Global Biodegradable Engine Oil Market Is Expected to Generate $1.1 Billion by 2027: Allied Market Research
Biodegradable Engine Oil Market 1
Growth in automotive industry and increase in industrialization in emerging economies drive the growth of the global biodegradable engine oil market.
PORTLAND, OREGON, UNITED STATES, March 17, 2022 /EINPresswire.com/ -- Based on region, Europe contributed to the highest share in terms of revenue in 2020, contributing to nearly two-fifths of the total market share. However, the demand for biodegradable engine oil from sectors such as automotive and construction have been reduced significantly during the pandemic.
According to the report published by Allied Market Research, the global biodegradable engine oil market generated $0.9 billion in 2019, and is projected to reach $1.1 billion by 2027, witnessing a CAGR of 10.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Eswara Prasad, a Manager, Energy Power at Allied Market Research, stated, “Biodegradable engine oils are combinations of selected biodegradable, such as vegetable oils, rapeseed oil, sunflower, synthetic esters, which are nontoxic. Biodegradable engine oils are employed in various sectors such as agriculture, transportation, and construction. Therefore, the global biodegradable engine oil market size is expected to witness profitable growth opportunities during the forecast period.”
COVID-19 scenario:
• Manufacturing activities have faced hindrances due to implementation of the lockdown measures. In addition, issues such as unavailability of raw materials and disruptions in supply chain have occurred.
• The demand from sectors such as automotive and construction have been reduced significantly as operations in these sectors came to standstill during the lockdown period.
• The demand would grow steadily as lockdown restrictions have been lifted off in many regions. Daily operations in the automotive and construction sectors have been resumed.
The report offers detailed segmentation of the global biodegradable engine oil market based on type, application, and region.
Based on type, the vegetables oils segment held the highest market share in 2019, accounting for more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 4.6% from 2020 to 2027.
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Based on application, the transportation segment held the highest market share in 2019, accounting for nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 4.5% from 2020 to 2027.
Based on region, Europe contributed to the highest share in terms of revenue in 2020, contributing to nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2028. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 4.9% during the forecast period.
Major players of the global biodegradable engine oil market analyzed in the research include BP, Croda International Plc., Condat, FUCHS Group, Exxon Mobil, Renewable Lubricants, Nandan Petrochem Ltd., Royal Dutch Shell, Repsol, and Total Lubricants.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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