-lubes, is a non-toxic and biodegradable lubricant usually made up of raw materials that include rapeseed oil, sunflower oil, palm oil, coconut oil, and animal fats. Bio-lubricants have many advantages over conventional petroleum-based products in terms of sustainability and carbon neutrality.
The global Biodegradable Engine Oil Market is proliferating on account of rising concern about the ever-rising emission of greenhouse (GHGs) particularly CO2 since the birth of the industrial revolution. For instance, in 2019, roughly 36.44 billion metric tons of carbon dioxide was emitted across the world, up from 33.13 billion metric tons in 2010. However, in 2020, a noticeable reduction in emissions was seen due to the impacts of the COVID-19 lockdown. Owing to these alarming facts and rising concerns over the deteriorating environment the demand for bio-based lubricants is increasing all over the globe.
Additionally, the market is also boosting on account of soaring demand for lubricants owing to the rise in the number of vehicles on-road as the automotive industry accounts for more than 50% of the global lubricant demand. For instance, the total global demand for lubricants reached a pinnacle in 2020, when demand reached 37 million metric tons. Further, the worldwide lubricants demand is expected to reach 37.4 million metric tons by 2023. In addition to this, the surge in the worldwide demand for lubricants can also be attributed to the rapid growth in industrialization post COVID coupled with the rise in automation processes in most industries.
Based on type, the global biodegradable engine oil market is fragmented into vegetable oils, polyalkylene glycols, synthetic esters, and others. The vegetable oils segment of the global biodegradable engine oil market dominated the market with around XX% market share in 2020 and generated the revenue of USD XX Mn in 2020 as they have high viscosity index, high flash point, and are less toxic. Owing to these benefits the production of vegetable oils has been increased all over the globe. For instance, in 2020/21, vegetable oil production amounted to 209.14 million metric tons worldwide, up from 203.49 million metric tons in 2018/19.
Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/biodegradable-engine-oil-market?popup=report-enquiry
Based on Application, the global biodegradable engine oil market is segmented into agriculture, transportation, construction, and others. The transportation segment grabbed market share in 2020 and is expected to grow with a CAGR of to reach a market valuation of USD million by 2027 owing to the growing number of vehicles on-road and surge in demand for lubricants on the large scale. For instance, In India, the country with the third-largest road network in the world, the total number of operating vehicles was 295.8 million in 2019 and is anticipated to grow higher in forthcoming years.
Additionally, the report provides detailed initiatives that are being taken in the field of biodegradable engine oil. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), and Rest of World has been conducted. Europe dominated the market with US$ XX million in 2020 owing to the government regulation for protecting the environment. For instance, the European Union stresses over environmental protection and provides subsidies to the producers of biodegradable engine oil.
BP, Castrol, Exxon Mobil Corporation, Royal Dutch Shell, Repsol, Croda International plc, FUCHS group, Total lubricants, Condat, SKF are some of the prominent players operating in the biodegradable engine oil market. Several M&As along with partnerships have been undertaken by these players to make biodegradable engine oil as cost-effective and as widely available as possible.
Contact Us:
UnivDatos
Contact Number - +1 978 733 0253
Email - contact@univdatos.com
Website - https://univdatos.com
Linkedin- https://www.linkedin.com/company/univ-datos-market-insight/mycompany
