Bio-based lubricants are primarily triglyceride esters which are derived from animal and plant oils and are formulated using renewable and biodegradable base stocks. They can be formulated using a range of natural sources such as low grade and solid fats or waste materials, but are generally based on vegetable oils (palm oil, castor oil, sunflower oil).
Albany, NY -- (SBWIRE) -- 07/06/2016 -- The bio-based lubricants or bio-lubricants market is composed of biodegradable and non-toxic lubricants that are regarded as being more eco-friendly than synthetic lubricants. Just like their synthetic counterparts, biolubricants are used in a myriad of applications. The study on the global biolubricants market answers important questions faced by stakeholders in this industry.
It discusses the factors leading to the expansion of the overall market, as well as potential growth inhibitors. Our analysts provide recommendations on how to mitigate the impact of barriers to growth, besides marking out opportunities that will bring accelerated growth to industry players over the forecast period. The report also takes a look at the top performing products within the biolubricants market in the past, and predicts products that will gain a wider share of the market in the coming years. Other insightful aspects such as the top-performing end-use segments and the most promising regional markets have been assessed in detail.
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The biolubricants market report adopts techniques such as Porter's five forces analyses which support our extensive secondary and primary research efforts.
Overview of the biolubricants market
The study estimates that the biolubricants market, which was valued at US$1,713.2 million in 2011, will register a moderate CAGR of 4.9% from 2011 through 2017, by when it is expected to stand at US$2,377.5 million.
Although it is more environment-friendly, a biolubricant typically costs nearly twice as much as synthetic or mineral oil lubricants. This makes the issue of market penetration especially critical to the global biolubricants market. This market faces stringent regulations that have been imposed by various government bodies worldwide. Adherence to these varying types and degrees of regulations in different geographical regions requires meticulous planning on the part of manufacturers and distributors alike. Hence, gaining a closer view of the current and projected market for biolubricants in various regions can prove to be a game-changer for many companies.
Besides the regulatory aspect, biolubricant companies need to constantly look for ways and means to bring down the costs of their products if they are to compete with mineral oil lubricants and other synthetic lubricants. This problem can be mitigated to some extent by creating wider awareness about the many benefits of bio-lubes among consumers. In developing countries, cost-sensitive consumers – despite being aware of the advantages – may still show initial resistance in switching over to biolubricants.
Biolubricants market projections by geography and applications
According to the findings of the study, North America is the largest market, by geography, for the biolubricants industry. This region will continue to maintain a leading position in the market until 2018. It is estimated that North America will constitute a significant 38.1% of the global market share of bio-lubricants in 2018. In the North American region, biolubricants will register a CAGR of 5.6% and a CAGR of 7.4% by revenue and volume, respectively, from 2013 through 2018.
This region will be followed by Europe, where Germany will play a major role in boosting the market for biolubricants.
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The automotive oils segment will be the most dominant application in terms of revenue, in the global biolubricants market. Revenue in this segment will see a 5% CAGR from 2013 through 2018. Besides automotive oils, the hydraulic oils market will also report a noteworthy CAGR of about 6.7% through the forecast period of the report.
Companies mentioned in the biolubricants market
The global biolubricants market is consolidated, as a handful of top players control over 60% of the market. Leading names that are profiled in this report include: United Bio Lube, Royal Dutch Shell, British Petroleum, Exxon Mobil, Chevron, Total, Castrol, and Statoil Lubricants.
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