Biolubricant Market to grow at a CAGR of 6.3% by 2019: Market Research Store
Deerfield Beach, FL -- (SBWIRE) -- 09/28/2015 -- The term biolubricants refers to all lubricants that are nontoxic as well as biodegradable. Global biolubricants market to grow at a CAGR of 6.3% over the period 2014-2019. The rapid depletion of crude oil reserves and issues related to energy conservation and environmental protection have put an emphasis on the development of renewable, biodegradable, and environmentally friendly industrial fluids, such as biolubricants. Biolubricants have a minimum impact on human health and aquatic environment. Lubricants are a key element for industrial and transport applications and more than 95% of the lubricants market is dominated by the low-cost mineral oils. Around 30% of these mineral-based lubricants inevitably end up in the ecosystem and are harmful for environment. Hence, biolubricants being biodegradable are preferred over mineral-based lubricants in terms of environmental safety.
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Commenting on the report, an our analyst said: "Development of environmentally friendly lubricants is one of the key trends emerging in the market. The European and North American governments are focusing on environmentally friendly lubricants, which have minimal impact on the environment during production, use, and disposal. Therefore, vendors are manufacturing biodegradable lubricants and focusing on bioaccumulation and eco-toxicity to reduce adverse effects on the environment."
According to the report, increased end-user applications is one of the major drivers of the market. Biolubricants can be utilized in many industrial applications: hydraulic oil, chain saw oil, spindle oil, metalworking fluids, industrial gear oils, and greases. The improved lubricity provides better equipment service life and surface finish than petroleum-based lubricants.
Covered in this Report
The global biolubricants market is segmented into two divisions based on end-use: automotive and transportation and industrial and commercial. On the basis of raw materials used to manufacture the biolubricants, the market is divided into two divisions: vegetable oil and animal oil.
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The report, Global Biolubricants Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Our analyst researched the following companies as the key players in the global biolubricants market: BP plc, Cargill Inc., China National Petroleum Corp. (CNPC), Exxon Mobil Corp. and Royal Dutch Shell plc
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Other Prominent Vendors in the market are: Chevron, Fuchs Petrolube SE, Total and United Bio Lube
Further, the report states that high cost of lubricants is primarily hindering the market growth. The complex manufacturing process of biolubricants and the inability of agriculture to support large-scale production act as a market deterrent. In recent years, a number of vendors have increased the prices of their biolubricant products, which is affecting the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.