According to the research report titled ‘Global Bio-Lubricants Market Size study, by Base Oil Type (Vegetable Oils, Animal Fats, Others), by Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents, Two-Cycle Engine Oils, Others), by End-Use (Industrial, Commercial Transport, Consumer Automobile) and Regional Forecasts 2020-2027‘, available with Market Study Report, global bio-lubricants market was valued at USD 1.9 billion in 2019 and is expected to witness a CAGR of 4.1% during 2020-2027.
 

Various benefits such as environment-friendly nature, reduction in labor cost, decline in energy usage, enhanced machine lifespan, and better employee safety are driving the global bio-lubricants market outlook. Notably, bio-lubricants are prepared from a range of vegetable oils including rapeseed, sunflower, canola, coconut, palm, and soybean. The product is non-toxic and averts skin inflammation, unlike petroleum-based lubricants.
 

Rising adoption of product in several industries, increasing environmental awareness, and significant measures by leading companies to uplift product demand are likely to contribute to global bio-lubricants industry growth during the forecast period. According to trusted sources, Royal Dutch Shell announced expansion of their lubricant production facility in March 2020, sited at Marunda Centre in Indonesia. This expansion will enable the company to produce 300-million-liter lubricant.
 

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The COVID-19 pandemic has caused temporary shutdown of factories and disruptions in raw material supply, thereby negatively impacting the market growth. Also, high cost of product is likely to restrain global bio-lubricants market remuneration, cites the report.
 

Based on end-use spectrum, global bio-lubricants market is segmented into consumer automobile, industrial, and commercial transport. With regards to application landscape, the industry is bifurcated into mold release agents, hydraulic fluids, chainsaw oils, metalworking fluids, two-cycle engine oils, and others. As per base oil type, the industry is segmented into animal fats, vegetable oils, and others.
 

Citing regional analysis, worldwide bio-lubricants market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. As per the report, Europe held majority industry share in recent past, mainly due to existence of leading companies in the region, and the constant shift towards bioeconomy in countries like Germany, Italy, and France.
 

Meanwhile, Asia Pacific bio-lubricants market is anticipated to witness the highest growth rate over 2020-2027. The region is an automobile manufacturing hub, which along with availability cheap labor, and favorable government regulations is swaying the business dynamics in APAC.
 

Major players influencing global bio-lubricants market trends include Green Earth Technologies Inc., Klüber Lubrication München SE & Co. KG, Royal Dutch Shell plc, Fuchs Petrolub SE, RSC Bio Solutions LLC, Carl Bechem Lubricants India Private Limited, Chevron Corporation, Emery Oleochemicals (M) Sdn. Bhd., Albemarle Corporation, and Panolin AG.