The global bio-lubricants market size is projected to grow from USD 2.0 billion in 2020 to USD 2.4 billion by 2025, at a CAGR of 4.1% during the forecast year. The growth of this market is attributed to the stringent regulations adopted by various countries and increasing acceptance among end users.
The bio-lubricants market is dominated by large players, such as ExxonMobil (US), Royal Dutch Shell (Netherlands), Total SA (France), BP (UK), FUCHS Group (Germany), Cargill Inc. (US), and Panolin (Switzerland). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, and agreements, to increase their market shares and enhance their product portfolios.
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In March 2020, Royal Dutch Shell announced the expansion of the lubricant production facility located at Marunda Centre, Indonesia. After the expansion, the plant will be capable of 300-million-liter lubricant production.
In December 2019, FUCHS Group acquired 50% shares of three distributor companies based in Zimbabwe, Zambia, and Mozambique to enhance its presence in sub-Saharan Africa.
In January 2018, ExxonMobil launched Mobil SHC Aware HS (Hydraulic System) Series hydraulic oils, which provides protection in challenging marine operating environments and meet VGP requirements for EAL. This will provide the company with a competitive advantage over others in the bio-lubricants market in the marine sector.
Bio-lubricants Market by Base Oil (Vegetable oil, Animal fat), Application (Hydraulic oil, metalworking fluids, chainsaw oil, mold release agents, two-cycle engine oils, gear oils, greases), End-use, Region - Global Forecast to 2025
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