Global Biolubricants market to reach $3.2 Billion by 2030
October 5, 2023 3:55 pm
The global market for Biolubricants estimated at US$2 Billion in the year 2022, is projected to reach US$3.2 Billion by 2030, growing at a CAGR of 5.8% over the analysis period 2022-2030.
This report offers a comprehensive analysis of the biolubricants market, spanning from 2022 to 2030, with a focus on annual revenue figures and compound annual growth rate (CAGR) calculations. It also delves into historical data covering the period from 2014 to 2021, shedding light on market evolution and growth trends. The analysis provides a 16-year perspective on the biolubricants market, presenting a percentage breakdown of value revenues across key regions in 2014, 2023, and 2030.
The study explores various applications within the biolubricants market, including vegetable oils, animal fats, other base oil types, hydraulic fluids, two-cycle engine oils, greases, gear oils, mold release agents, and more. Specifically, the report projects a robust 6.4% CAGR for the Vegetable Oils segment, which is expected to reach US$1.5 Billion by the end of the analysis period. Additionally, the Animal Fats segment is estimated to experience growth at a rate of 5.6% CAGR over the next eight years.
Furthermore, the market is segmented by end-use, encompassing industrial, consumer automobiles, and commercial transport sectors. The analysis provides detailed annual revenue insights and CAGR predictions for the years 2022 through 2030. This comprehensive assessment serves as a valuable resource for stakeholders seeking to grasp the present and future dynamics of the biolubricants market.
In terms of geographic analysis, the Biolubricants market in the U.S. is estimated at US$374.8 Million in 2022. Meanwhile, China, as the world’s second-largest economy, is projected to achieve a market size of US$313.4 Million by 2030, with a notable CAGR of 8.2% during the 2022-2030 analysis period. Other significant geographic markets include Japan and Canada, both expected to grow at rates of 4.2% and 4.6%, respectively, throughout the 2022-2030 period. Within Europe, Germany is forecasted to experience an approximate 5.6% CAGR.