Bio Base Oils Market Size, Share, Growth Trends and Global Report 2023-2030

Market Overview
A refined petroleum mineral or synthetic substance created to a set of standards by a refinery, often lubricant base stock, is referred to as bio base oil. High-viscosity material extracted and processed from vacuum gas oil or vacuum residence distillation cuttings is used to make these base oils. It demands unique processing using a variety of lunes plant components. The rising use of base oils in the automotive industry is a significant market driver for the global bio base oils market.

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Market Growth Analysis
As per DataM Intelligence's latest report, the "Global Bio Base Oils Market" is expected to grow at a CAGR of 25.1% during the forecast period 2023-2030.

Market Drivers
The Rising Use of Base Oils in the Automobile Industry
The rising demand for high-quality base oils for the automotive sector is projected to drive the base oils market forward in the coming years. Engine technology advancements are driving the increased need for motor oils and lubricating greases that are suitable for fast-moving components and high temperatures.

Furthermore, these engine oils are manufactured with a high-quality base oil and best-in-class additive technology to keep viscosity, decrease engine wear, and assist in assuring reliability. As a result, the increasing use of base oils in the automotive sector is expected to boost market growth.

Segment Analysis
The global bio base oils market is segmented by type, application, and region
By Type
1. Animal Fat
2. Plant-Based Oils
3. Soybean Oil
4. Palm Kernel Oil
5.Sunflower Seed Oil
6. Others

By Application
1. Industrial Oil
2. Automotive Oil
3. Hydraulic Oil
4. Others

By Region
1. North America
2. South America
3. Europe
4. Asia Pacific
5. Middle East, and Africa

Application Insights
The substantial growth of the automotive industry created a profitable market demand for automotive oils, enabling the related segment to dominate the global bio base oils market

Automotive oil is used in the transmission chamber and engine of the car to decrease friction between the components of the engine assembly and gearbox. The secondary aim of engine oil is to keep the engine chamber temperature stable and to prevent oxidation from rusting engine components. These oils are created from petroleum that has been refined to enhance engine oil quality. The global development of the automobile sector is one of the primary reasons driving the growth of the automotive oil market.

The market benefits from the widespread usage of spark plugs in electrical, marine, and aerospace applications. The market is also driven by increased demand for traditional oil, which is in high demand due to its lower cost than contemporary lubricants. Synthetic lubricants are popular due to their higher performance and long-lasting protection. The automotive oil market has profited from the expansion of the automobile sector, an increase in investments, and increased disposable income.

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Key Development
Total Energies formed two collaborations on November 29, 2022, to speed the conversion of the Grandpuits zero oil platform. These two collaborations are part of the company's goal of converting the Grandpuits site to a zero-oil platform by 2024. This initiative, which is part of the company's aim to become carbon neutral by 2050, is centred on the development of biofuels, bioplastics, and the recycling of plastic waste.

Regional Analysis:
Asia Pacific is Expected to Hold the Largest Market Share
As the largest vehicle production hub, Asia Pacific is expected to be the fastest-growing region in terms of consumers. Furthermore, nations such as China, India, Indonesia, and Thailand are increasingly producing and exporting passenger cars and other vehicles to developed markets, driving the bio base oil industry ahead.

According to the Organization Internationale des Constructeurs d'Automobiles (OICA), the country will manufacture more than 25.22 million automobiles and commercial vehicles in 2020, increasing to more than 26.08 million units the following year.

Relocating manufacturing operations to Asian nations is predicted to enhance automotive investment and industrialization because of favourable government laws and low labour costs. Furthermore, a trend toward more environmentally friendly, productive automobiles is expected to boost this industry in the area.
According to the International Energy Agency, the country's oil consumption will increase to 2.2 million barrels per day in 2023 from 1.8 million barrels per day in 2022. Furthermore, China has seen remarkable growth in both car sales and manufacturing.

Key Players Operating in the Global Bio Base Oils Market
1. Total Energies
2. BP PLC
3. Shell
4. Archer Daniels Midland Co.
5. Bunge North America Inc.
6. Cargill, Incorporated,
7. Battelle
8. Exxon Mobil Corporation
9. FUCHS
10. BioBlend Renewable Resources, LLC

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