Report : Asia Pacific 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 4.2% CAGR, the Asia Pacific Biolubricants Market is speculated to be worth US$ 187.14 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific biolubricants market was valued at US$ 146.20 million in 2022 and is expected to reach US$ 187.14 million by 2028, registering a CAGR of 4.2% from 2022 to 2028. Growing Automobile Sector are the critical factors attributed to the Asia Pacific biolubricants market expansion.
Numerous companies operating in the automotive market are investing heavily in automobile manufacturing to increase production and sales. In July 2021, Maruti Suzuki India Ltd. announced an investment worth US$ 2.42 billion in a new manufacturing facility in Haryana, India. The facility is expected to manufacture 1 million units annually. Further, 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. Thus, the growing automotive industry and stringent government policies on reducing greenhouse gas emissions are driving the Asia Pacific biolubricants market growth.
On the contrary, high cost and difficulty in obtaining desired properties of biolubricants hampers the Asia Pacific biolubricants market .
Based on base oil, the Asia Pacific biolubricants market is segmented into vegetable oils, animal fats, and others. The vegetable oils segment held 77.6% share of Asia Pacific biolubricants market in 2022, amassing US$ 113.43 million. It is projected to garner US$ 147.47 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on application, the Asia Pacific biolubricants market is segmented into gear oils, hydraulic oils, metalworking fluids, greases, and others. The hydraulic oils segment held 34.0% share of Asia Pacific biolubricants market in 2022, amassing US$ 49.74 million. It is projected to garner US$ 67.66 million by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on end use, the Asia Pacific biolubricants market is segmented into automotive, industrial, marine, agriculture & forestry, and others. The industrial segment held 40.0% share of Asia Pacific biolubricants market in 2022, amassing US$ 58.49 million. It is projected to garner US$ 75.57 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on country, the Asia Pacific biolubricants market has been categorized Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.6% share of Asia Pacific biolubricants market in 2022. It was assessed at US$ 41.80 million in 2022 and is likely to hit US$ 54.53 million by 2028, exhibiting a CAGR of 4.5% during the forecast period.
Key players dominating the Asia Pacific biolubricants market are Carl Bechem GmbH; Emery Oleochemicals LLC; Fuchs Petrolub SE; Kluber Lubrication GmbH & Co KG; 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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