Report : Europe Biolubricants Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Base Oil (Vegetable Oils, Animal Fats, and Others), Application (Gear Oils, Hydraulic Oils, Metalworking Fluids, Greases, and Others), and End Use (Automotive, Industrial, Marine, Agriculture & Forestry, and Others)
At 3.2% CAGR, the Europe Biolubricants Market is projected to be worth US$ 854.87 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe biolubricants market was valued at US$ 706.27 million in 2022 and is expected to reach US$ 854.87 million by 2028, registering a CAGR of 3.2% from 2022 to 2028. Growing Automobile Sector are the critical factors attributed to the Europe biolubricants market expansion.
Replacing hydrocarbon-based oils with biodegradable products is one of the ways to reduce the adverse effects of lubricants on the ecosystem. With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing emissions of greenhouse gases, there has been a remarkable development in oil lubricant formulations. According to the directive EC/1999/45, passenger car motor oils (PCMO) must be biodegradable and nontoxic to aqueous environments. Thus, the growing automotive industry and stringent government policies on reducing greenhouse gas emissions are driving the Europe biolubricants market growth.
On the contrary, high cost and difficulty in obtaining desired properties of biolubricants hampers the Europe biolubricants market .
Based on base oil, the Europe biolubricants market is segmented into vegetable oils, animal fats, and others. The vegetable oils segment held 75.3% share of Europe biolubricants market in 2022, amassing US$ 531.65 million. It is projected to garner US$ 657.31 million by 2028 to expand at 3.6% CAGR during 2022–2028.
Based on application, the Europe biolubricants market is segmented into gear oils, hydraulic oils, metalworking fluids, greases, and others. The others segment held 35.2% share of Europe biolubricants market in 2022, amassing US$ 248.87 million. It is projected to garner US$ 279.25 million by 2028 to expand at 1.9% CAGR during 2022–2028.
Based on end use, the Europe biolubricants market is segmented into automotive, industrial, marine, agriculture & forestry, and others. The industrial segment held 38.2% share of Europe biolubricants market in 2022, amassing US$ 269.75 million. It is projected to garner US$ 321.63 million by 2028 to expand at 3.0% CAGR during 2022–2028.
Based on country, the Europe biolubricants market has been categorized Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 40.7% share of Europe biolubricants market in 2022. It was assessed at US$ 287.74 million in 2022 and is likely to hit US$ 353.04 million by 2028, exhibiting a CAGR of 3.5% during the forecast period.
Key players dominating the Europe biolubricants market are Carl Bechem GmbH; Emery Oleochemicals LLC; Fuchs Petrolub SE; Kluber Lubrication GmbH & Co KG; Panolin AG; Shell Plc; and TotalEnergies SE, among others.
- In 2022; PANOLIN HLP SYNTH 32 & 46, environmentally acceptable hydraulic fluids, are listed on the Bosch Rexroth Fluid Rating List 90245. These two products passed the extremely tough testing procedures, and received c approval.
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