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A comprehensive overview of the global biodegradable engine oil market is recently added by UnivDatos Market Insights to its humongous database. The global biodegradable engine oil market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the global biodegradable engine oil market. The global biodegradable engine oil market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global biodegradable engine oil market at the country levels.
Market Overview
The global biodegradable engine oil market is expected to witness a boost on account of growing concerns over the degrading environment coupled with the rising incidences of deaths due to pollution caused primarily due to greenhouse gas emissions. For instance, according to the World Health Organization, every year nearly 7 million people die because of air pollution. Also, 91% of the population across the world live in places where air quality exceeds limits set by WHO which may cause major health hazards to the people of the world.
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Furthermore, the market is also boosting on account of the growing demand for lubri-cants and the increase in the adoption of bio-based chemicals to meet the oil demand in the transportation, construction, and industrial sectors. There has been a significant rise in the number of operating vehicles including motorcycles, cars, taxis, etc. which is further propelling the biodegradable engine oil market globally. For instance, as of 2020, China dominated in terms of passenger car sales in China accounting for nearly 20.2 million units that make up for 38.33% of the world's car sales.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. All industries have suffered some form of loss due to the pandemic and the oil industry has not been left untouched by this unprecedented crisis of modern times. This industry has its share of challenges due to the COVID-19 pandemic as the major consumer of biodegradable engine oil is the transportation sector which has been relentlessly hampered owing to the lockdown restrictions across the globe. Consequently, the demand for lubri-cants and oils was decreased among end-users thereby, affecting the growth of the global biodegradable engine oil market. However, the market is expected to boost in the upcoming years with the relaxation in lockdown restrictions and surge in automobiles.
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The global biodegradable engine oil market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily segmented into
The vegetable oils collector segment generated revenue of US$ X billion in 2020 and is expected to grow at a CAGR of X% during the forecast period owing to their high viscosity index, high flash point and less toxicity.
By Application, the market is primarily segmented into
Amongst applications, the transportation segment of the global biodegradable engine oil market was valued at US$ X billion in 2020 and is likely to reach US$ X billion by 2027 growing at a CAGR of X% from 2021-2027.
Global Biodegradable Engine Oil Market Geographical Segmentation Includes:
Based on the estimation, Europe dominated the biodegradable engine oil market with almost X% revenue share in 2020 owing to the wide adoption of bio-based lubri-cants as rising air pollution in the country is causing serious to human lives and economy. For instance, as per the recent report by the EU’s environment agency (EEA), 1 out of 8 deaths in Europe can be linked to pollution. Further, air and noise pollution, along with poor water quality and exposure to chemicals, contributed to 13% of all deaths in the region.
The major players targeting the market includes
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global biodegradable engine oil market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
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