San Francisco, CA -- (SBWIRE) -- 06/23/2014 -- The global market for bio-lubricants is expected to reach USD 2,601.9 million by 2020, according to a new study by Grand View Research, Inc. Bio-lubricants are increasingly being preferred to their mineral counterparts due to desirable properties of biodegradability, constant viscosity, high flash point and lower emissions. In addition, increasing regulatory support towards the use of sustainable products is further expected to augment the demand for bio-lubricants over the forecast period. However, high cost of bio-lubricants in comparison to synthetic lubricants coupled with limited application scope is expected to be a major challenge for the market over the next six years.
Automotive oils were the largest application segment for bio-based lubricants with demand exceeding 150.0 kilo tons in 2013. Increasing preference for bio based products in automobiles, particularly in developed economies of North America and Europe is expected to be a key driver for increasing demand in the segment.
The report “Bio-Lubricants Market Analysis By Raw material (Vegetable oil, Animal oil), By Application (Automotive, Hydraulic, Process, De-molding, Lubricating, Chainsaw, Compressor, Turbine, Industrial gear, Metal working), By End Use (Industrial, Commercial transport, Consumer Automotive) And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/biolubricants-industry
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Further key findings from the study suggest:
- Global bio-lubricant demand was 585.2 kilo tons in 2013 and is expected to reach 915.4 kilo tons by 2020, growing at a CAGR of 6.6% from 2014 to 2020.
- Vegetable oils such as palm oil and castor oil were the largest consumed raw material for the manufacturing of bio-lubricants with combined demand exceeding 450 kilo tons in 2013.
- Industrial processes were the largest end use consumers of bio-lubricants with market demand of 297.5 kilo tons in 2013. However, commercial transportation is expected to witness fastest growth at an estimated CAGR of 6.8% from 2014 to 2020 owing to favorable government regulations in major developed nations.
- North America was the largest regional market for bio-lubricants with demand expected to reach 343.7 kilo tons by 2020 owing to government initiatives in the form of grants and incentive for the use of bio based products. In addition, Europe is also expected to be a significant regional market over the next six years following the implementation of “Ecolabel,” a standard for lubricants (EEL) providing recommendation on policy related to bio-lubricants.
- The bio-lubricant market is still in the development phase with numerous companies investing in R&D for the development of proprietary products and production process. The market is dominated by companies such as Shell, Exxon Mobil, Chevron and British Petroleum.
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For the purpose of this study, Grand View Research has segmented the Global Bio-Lubricants market on the basis of raw material, application, end use and region:
- Bio-Lubricants Raw Material Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
- Vegetable Oil
- Animal Oil
- Bio-Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
- Automotive Oil
- Hydraulic Oil
- Process Oil
- De-molding Oil
- Lubricating Greases
- Chainsaw Oils
- Compressor Oils
- Turbine Oils
- Industrial gear Oils
- Working metal Oils
- Bio-Lubricants End Use Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
- Industrial Use
- Commercial Transport
- Consumer Automobile
- Bio-Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/.
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