The Asia Pacific biolubricants market is expected to grow from US$ 146.20 million in 2022 to US$ 187.14 million by 2028. It is estimated to register a CAGR of 4.2% from 2022 to 2028.
Increasing Demand for Biolubricants from Marine Industry Drives Asia Pacific Biolubricants Market
Since biolubricants are clean and nontoxic, their use has been mandated in highly sensitive applications such as forestry and marine in some countries across the region. In marine applications, biolubricants are used in different sections and processes of containers, cargo fleets, oil tankers, and other ships for lubrication purposes. Marine biolubricants consist of engine oils, hydraulic oils, compressor oils, slideways oils, gear oils, heat transfer oils, greases, turbine oils, and others. The biolubricants industry is growing due to rising environmental concerns, and various countries are restricting the use of petroleum-based lubricants in applications where lubricants can contact soil and water. Thus, stringent regulations imposed across the region are anticipated to provide lucrative opportunities for the Asia Pacific biolubricants market growth during the forecast period.
Asia Pacific Biolubricants Market Overview
The demand for biolubricants in Asia Pacific is in parallel with industrialization and vehicular production in the region. Under the Sustainable Development Goals 2030, the Asian Development Bank planned to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation in Asia Pacific. Moreover, the rise in the number of on-fleet vehicles in countries such as China, India, and South Korea is fueling the demand for biolubricants. Increasing awareness regarding fuel economy is propelling the demand for biolubricants in Asia Pacific. According to the International Organization of Motor Vehicle Manufacturers (OICA), the Asia-Oceania region’s vehicle production increased from 44.2 million in 2020 to 46.7 million vehicles in 2021. The development of automotive parts and components in the region with the rise of electric vehicle production will create lucrative opportunities for biolubricants. Extensive innovation and prototyping from major automakers, coupled with consumer preference, are among the factors driving the market. Growing regional construction activities and industrial and automotive sectors further accelerate the market growth. Low-cost production in the region provides an excellent opportunity for the global players in Asia Pacific, especially in China and India. All these factors are expected to propel the growth of the biolubricants market in Asia Pacific.
Asia Pacific Biolubricants Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Biolubricants Market Segmentation
The Asia Pacific biolubricants market is divided into base oil, application, end use, and country.
Based on base oil, the Asia Pacific biolubricants market is segmented into vegetable oils, animal fats, and others. The vegetable oils segment held the largest Asia Pacific biolubricants market share in 2022.
Based on application, the Asia Pacific biolubricants market is segmented into gear oils, hydraulic oils, metalworking fluids, greases, and others. The others segment held the largest Asia Pacific biolubricants market share in 2022.
Based on end use, the Asia Pacific biolubricants market is segmented into automotive, industrial, marine, agriculture & forestry, and others. The industrial segment held the largest Asia Pacific biolubricants market share in 2022.
Based on country, the Asia Pacific biolubricants market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific biolubricants market in 2022.
Carl Bechem GmbH, Emery Oleochemicals LLC, Fuchs Petrolub SE, Kluber Lubrication GmbH & Co KG, Shell Plc, and TotalEnergies SE are among the leading companies operating in the Asia Pacific biolubricants market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 146.20 Million |
| Market Size by 2028 | US$ 187.14 Million |
| CAGR (2022 - 2028) | 4.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Base Oil
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Biolubricants Market is valued at US$ 146.20 Million in 2022, it is projected to reach US$ 187.14 Million by 2028.
As per our report Asia Pacific Biolubricants Market, the market size is valued at US$ 146.20 Million in 2022, projecting it to reach US$ 187.14 Million by 2028. This translates to a CAGR of approximately 4.2% during the forecast period.
The Asia Pacific Biolubricants Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Biolubricants Market report:
The Asia Pacific Biolubricants Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Biolubricants Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Biolubricants Market value chain can benefit from the information contained in a comprehensive market report.
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