Global Bio-Lubricants Market - 2019-2026
The Global Bio-based lubricants market was valued at USD xx million in 2017 and is esti-mated to reach USD xx million by 2025, with a CAGR of xx% during the forecast period from 2018 to 2025. Bio-based lubricants are used in heavy machinery and transportation. The principal application includes chainsaw bars, two-stroke engines, railroad flanges, and dust suppressants among others. Bio-based lubricants are renewable & biodegradable and do not persist in the environment for a longer period.
Drivers & Restraints
The increasing oil prices, the depletion of the crude oil reserves in the world, and the de-mand to protect the environment against pollution caused by conventional lubricating oils and their uncontrolled spillage are some of the significant factors which are expected to boost the Bio-based lubricants market during the forecast period.
Also, the increasing regulations across the globe regarding the use of conventional oils and lubricants and supporting the use of bio-based lubricants are expected to propel the market further. In regions such as North America and Europe, the use of lubricants is governed by stringent regulations for various applications. These regulations which make the use of bio-based lubricants makes mandatory are expected to increase the demand for bio-based lub-ricants during the forecast period.
Bio-based lubricants are expensive as compared to the conventional lubricants. Thus, the relatively high cost of bio-based lubricants can impede the growth of the Global Bio-based lubricants during the forecast period.
Bio-based lubricants Market is segmented based on the type such as Vegetable Oils, Animal Fats, and Others. Vegetable Oil is the dominant raw material type for Bio-based lubricants. Vegetable Oils have a great potential to substitute mineral oils as they are structurally simi-lar to the mineral oils. They are renewable, non-toxic, economic & environment-friendly, because of these characteristics vegetable oils are increasingly being used for bio-based lubricants.
Further, the market is segmented based on the applications such as Chainsaw Oils, Gear Oils, Greases, Hydraulic Fluids, Metalworking Fluids, Mold Release Agents, Two-Cycle En-gine Oils, and other applications. In applications, Hydraulic fluids are expected to dominate the market during the forecast period. Hydraulic fluids are the medium through which pow-er is transferred in hydraulic systems. They are also used for heat transfer, contaminant removal, and lubrication.
In addition, the market is also classified based on end use such as Industrial, Consumer Transport, and Consumer Automobile. Consumer Transport is the primary segment in the end-user segment.
The report segments the market by geography as North America, South America, Europe, Asia-Pacific and Rest of the World. North America and Europe mostly dominate the market for Bio-based lubricants. It is because of the existing stringent regulations in these regions which renders the use of bio-based lubricants mandatory. European Commission's European Ecolabels has laid down the standard specifications for bio-based lubricants and stringent regulations which emphasizes the use of bio-based lubricants. Western Europe contributes majorly to the European bio-based lubricants, with Germany being the largest market for bio-based lubricants. This is primarily due to the growth in end-user industries in this region.
The Global Bio-based lubricants market report profiles the following companies-
Albemarle Corporation, BP PLC, Chevron Corporation, Emery Oleochemicals, ExxonMobil Corporation, Fuchs Petrolub AG, Kluber Lubrication Munchen SE & Co. Kg, Panolin AG, Royal Dutch Shell PLC and Total SA.
Key market segments covered
By End-User Industry