Albany, NY -- (SBWIRE) -- 01/20/2014 -- According to a new market report published by Transparency Market Research "Biolubricants Market - Global Scenario, Trends, Industry Analysis, Size, Share & Forecast 2010 - 2018," the global bio-based lubricants market was worth USD 1,713.2 million in 2011 and is expected to reach USD 2,377.5 million in 2017, growing at a CAGR of 4.9% from 2011 to 2017. In the overall global market, North America is expected to maintain its lead position in terms of revenue till 2018. North America is expected to enjoy 38.1% of the global bio-based lubricants market revenue share in 2018 followed by Europe.
The global biolubricants market is driven by strict legislations and regulations followed by different government bodies in different developed and developing countries. Higher pricing is one of the main restraints in the growth of the bio-based lubricants market.
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A bio-based lubricant is around 1.5 to 2 times costlier than mineral oil lubricant, which makes market penetration a critical issue for the industry. Lack of awareness among people related to the benefits of bio-based lubricants is also a major restraint for the growth of the bio-based lubricants market especially in developing regions.
The bio-based lubricants market by application in terms of revenue is dominated by automotive oils. The automotive oils market by revenue is expected to grow at a CAGR of 5.0% from 2013 to 2018. Following this, the market for hydraulic oils is also witnessing significant growth. In terms of volume, the automotive oils market is predicted to grow with a CAGR of 6.7% for the forecast period between 2013 and 2018.
North America is the market leader for bio-based lubricants, growing at a CAGR of 5.6% by revenue and a CAGR of 7.4% by volume, both from 2013 to 2018 followed by Europe. In Europe, Germany is the major market and is expected to keepEurope at second position in the bio-based lubricant market.
Key participants in the bio lubricants market include Royal Dutch Shell , Exxon Mobil, British Petroleum, Chevron, Castrol, Total, United Bio Lube, and Statoil Lubricants.
This research is specially designed to estimate and analyze the demand and performance of bio-based lubricants in a global scenario. The research provides in-depth analysis of bio-based lubricant manufacturers, product sales, product volumes and trend analysis by segments and demand by geography. The report covers all the major product segments of the bio-based lubricants market and provides detailed analysis, historical data and statistically refined forecast for the segments covered.
The study presents a comprehensive assessment of the stakeholder strategies, winning imperatives for them by segmenting the bio-based lubricants market as below:
Global Bio-Based Lubricants market, by raw material
- Vegetable Oil
- Palm Oil
- Castor Oil
- Sunflower Oil
- Animal Oil
Global Bio-Based Lubricants market, by application
- Automotive Oils
- Hydraulic Oils
- Process Oils
- Demolding Oils
- Lubricating Grease
- Chainsaw Oils
- Compressor Oils
- Turbine Oils
- Industrial Gear Oils
- Metal Working Oils
Global Bio-Based Lubricants market, by end-use
- Industrial Lubricants
- Commercial Transportation Lubricants
- Consumer Automotive Lubricants
Global Bio-Based Lubricants market, by geography
- North America
- Rest of the World (RoW)
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