Bio-Lubricant Market Report By Product, Application, Manufacturer, Sales and Demand Till 2023

Bio-based lubricants offer several advantages over conventionally used petroleum-based products, in that these are non-toxicity, renewable, and environment friendly. Owing to high flash point and high stability, bio-based lubricants are relatively safer to use over conventional lubricants. This has resulted in a shift in preference of consumers from petrol-based lubricants to bio-based lubricants, thus forming a major trend in the bio-lubricant market. These lubricants are environment friendly, highly biodegradable, non-toxic, and safe for personnel who are handling engines and hydraulic systems.

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The major growth drivers identified in the global bio-lubricant market is the government initiatives towards promoting the use of bio-based lubricants for various applications. The government of various countries is also providing funding to encourage the use of these lubricants in order to combat with the increasing environment concerns around the world.

Emerging applications and introduction of legislations related to the use of environment-friendly lubricants is expected to provide huge growth opportunity to industry players operating in the bio-lubricant market. Emerging applications of these lubricants in the market due to their superior properties over conventional types are expected to create lucrative opportunities for the industry players.

Europe is the largest consumer of these lubricants in the bio-lubricant market. The largest growth in the region is attributable to the presence of various emission standards and the use of biodegradable products.

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Some of the major players operating in the global bio-lubricant market are ExxonMobil Corporation, Royal Dutch Shell plc, Total S.A., Chevron Corporation, Fuchs Petrolub SE, Panolin International Inc., Emery Oleochemicals Group, Quaker Chemical Corp., Renewable Lubricants Inc., and Environmental Lubricants Manufacturing, Inc.

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