The bio-lubricant market (EALs) to hit to hit $4.26 billion by 2029 as government initiatives govern oil-based lubricants to bolster market growth with a CAGR of almost 4.7% 2022 – 2029 (2021 = $2.92 billion/2029 forecast = $4.26 billion). While this segment makes up less than 1.5% of the global finished lubricants market, it is growing significantly faster than the others. Government policies are projected to increase sustainable lubricants as well as increase investment in R&D activities are expected to drive the market during this period/ The factors are expected to ensure that the bio-lubricants market growth in the coming years.
North America and Europe account for three-quarters (3/4) of the EAL demand due to strict environmental policies. Industrial applications, led by hydraulic fluids (considered an Accidental or Partial loss application susceptible to accidental or intentional spillage), make up the majority of consumption. Synthetic esters are the base stock of choice for more than two-thirds of demand.