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.

Albany, NY -- (SBWire) -- 02/11/2016 --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). A typical bio-based lubricant is readily biodegradable (decomposed within one year; through natural biological processes in water, carbon dioxide and carbonaceous land or under standard industrial composting environment) and is non toxic when disposed in the environment. Bio-based lubricants, if used instead of mineral oils reduce the risk of pollution.

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Vegetable sources of biolubricants include palm oil, castor oil, sunflower oil, canola, and soybean oil. They are used in various applications due to their environmentally friendly characteristics (non-toxic, renewable, and biodegradable) due to which they can be easily disposed into the external environment. Some of the major applications of bio-based lubricants are automotive oils, hydraulic oil, process oil, demolding oils, lubricating greases, chainsaw oils, compressor oils, turbine oils, industrial gear oils, and metal working oils. Major end user industries are power, automotive, elevators, military, agriculture, construction, marine, and forestry.

Increasing regulatory pressure on synthetic lubricants is one of the primary reasons for the growth of bio-based lubricants. Higher pricing is one of the main restraints in the growth of bio-based lubricants market. A bio-based lubricant is around 1.5 to 2 times costlier than mineral oil lubricant, which ultimately makes market penetration a critical issue. Lack of awareness among people related to the benefits of bio-based lubricants is also a major restraint for the growth of bio-based lubricants market especially in developing regions.

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Key participants in the biolubricants market include Royal Dutch Shell, Exxon Mobil, British Petroleum, Chevron, Castrol, Total, United Bio Lube, and Statoil Lubricants.

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