Albany, NY -- (SBWIRE) -- 06/14/2012 -- Simply defined, a lubricant is a substance which reduced friction between two moving surfaces. This property is defined as lubricity. Critical properties that every lubricant must possess include high boiling point, low freezing point, high viscosity index, thermal stability, corrosion prevention, and high resistance to oxidation.

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The global market for lubricants was estimated at over 45 million tons in 2010, generating revenues of over USD 45 million. The total lubricant market volumes are expected to grow at a CAGR of 2.2% to 2.5% for the next 10 years.

In terms of consumption as well as production, Asia pacific has emerged as a clear leader in the market, accounting for 37% of the global consumption in 2010 and is expected to grow at a CAGR of over 3.5% in the next decade. North America is the second-largest market for lubricants, accounting for over 28% of total consumption; however, this market is stagnant and is expected to grow at a meager CAGR of 1.3% in the next five years.

Increasing environmental concerns and rising consumer awareness, especially in the Western European markets has been the primary driving force behind the demand for bio-based lubricants. These products are mainly derived from vegetable oils.

In addition, regulatory agencies such as USDA have been promoting these products with tax benefits and preferred purchasing. Under the BioPreferred program, USDA has registered over 200 lubricant and fluid related products. Cost and quality are key issues for bio-based lubricants as these products cost around 30% to 35% more than their mineral-oil counterparts.

Western Europe is the largest consumer of bio-based lubricants with an annual consumption of over 130,000 tons in 2010. Bio-based lubricants accounted for 3% to 4% of the total European lubricant demand while the same figure for the global scenario is close to 1.5%

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In terms of competition, the global market is moderately concentrated. Leading market participants include Exxon Mobil, Shell, British Petroleum, Chevron and Total. Together, these companies accounted for over 40% of the overall lubricant market. Almost all these companies have also been taking giant strides in the development and commercialization of lubricants derived from vegetable oils.

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