Global Biodegradable Engine Oil Market to Generate $1.18 billion by 2027: AMR
Rise of the automotive industry and surge in industrialization in emerging countries drive the growth of the global biodegradable engine oil market. Europe held the highest market share in 2019, and will maintain its leadership status by 2027. 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.
Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global biodegradable engine oil market generated $931.2 million in 2019, and is estimated to generate $1.18 billion by 2027, witnessing a CAGR of 4.3% from 2020 to 2027. The report offers extensive analysis of changing market dynamics, top investment pockets, key segments, value chain, and competitive scenario.
Rise of the automotive industry and surge in industrialization in emerging countries drive the growth of the global biodegradable engine oil market. However, high initial cost hinders the market growth. On the other hand, increase in consumption of vegetable oil present new opportunities in the coming years.
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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 accounted for the highest market share, contributing to more than half of the total market share in 2019, and is estimated to maintain its dominant position throughout the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 4.6% from 2020 to 2027. The report also analyzes the segments including polyalkylene glycols, synthetic esters, and others.
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Based on application, the transportation segment contributed to the highest market share in 2019, accounting for nearly three-fifths of the global biodegradable engine oil market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is projected to witness the largest CAGR of 4.5% from 2020 to 2027. The research also discusses the segments including agriculture, construction, and others.
Based on region, Europe held the highest market share in 2019, contributing to nearly two-fifths of total share of the market, and will maintain its leadership status by 2027. However, Asia-Pacific is expected to manifest the highest CAGR of 4.9% during the forecast period.
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Leading Players :
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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