A recent study released by the HTF Market Intelligence consultancy has predicted a healthy outlook for the renewable lubricants market.
At over 100 pages in length, the comprehensive report involves a full analysis of the sector, describing industry scope and products alongside market status and prognosis covering 2024 to 2033.
Renewable lubricants are bio-based greases and oils that derive from plant sources. Their benefits include reducing unwanted emissions, biodegradability and supporting more sustainable industrial activities.
According to the report, the market is now expanding its reach, and in-depth analysis suggests the renewable lubricants industry is headed for a boom.
Within the study, major enterprises in the industry that are key players in the renewable lubricants market are profiled. These include Germany’s Fuchs and Klüber, Switzerland’s Panolin, France’s TotalEnergies and Condat, the UK’s Shell and BP and in the US, Chevron, ExxxonMobil, Houghton and BioBlend, among others.
Analysis by HTF Market Intelligence anticipates that the international renewable lubricants market will grow at a compound annual growth rate of 10.4 per cent between 2024 and 2033, rising from $3.8 billion in 2024 to $8.5 billion by 2033.
The study covers renewable lubricants by type and includes industrial products like metalworking fluid, grease, gear oil, gas engine oil and hydraulic oil among others. It also looks at the applications where renewable lubricants see frequent use like construction, marine, industrial, machinery and agriculture.
Market drivers cited in the research included rising standards for sustainability in industrial practices, environmental regulations, improvements in cost parity with non-renewable lubricants and biodegradability benefits.
