The North America biolubricants market is expected to grow from US$ 610.99 million in 2022 to US$ 759.53 million by 2028. It is estimated to register a CAGR of 3.7% from 2022 to 2028.
Growing Automobile Sector Fuels North America Biolubricants Market Growth
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%. 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, the 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.
North America Biolubricants Market Overview
In North America, passenger vehicles are the most common mode of transportation, and their use is increasing with the rise in per capita income. Automakers have shifted their focus on vehicle production more toward electrification with the growing stringent emission norms. According to the International Energy Agency, electric car sales accounted for 630,000, with a CAGR of 32% in the US. Moreover, the growing requirement for commercial vehicles from the logistics & e-commerce sector in the region is propelling the demand for biolubricants. The increasing investment from major players, such as General Motors and Tesla, Inc., in the region is boosting the market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in North America increased from over 13.3 million in 2020 to 13.4 million vehicles in 2021. Foreign automotive manufacturers are expected to develop a part of the mainstream automotive industry in North America to increase their market share, which will benefit the market demand for biolubricants. Furthermore, the US federal government adopted rules that would increase the procurement preferences for biolubricants, including hydraulic fluids and other industrial lubricants. These factors are expected to propel the growth of the biolubricants market in North America.
North America Biolubricants Market Revenue and Forecast to 2028 (US$ Million)
North America Biolubricants Market Segmentation
The North America biolubricants market is divided into base oil, application, end use, and country.
Based on base oil, the North America biolubricants market is segmented into vegetable oils, animal fats, and others. The vegetable oils segment held the largest North America biolubricants market share in 2022.
Based on application, the North America biolubricants market is segmented into gear oils, hydraulic oils, metalworking fluids, greases, and others. The others segment held the largest North America biolubricants market share in 2022.
Based on end use, the North America biolubricants market is segmented into automotive, industrial, marine, agriculture & forestry, and others. The industrial segment held the largest North America biolubricants market share in 2022.
Based on country, the North America biolubricants market is segmented into the US, Canada, and Mexico. The US dominated the North America biolubricants market in 2022.
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 are among the leading companies operating in the North America biolubricants market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 610.99 Million |
| Market Size by 2028 | US$ 759.53 Million |
| CAGR (2022 - 2028) | 3.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Base Oil
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Biolubricants Market is valued at US$ 610.99 Million in 2022, it is projected to reach US$ 759.53 Million by 2028.
As per our report North America Biolubricants Market, the market size is valued at US$ 610.99 Million in 2022, projecting it to reach US$ 759.53 Million by 2028. This translates to a CAGR of approximately 3.7% during the forecast period.
The North America 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 North America Biolubricants Market report:
The North America Biolubricants Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Biolubricants Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Biolubricants Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America Biolubricants Market
