Biodegradable Engine Oil Market: Global Industry Share, Top Key Players, Regional Study, Upcoming Trends and Growth Segments 2027

The demand for biodegradable engine oil is witnessing an uptick on account of the growing sales of operating vehicles including passenger cars coupled with rising in carbon dioxide emissions across the globe. For instance, the major 5 countries including Japan, the United States of America, Germany, and India accounting for 62.19% of passenger car sales in 2020. Furthermore, in 2018, Transport accounts for around 1/5th of global carbon dioxide emissions, as per our world data. Also, most of the emissions come from passenger vehicles including cars and buses that contributed more than 45% of the transport emissions.

Furthermore, the growth of this market can be attributed to the increased inclination towards bio-based alternatives and the growing adoption of biodegradable engine oil. Biodegradable lubricants such as animal fats and seed oils were used for centuries before the discovery of oil. However, inclination towards biodegradables rose during World War I and II because of oil rationing and shortages, then again during the 1978 OPEC oil embargo. Furthermore, the numerous advantages offered by biodegradables over mineral-oil-based products are further augmenting the market globally.

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The recent COVID-19 pandemic has disrupted the world like never before and is bringing economies to a halt. It was estimated that the global pandemic will cause a decline in major economies GDP by at least 2.9% over 2020. However, this forecast was already restated to a GDP loss of 4.5%. To put this in numbers, global GDP was estimated at around USD 87.55 trillion in 2019 – meaning that a 4.5% drop in economic growth results in almost USD 3.94 trillion of lost economic output. The coronavirus outbreak has put lockdown restrictions all over the world due to which various research laboratories and institutes working in the oil sector have been closed down temporarily. The crisis has also disrupted the transportation and automobile industry creating a huge gap in the demand-supply gap and disruption in the raw material supply chain and availability. Thus, the biodegradable engine oil market has experienced a sudden decline in growth rates during the pandemic.

According to UnivDatos Market Insights (UMI)’ research report “Global Biodegradable Engine Oil Market Analysis, 2020”, the global biodegradable engine oil market is projected to grow at a CAGR of XX% during 2021-27F owing to the government’s regulation to reduce the dependency on petroleum-based products and adopt bio-lubricants. For instance, European and Canadian governments are planning to mandate bio-lubes in forestry equipment and machines.?

Based on the type, the market is fragmented into vegetable oils, polyalkylene glycols, synthetic esters, and others. The vegetable oils segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. The growth of this segment is attributed to the wide adoption of vegetable oils owing to their higher degree of biodegradability of these oils over petroleum oils. For instance, several vegetable oils tested have been demonstrated to biodegrade over 70% as compared to petroleum oils biodegrading at about 15% to 35% within the same time period.

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Transportation Segment to Witness Robust growth

Based on application, the market is segmented into transportation, agriculture, construction, and others. The transportation segment had the highest revenue and CAGR growth in the analyzed period owing to the rise in the number of registered vehicles and increasing usage of biodegradable engine oil in vehicles. For instance, in 2019, the number of motor vehicles registered was 276 million in the United States.?

Europe to Grab Lion’s Share, and witnessed Explicit Growth

Based on the region, Europe dominated the global biodegradable engine oil market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to various government regulations and programs that promote the use of biodegradable engine oil. For instance, the German federal government has introduced a program called “Market Introduction Program (MIP) Biolubricants and Biofuels” for the reimbursement of costs associated with substituting mineral oil-based lubricants for lubricants based on renewable resources with a mass content greater than 50%. Europe is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Biodegradable Engine Oil Analysis, 2020”.??

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Biodegradable Engine Oil Market Siemens BP, Castrol, Exxon Mobil Corporation, Royal Dutch Shell, Repsol, Croda International plc, FUCHS group, Total lubricants, Condat, SKF, among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.

§?In October 2019, Biosynthetic Technologies announced the commercial availability of a high-performing biobased synthetic motor oil using high-oleic soybean oil from soybeans grown by U.S. farmers.

§?In October 2019, Fuchs Lubricants added biodegradable oil to its product range. The new PLANTO MOT SAE 10W-40 is a diesel oil with a low ash content suitable for use in the engines of both off-road and commercial vehicles.

“Global Biodegradable Engine Oil Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for biodegradable engine oil providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

1.?????By Type (Vegetable oils, Polyalkylene glycols, Synthetic esters, Others)

2.?????By Application (Agriculture, Transportation, Construction, Others)

3.?????By Region (North America, Europe, Asia-Pacific, Rest of the World)

4.?????By Company (BP, Castrol, Exxon Mobil Corporation, Royal Dutch Shell, Repsol, Croda International plc, FUCHS group, Total lubricants, Condat, SKF, etc.)

Key questions answered in the study:

1.?????What are the current and future trends of the biodegradable engine oil industry?

2.?????How the industry has been evolving in terms of type and application areas?

3.?????How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.?????What are the key growth drivers and challenges for the biodegradable engine oil industry?

5.?????What is the customer orientation, purchase behavior, and expectations from the biodegradable engine oil firms across various regions??