Global Bio-lubricants Market - Scope
The bio-lubricants market is gaining extra mileage as the crisis regarding fossil fuel is deepening. Produced from rapeseed oil, sunflower oil, animal fats, and others, the product is highly biodegradable, non-toxic, and renewable. Conventional lubricants sourced from petroleum is hazardous and can cause severe damage to the environment owing to which a lot of countries and automotive manufacturers are opting for bio-friendly products. In Europe, the demand is notably higher owing to the regulations set by the governing bodies there. The global bio-lubricants market can expect traction of 4.40% CAGR during the forecast period (2021-2027) with which it can mount an impressive valuation of USD 3.98 billion, reveals Market Research Future (MRFR).
Bio-lubricants Market or bio-lubes are plant based oils which are generally produced using raw materials such as rapeseed oil, palm oil, sunflower oil, coconut oil, animal fats, etc. Owing to their non-toxicity, biodegradability, high flash point, and high stability, bio-lubricants are considered to be a relatively safer option over the conventional petroleum based lubricants. The consistently growing environmental concerns regarding the use of hazardous petroleum-based lubricants is increasing the demand of ecofriendly solutions. The detailed report encompasses segmental analysis and drivers that can impact the market significantly in the foreseeable future.
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Global Bio-lubricants Market – Prominent Players:
ExxonMobil (US),Panolin AG (Switzerland),Royal Dutch Shell (Netherlands),BP (UK),FUCHS Group (Germany),Total S.A (France),Cargill Inc. (US). are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Bio-lubricants Market.
Market Boosters and Challenges
Among the factors to influence the market, its growing demand from the automotive sector as grease and engine oil can boost the Bio-lubricants industry significantly. Various industries are also finding it useful in keeping various tools such as chainsaw in working condition. Its ability to reduce friction and remove dust particles from the tools is just like the conventional lubricant. But its usage is becoming prominent owing to its bio-friendly nature. Other features of it to impact the industries across verticals are better ignition temperature, satisfactory anti-wear characteristic, augmented equipment service life, load-carrying abilities, high viscosity index, natural multi-grade properties, ability to lessen evaporation rates. Plant-based oils are getting calls from the food beverage and healthcare sector which is expanding the product proliferation and increasing market prospect. Various industries are also finding it useful in keeping various tools such as chainsaw in working condition.
However, the price of bio-lubricants is relatively higher than their counterpart of petroleum-based ones. This can pull back the expected growth rate of the bio-lubricants market for the review period considerably. But its growing popularity can provide a way out for the market from plummets in the coming days.
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The global bio-lubricants market can be segmented by types, application, and end-users.
Based on the type, the Bio-Lubricants Market can be segmented into animal oil, edible, and non-edible oil — ongoing researches to assist the growth of animal oils in the coming years.
Application-wise, the bio-lubricants market can be segmented into automotive, engine oils, greases, process oils, chainsaw oils, metalworking, and fluids. The increasing volume of commercial transport can boost the engine oils market substantially.
Based on end-users, the Bio-Lubricants Market growth comprises automotive industry, construction, commercial transport, and others.
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Global Sandwich Panel Market - Regional Analysis
Geographically, the global bio-lubricants market can be segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America’s market is quite secured as stringent government policies in the region has ensured the market proliferation of bio-lubricants. It can be accredited to the growing demand for bio-friendly products and efforts to curb carbon emission. Agriculture, marine, and other industries are expected to have benefits of great magnitude.
The APAC market can have significant growth due to emerging economies such as India, China, and South Korea. Significant growth can be witnessed in the automotive and construction sector which is squarely impacting the regional growth of the bio-lubricants market. The ongoing research for a cost-effective bio-lubricant product is also proving effective for the regional market growth. Investors are finding the opportunities well-suited and hence, are ready to come up with better investment plans.
In November 2018, the Oilseed Innovation Partners (OIP) group declared their intention of setting up a bio-lubricants facility in Canada where the products will be sourced from Canadian raw materials only. The American manufacturer of vegetable-oil-based lubricants, Renewable Lubricants Inc. (RLI), under OIP, have taken measures accordingly and set up a factory in Ontario.
In March 2018, Emery Oleochemicals declared a bunch of bio-lubricants, such as DEHYLUB, TERRADRIL, EMEROX, and EMERY, is about to adorn their portfolio. These products can offer high-performance and curb the carbon footprint in a better way.
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