Report : North America 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 3.7% CAGR, the North America Biolubricants Market is speculated to be worth US$ 759.53 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America biolubricants market was valued at US$ 610.99 million in 2022 and is expected to reach US$ 759.53 million by 2028, registering a CAGR of 3.7% from 2022 to 2028. Growing Automobile Sector are the critical factors attributed to the North America biolubricants market expansion.
As per the data of the Organisation Internationale des Constructeurs d'Automobiles (OICA), countries in North America, recorded over production for commercial & passenger cars in 2019, and the production has grown by more than 3% rate. 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. In December 2021, US Environmental Protection Agency (EPA) finalized revised national greenhouse gas (GHG) emissions standards for light trucks and passenger cars for model years 2023–2026. According to the agency, the final standards will significantly reduce GHG emissions and other criteria pollutants, leading to substantial public health and welfare benefits, and consumers can save money on fuel. 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 North America biolubricants market growth.
On the contrary, high cost and difficulty in obtaining desired properties of biolubricant hampers the North America biolubricants market .
Based on base oil, the North America biolubricants market is segmented into vegetable oils, animal fats, and others. The vegetable oils segment held 73.6% share of North America biolubricants market in 2022, amassing US$ 449.92 million. It is projected to garner US$ 573.20 million by 2028 to expand at 4.1% CAGR during 2022–2028.
Based on application, the North America biolubricants market is segmented into gear oils, hydraulic oils, metalworking fluids, greases, and others. The others segment held 34.9% share of North America biolubricants market in 2022, amassing US$ 213.37 million. It is projected to garner US$ 245.29 million by 2028 to expand at 2.4% CAGR during 2022–2028.
Based on the North America biolubricants market is segmented into automotive, industrial, marine, agriculture & forestry, and others. The industrial segment held 36.7% share of North America biolubricants market in 2022, amassing US$ 224.50 million. It is projected to garner US$ 274.95 million by 2028 to expand at 3.4% CAGR during 2022–2028.
Based on country, the North America biolubricants market has been categorized US, Canada, and Mexico. Our regional analysis states that the US captured 89.8% share of North America biolubricants market in 2022. It was assessed at US$ 548.92 million in 2022 and is likely to hit US$ 684.64 million by 2028, exhibiting a CAGR of 3.8% during the forecast period.
Key players dominating the North America biolubricants market are Carl Bechem GmbH; Crevier Group Inc; Emery Oleochemicals LLC; Fuchs Petrolub SE; Kluber Lubrication GmbH & Co KG; Renewable Lubricants Inc; RSC Bio Solutions LLC; 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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