Bio-Lubricant Market Analysis By Industry Size, And Share, Manufacturers, Demand, Forecast 2025
Global bio-lubricant market is expected to grow at a steady rate during the forecast period. The global bio-lubricant market is driven by the increasing environmental concerns. Furthermore, supportive government policies facilitating the use of bio-based lubricants and greener and cleaner base oils is expected to spur the market growth over the next few years. Additionally, these bio-lubricants are eco-friendly, renewable, non-toxic in nature, biodegradable, carbon neutral, among others. These factors are, in turn, expected to positively influence the market growth through 2025. Besides, technological advancements and new product launches by the major players operating in the market is expected to create lucrative opportunities for growth during the forecast period. However, the sudden outbreak of pandemic COVID-19 has led to the shut down in manufacturing and supply of renewables thereby hindering the market growth during the forecast period. Moreover, the high prices of bio-lubrican...