Stringent government regulations on the use of petroleum-based lubricants are driving the growth of the market.
Market Size – USD 2.74 billion in 2018, Market Growth - CAGR of 5.9%, Market Trends – Volatile prices of crude oil
NEW YORK, March 21, 2019 (GLOBE NEWSWIRE) -- The global Bio Lubricants Market is expected to reach USD 4.41 Billion by 2026, according to a new report by Reports and Data. Bio lubricant is also known as bio-lubes is produced from sunflower oil, rapeseed oil, animal fats, and others. They are increasingly demanded as they are non-toxic, environmentally friendly, biodegradable and renewable.
The rise in the sale of vehicles has driven the market for bio-lubricants. As demand for automobile sector has increased over the years, demand for grease chain saw oil and engine oil had encouraged the growth of the market. Plant-based oil is also a substitute in food and healthcare sector. Bio-Lubricants are renewable unlike fossil fuels and is environment-friendly. Not only do they reduce labor cost and energy usage, but it also increases production and machine life as well. In addition, there are strict government regulations regarding fossil fuels that is encouraging manufacturers to switch to alternatives hence fueling the market.
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Europe dominates the market owing to the presence of rigid environmental laws where companies go through various emission standards and application of biodegradable products in countries like Germany, Finland, Norway Italy, and France. North America is expected to grow with the highest CAGR. Companies are switching more and more to renewable options and making use of bio-lubricants in various other sectors as well.
Further key findings from the report suggest
- Bio-lubricants do not cause any toxic effect which is generally the case with petroleum. In order to reduce the dependency on petroleum, alternatives were developed.
- Bio lubrication is generally safer to use over conventional lubrication. It is deployed not only in general vehicles but also is used in marines, construction, etc.
- The market is hindered by a limited range of applications in the coming years. Bio lubrication is mainly tilted towards the developed region like North America and Europe even though APAC has a large number of end-user
- The industrial segment accounts for a substantial portion of the market due to the large scale application of lubricants in the machine and for production
- Vegetable oil has the largest market share as they are used in multiple applications and are produced in large quantities.
- Vegetable oil provide has oxidative property than animal fats and thus have higher technical performance.
- Hydraulic fuel generates the largest revenue owing to its application in both stationary and mobile equipment. It is used as a medium to transfer energy and power to hydraulic systems.
- Commercial based transport dominates the market in the end-use The number of commercial transport on roads switch to bio lubricants will push the growth of the market exponentially.
- Edible and non-edible oil also generates substantial revenue. These oils are not only used for industrial application but also in households for domestic purpose.
- Key participants include ExxonMobil Corporation, Royal Dutch Shell Plc, Total SA, Chevron Corporation, BP Plc, Albemarte Corporation, Panolin AG, Binol Lubricants, Enemy Oleochemicals, and Fuchs Petrolub AG.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/bio-lubricants-market
For the purpose of this report, Reports and Data have segmented global Bio Lubricants market on the basis of Raw materials, Applications, Esters, End-User and Region:
Raw Materials Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Vegetable Oil
- Animal Fats
- Others
Applications Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Hydraulic fluids and tractor transmission oils
- Greases and stern tube greases
- Stern tube oils
- Chainsaw Oils
- Concrete release agents
- Wire rope oils
- Two-stroke oils
- Industrial and marine gear oil
Esters Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Hospitals Trimethylolpropane (TMP)
- Pentaerythritol (PE)
- Neopentylpolyol (NPG)
End-user Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- Industrial
- Commercial Transport
- Consumer Automobile
Regional Outlook (Volume, Kilo Tons; 2018-2026 and Revenue, USD Million; 2018-2026)
- North America
- U.S.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- South-east Asia
- Latin America
- Brazil
- MEA
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