PUBLISHER: Grand View Research | PRODUCT CODE: 1375961
PUBLISHER: Grand View Research | PRODUCT CODE: 1375961
The global biolubricants market size is expected to reach USD 3.73 billion by 2030, registering a CAGR of 5.3% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Increasing passenger car sales in emerging economies is one of the major drivers of industry expansion in recent years. The favorable regulatory framework is expected to encourage the production & consumption of bio-based lubricants over the forecast period. The U.S. EPA has implemented regulations that require all marine vessels to obtain the mandatory Vessel General Permit (VGP) for plying in the U.S. waters & also utilize environment-friendly, acceptable lubricants in all oil-to-sea interfaces.
Various environmental issues associated with conventional lubricants are driving the demand for vegetable & plant-based lubricants. The product segment is anticipated to benefit from the growing demand from industrial & transportation sectors in developed regions.
Vegetable oil was the leading raw material used for biolubricants with a commanding share of 88.1% in 2015. They are also expected to witness the highest growth of 7.6% over the forecast period.