Biolubricants Market worth US$ 3.75 billion 2030 with a CAGR of 2.50%.

Nehashaikh16 May, 2022Business

The Global Bio lubricants Market accounted for US$ 2.94 billion in 2020 and is estimated to be US$ 3.75 billion by 2030 and is anticipated to register a CAGR of 2.50% . Rising regulatory pressure on synthetic lubricants is key factor driving growth of the global biolubricants market. Furthermore, growing supply of cost-effective, high-performing green oils in the framework of government regulations is predicted to fuel global biolubricants market growth. Moreover, various industry players are mostly focusing on developing novel green formulations for various end users, which is expected to boost the global market in near future. Growing use of biolubricants in the automotive industry is expected to provide a wide scope and create lucrative opportunity for the players operating in the global biolubricants market.