Global Biolubricants Market: Introduction
Lubricants are substances used for the lubrication of mechanical components. Conventional lubricants are generally produced using petroleum based feedstock. However, due to growing concern over the use of petroleum based lubricants which have hazardous impact on ecological system and in order to reduce dependency on petroleum feedstock, strong emphasis has been laid on development of sustainable alternatives to petroleum based lubricants. Biolubricants also known as bio-lubes are the biodegradable and nontoxic lubricants. Biolubricants are generally produced by using raw material like rapeseed oil, sunflower oil, palm oil, coconut oil and animal fats. Biolubricants offer several advantages over conventionally used petroleum based product offerings in that these are non-toxicity, renewable, carbon neutral and environment friendly. Owing to high flash point and high stability, biolubricants are relatively safer to use over conventional lubricants. Biolubricants are used for a variety of applications across diverse set of industries including automotive, marine and construction, among others.
Global Biolubricants Market: Market Dynamics
The Main drivers for global Biolubricants market are rising environmental concern and stringent regulation over the use of conventional lubricants, especially in the developed countries. Eco-friendly nature and rapid degradability of Biolubricants render them significantly better alternatives to the conventional petroleum based lubricants. Consumption of lubricants in regions such as North America and Europe is governed by stringent regulations especially for applications such as those in marine, forestry, agriculture, among others. Such regulations that render use of biolubricants mandatory, are expected to help propel the consumption of biolubricants in these regions during forecast period.
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However, limited range of well-developed applications is likely to restrict the growth of Biolubricants market during the forecast period. Also, another noteworthy factor is that global biolubricant consumption is heavily tilted towards the developed regions of the globe and that some of the other regions such as Asia Pacific which are characterized by strong presence of end use industries, account for considerably low share in global biolubricants consumption. As such, increasing consumption in these regions is likely to propel the growth of global biolubricants market during forecast period. However, on the flip-side, relatively higher prices of these biolubricants are likely to impede the growth of global biolubricants market during forecast period. With growing demand for Biolubricants, many companies are focusing on the development of alternative, cost effective and efficient methods for Biolubricants production.
Global Biolubricants Market: Segmentation
On the basis of source, the global Biolubricants market is segmented into:
- Edible and Non-edible oils
- Animal Fats
Based on applications, the global Biolubricants market is segmented as:
- Industrial Lubricant
- Metal Working
On the basis of end use industry, the global Biolubricants market is segmented as:
- Automotive Industry
- Marine Industry
- Oil & Gas
Global Biolubricants Market: Region-wise Outlook
Global Biolubricants market can be divided into seven major regional segments namely North America, Eastern Europe, Asia Pacific, Japan, Middle East & Africa, Latin America, and Western Europe. Global Biolubricants consumption largely dominated by North America and Europe. In North America, US is the major consumer of the biolubricants, especially for hydraulic fluids application. Biolubricant consumption in the country is expected to register steady growth over the forecast period. Western Europe is the second largest consumer market of Biolubricants. European Commission’s European Ecolabels lays down standard specifications for Biolubricants and the stringent regulations emphasizing use of biolubricants in Europe is expected to drive the steady growth in demand for Biolubricants over the forecast period. In Western Europe, Germany followed by NORDIC countries, are the major consumers of Biolubricants. Besides, Biolubricants market in Asia Pacific is expected to witness steady growth however, consumption of conventional lubricants is expected to continue its dominance owing primarily to absence of stringent regulation and price difference between petroleum based and bio-based lubricants.
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Global Biolubricants Market: Market Players
Some of the players operating in global biolubricants market include
- Total S.A
- Royal Dutch Shell PLC
- Exxon Mobil Corp.
- Chevron Corporation
- BP PLC
- Albemarle Corporation
- Klüber Lubrication München Se & Co. Kg
- Polnox Corporation
- Renewable Lubricants
- Altranex Corporation
- Emery Oleochemicals
- Fuchs Petrolub SE
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and Industry.