Report Code : A07589
Biodegradable engine oils are combinations of selected biodegradable, such as vegetable oils, rapeseed oil, sunflower, synthetic esters, which are nontoxic. Biodegradable engine oils are employed in various sectors such as agriculture, transportation, and construction. Therefore, the global biodegradable engine oil market size is expected to witness profitable growth opportunities during the forecast period.
Eswara Prasad
Manager, Energy Power at Allied Market Research
According to a new report published by Allied Market Research titled, “Biodegradable Engine Oil Market by Type, Application, and Region: Opportunity Analysis and Industry Forecast, 2020–2027,”
The global biodegradable engine oil market was valued at $931.2 million in 2019, and is projected to reach $1,180.4 million by 2027, growing at a CAGR of 4.3% from 2020 to 2027.
The substance used for lubrication is biodegradable engine oil, which is extracted from vegetable oils such as sunflower, coconut, and soybean. In general, bio-lubricants are used to lubricate devices that lose oil directly into the atmosphere. For individuals that work with equipment, bio-lubricants create a healthier and less harmful environment. These lubricants cost less than other lubricants, thus helping to optimize prices.
The biodegradable engine oil market for bio-lubricants has a strong demand for biodegradable and less harmful lubricants that help to optimize costs and maintain a safe environment for consumers. Some of the drivers of the market are environmental regulations, increased production of vegetable oils, and emerging bio-lubricant applications. Bio-lubricants are used across different end-use industries, and their respective disadvantages are surpassed by the long-term benefits of each application. Factors, such as high prices and the decline in crude oil prices, hinder the growth of the market for bio-lubricants.
The market is segmented into type, application, and region. Depending on type, the market is categorized into vegetable oils, polyalkylene glycols, synthetic esters, and others. Various applications of biodegradable engine oil studied in the market include agriculture, transportation, construction, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include BP, Condat, Croda International Plc., Exxon Mobil, FUCHS Group, NANDAN PETROCHEM LTD., Renewable Lubricants, Repsol, Royal Dutch Shell, and Total Lubricants.
Key findings of the study:
Impact of COVID-19 on the global biodegradable engine oil market:
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Biodegradable Engine Oil Market by Type (Vegetable Oils, Polyalkylene Glycols, Synthetic Esters, and Others) and Application (Agriculture, Transportation, Construction, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027
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