Market Research Future (MRFR) has recently published a report forecasting the Global Bio-Lubricants Market to reach higher verticals with a CAGR of 7.2% during the years 2016 to 2022 (forecast period). Lubricants are used for the lubrication of machineries and mechanical components. The extensive usage of conventional mineral oils and petroleum based lubricants is causing adverse effects on the environment leading to the exigency of Bio-Lubricants to replace these hazardous products.
The augmentation of industrialization on the global scale is driving the increased demand of environmentally safe lubricants in the market. The introduction of advanced production process and alignment with the evolving technology is exhibiting a positive impact over the global bio-lubricant market. Bio-Lubricants or bio-lubes are plant based oils which are generally produced using raw materials such as rapeseed oil, palm oil, sunflower oil, coconut oil, animal fats, etc. Owing to their non-toxicity, biodegradability, high flash point, and high stability, Bio-Lubricants are considered to be a relatively safer option over the conventional petroleum based lubricants. The consistently growing environmental concerns regarding the use of hazardous petroleum-based lubricants is increasing the demand of ecofriendly solutions.
The environmental issues linked with the usage of these petroleum product and the geopolitical strategies involving the crude oil manipulation are acting as primary driving forces for the Global Bio-Lubricants Market. Bio-Lubricants are being extensively used in construction industry, automotive industry and many other industries as the demand for eco-friendly products to avoid the damage caused to the environment is sky-rocketing day by day. On the flip side, the price of Bio-Lubricants, which is relatively higher than the conventional petroleum based lubricants, is acting as one of the major restrains on the growth of Global Bio-Lubricants Market. But due to the stringent environmental regulations and growing demand of environmental friendly solutions, the companies in the market are aiming towards availing alternative, cost effective and efficient products leading to the escalation of Global Bio-Lubricant Market.
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Global Bio-lubricants Market Segmentation:
The Global Bio-Lubricants Market has been segmented on the basis of type, application, end-user and region. On the basis of type, the market is segmented into animal oil, edible and non-edible oil. By application, the market is segmented into engine oils, greases, automotive, process oils, chainsaw oils, metal working and fluids. On the basis of end-users, it is segmented into automotive industry, construction, commercial transport and others. On the basis of region, the global bio-lubricant market is segmented into North America, Europe, Asia Pacific and the rest of the world.
Competitive Analysis:
With the inclusion of advanced and efficient products and the entry of new players in the market, a trend of extensive growth has been observed in the Global Bio-Lubricants Market. The key players in the Global Bio-Lubricants Market are Royal Dutch Shell PLC, Total S.A, Chevron Corporation, Exxon Mobil, Kluber Lubrication München Se & Co., Albemarle Corporation, Emery Oleochemicals, Panolin AG, Binol Bio Lubricants, Castrol and others.
Regional Analysis:
The consumption of Bio-Lubricants is strongly tilted towards the developed region of the world. The stringent environmental regulations in North America and Europe is acting as a major driving factor for the Global Bio-Lubricants Market in this region as it is pushing the use of bio-lubricants in marine, agriculture and other industries. Currently, the Global Bio-Lubricant Market is being dominated by North America which is then followed by Europe. Although, the consumption of Bio-Lubricants is comparatively less in the APAC region the emerging economies like China, India and South Korea are contributing heavily to the Global Bio-Lubricant Market due to the growing automotive and construction sector in these regions.
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