Research shows global biobased lubricants market moved $2.8 billion in 2022

In China, Acumen Research and Consulting reported that the global biobased lubricants market generate $2.8 billion in 2022. According to the research firm, this market is set to achieve a market size of $ 4.9 billion in 2032 growing at a CAGR of 5.2% during the 2023-2032 period. “The global biobased lubricants market is expected to grow significantly due to the rising demand for eco-friendly lubricants in various industries such as automotive, construction, and marine,” Acumen Research said. “The Asia-Pacific region is expected to be the fastest-growing market, while North America and Europe are also key markets for biobased lubricants.” The research firm noted that the major players in the market include Shell, ExxonMobil, Total, Fuchs Petrolub, and Panolin AG.

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