Zion Market Research has published a new report titled “Biolubricants Market By Base Oil Type (Vegetable Oil, Animal Oil, and Others), By Application (Two-Cycle Engine Oil, Greases, Hydraulic Fluids, Metalworking Fluids, Gear Oils, Chainsaw Oils, Mold Release Agents, and Others), and By End-User (Consumer Automobile, Industrial, and Commercial Transport): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024 ”. According to the report, the global biolubricant market was valued at approximately USD 2.24 billion in 2017 and is expected to generate revenue from around USD 3.41 billion by the end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
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Lubricants work as anti-friction media. They ease smooth operations, uphold reliable machine functions, and lessen the risks of frequent failures. Presently, the escalating prices of crude oil, the exhaustion of crude oil reserves across the globe, and worldwide concern in protecting the environment against pollution have renewed interest in building environment-friendly lubricants derived from alternative sources. Biolubricants are potential alternative lubricants owing to low toxicity, high quality lubricating properties, high viscosity index, high ignition temperature, amplified equipment service life, lofty load-carrying capacities, fine anti-wear characteristic, tremendous coefficient of friction, natural multi- grade properties, lessen evaporation rates and low emissions into the atmosphere.
Environmental and toxicity issues of conventional lubricants coupled with rising cost due to shortage and poor biodegradability have led to huge interest in the improvement of eco-friendly lubricants. Increasing supply of high-performing, cost-effective green oils in the framework of government regulations is predicted to drive biolubricants market growth. Furthermore, various industry players are mostly focusing on developing novel green formulations for various end users, which is expected to upsurge the industry growth. However, the high cost of biolubricants along with lack of acceptance in underdeveloped countries may hamper the biolubricants market. Nevertheless, growing use of biolubricants in the automotive industry is expected to provide a wide scope for the biolubricants industry over the forecast period.
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The biolubricants market can be segmented on the basis of types such as vegetable oil, animal oil, and others. Vegetable oil provides huge potential as a substitute for conventional mineral oil as they are structurally alike to the long chained hydrocarbons observed in mineral oils. Thus, these oils are being utilized for production of biolubricants owing to their beneficial characteristics such as non-toxicity, renewability, economic & environmental friendliness, among others. Animal oils are expected to experience decent growth over the forecast period owing to ongoing research. By the application, the market can be segmented as metalworking fluids, two-cycle engine oil, gear oils, chainsaw oils, mold release agents, hydraulic fluids, greases, and others. Engine oil dominated the overall market owing to intrinsic biodegradation rate, low toxicity to aquatic organisms, and very low levels of bioaccumulation. Commercial transport is expected to grow at a fast rate. Rising concerns owing to the disposal of mineral-based lubricants into the environment lead to increasing demand in this field.
North America held significant revenue share in the biolubricants market in 2017 followed by Europe. The U.S. and Germany was the major consumer of biolubricants in 2017 owing to a sharp rise in the automotive industry. Stringent regulations altogether with shrinking conventional lubricants are the factors governing the growth of the biolubricants market in this region. The Asia Pacific is expected to flourish over the forecast period. Growing automobile industry across China and India may offer tremendous growth for biolubricants over the forecast period. Latin America is anticipated to uphold the market growth over the forecast period owing to ever-increasing industrialization in Brazil. The Middle East and Africa are likely to show modest growth owing to lack of awareness.
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Total SA. BP PLC, Royal Dutch Shell PLC, Panolin AG, Fuchs Petrolub AG, Albemarle Corporation, ExxonMobil Corporation, RoWe Mineralolwerk GmbH, Chevron Corporation, Klüber Lubrication München SE & Co. KG, Emery Oleochemicals, and Polnox Corporation, among others, are some of the major players in the biolubricants market.