- Since they are more environment friendly, bio-based lubricants are predicted to increase at a faster rate than other mineral oils in the upcoming years, thus gaining market share
ALBANY, N.Y., April 19, 2022 (GLOBE NEWSWIRE) -- The volume of global lubricants market stood at around 44165.11 kilo tons in 2020. The global market is anticipated to rise at a CAGR of 1.72% during the forecast period, from 2021 to 2031. The global lubricants market is estimated to reach the volume of 53278.15 kilo tons by 2031. Bio-based lubricants are becoming more popular amongst lubricant manufacturers. Due to government backing encouraging the use of bio-based lubricants, these lubricants are expected to have strong revenue growth in the years to come. Bio-based lubricants are now being promoted as a way to reduce greenhouse gas emissions. Producers are considering water separation qualities, heat & oxidative stability, and minimal carbon formation, among many other features, in order to produce better bio-based lubricants.
Bio-based lubricants are made utilizing either vegetable oils such as palm oil or animal-derived oils. These lubricants are biodegradable as well as renewable in nature. The use of bio-based lubricants is predicted to increase at a faster rate than mineral oils, as they are environmentally beneficial, which is expected to boost expansion of the global lubricants market in the forthcoming years.
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Due to its ability to reduce emissions of greenhouse gases, governments are increasingly supporting the usage of bio-based lubricants, which is likely to drive use of bio-based lubricants.
Key Findings of Market Report
- Turbine oil is widely utilized in gas turbine lubrication due to its excellent corrosion and chemical resistance. Owing to such excellent properties, it is widely employed in power plant steam as well, which is likely to fuel growth of the global lubricants market in the years to come.
- Lubricants manufacturers are boosting the production capacity of re-refined base oils and lubricants, turbine oils, and heat transfer fluids, among many other products. As turbine oil is a high-quality mineral oil with an outstanding water separating qualities, its revenue share of the global lubricants market is expected to grow throughout the forecast period.
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- As the demand for automobiles grows, the demand for lubricants is also expected to rise. Regulatory restrictions on mineral lubricants, which have a negative impact on the environment, are estimated to drive the use of bio-based lubricants considerably. Governments are encouraging the development and usage of bio-lubricants in order to comply with environmental standards and reduce greenhouse gas emissions & energy usage.
Global Lubricants Market: Growth Drivers
- Turbine oil is a premium mineral oil with exceptional water separation properties. Owing to its excellent enhanced ability to resist corrosion and oxidation, as well as foam suppressing capabilities, it is employed in gas turbine lubrication and power plant steam.
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- Due to increasing demand from India and China, Asia Pacific is estimated to be one of the leading regions in the global lubricants market. In 2020, Asia Pacific represented more than 40.2% of the overall lubricant demand. Expansion of the automobile business and rapid regional modernization are likely to drive the demand for lubricants in Asia Pacific. Vegetable oils are one of the most important raw ingredients for bio-based lubricants, and Asia Pacific is one of the leading producers.
Global Lubricants Market: Key Competitors
- Hindustan Petroleum Corporation Limited
- China Petroleum & Chemical Corporation (Sinopec)
- Exxon Mobil Corporation (XOM)
- Royal Dutch Shell plc.
- The Lubrizol Corporation
- The PJSC Lukoil Oil Company
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Global Lubricants Market: Segmentation
Product
- Mineral Lubricants
- Synthetic Lubricants
- Bio-based Lubricants
Technology Trend
- Turbine Oil Lubrication
- Compressor Oil Lubrication
- Gear Oil Lubrication
- Hydraulic Oil Lubrication
- Fire Resistant Hydraulic Fluid
- Nuclear Resistant Lubricant
- Bearing Oil Lubrication
- Heat Transfer Fluid
- Re-refined Base Oils and Lubricants
- Nanomaterials-based Lubrication
- Other Emerging Fields
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