According to the report, the global biolubricant market was valued at approximately USD 2.24 billion in 2017 and is expected to generate revenue of around USD 3.41 billion by the end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
New York, NY, June 28, 2018 (GLOBE NEWSWIRE) — 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 of around USD 3.41 billion by the end of 2024, growing at a CAGR of around 6.2% between 2018 and 2024.
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 constructing environment-friendly lubricants derived from alternative sources. Biolubricants are potential alternative lubricants owing to low toxicity, high-quality lubricating properties, high viscosity index, elevated ignition temperature, amplified equipment service life, lofty load-carrying abilities, fine anti-wear characteristic, a tremendous coefficient of friction, natural multi-grade properties, lessen evaporation rates and low emissions into the atmosphere.
Browse through 46 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Biolubricants Market Size & Share 2017: Industry Type, Growth Analysis and Forecast to 2024”.
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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.
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.
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North America and Europe are considered to be the most important markets for biolubricants. Altogether, these two regions accounted for a major revenue share of the total global biolubricants market in 2017. At the same time, the most significant regulation passed in North America is Vessel General Permit (VGP); Europe has a number of labels, regulations and mandatory purchase requirements for biolubricants. The European Ecolabel (EEL) is the primary pan-European label that generally defines biolubricants. EEL comprise of stringent renewable content and biodegradation criteria. About 45% to 70% of the renewable content is obligatory based on the product application. The U.S. is closely followed by Germany and Nordic countries such as Sweden, Denmark, Norway, and Finland are the major consumers of the biolubricants across the globe.
The Asia Pacific is expected to be the fastest growing region in the biolubricants market. India holds the third largest market for lubricants, however, due to fewer regulations and low cost of conventional lubricants over the biolubricants, India lacked in the global biolubricants market. Nevertheless, growing awareness and introduction of biolubricants by the top players in India has strengthened the growth of the biolubricants which is expected to further bolster the demand for biolubricants over the forecast period. China is anticipated to foster the demand for biolubricants in the coming years. Rising automobile industry across China and India is expected to boom the biolubricants market growth over the forecast period.
Browse the full “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” report at https://www.zionmarketresearch.com/report/biolubricants-market
Latin America biolubricant market is expected to contribute for a decent growth rate over the forecast period owing to rapidly growing industrialization in Brazil. The Middle East and Africa are anticipated to specter modest growth over the forecast period due to lack of acceptance of biolubricants over the conventional lubricants.
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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.
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This report segments the biolubricants market as follows:
Biolubricants Market: Base Oil Type Analysis
- Vegetable Oil
- Animal Oil
- Others
Biolubricants Market: Application Analysis
- Two-Cycle Engine Oil
- Hydraulic Fluids
- Metalworking Fluids
- Gear Oils
- Greases
- Chainsaw Oils
- Mold Release Agents
- Others
Biolubricants Market: End-User Analysis
- Consumer Automobile
- Industrial
- Commercial Transport
Biolubricants Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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