The Global Market for Biolubricants is Projected to Reach US$2.9 Billion by 2022
Stringent Regulations and Growing
Environmental Awareness Drive the Global Biolubricants Market, According to a New
Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Biolubricants markets. The
global market for Biolubricants is projected to projected to reach US$2.9
billion by 2022, driven by stringent emission control regulations, rising focus
on clean and efficient lubricants, and growing demand from automotive and
industrial end-use markets.
Biodegradable
lubricants are generally based on vegetable oils, which constitute about 90% of
the biolubricant product. Bio-based lubricants represent a ‘greener’
alternative to the conventional polluting lubricating oils. Biolubricants are witnessing
strong market acceptance given the numerous benefits offered and the significant
progress made over the years in terms of attributes such as biodegradability,
lubricity, viscosity indices, better anticorrosion properties and relatively
lower flammability, toxicity and volatility. The growth in the market is
primarily driven by rising applications in construction and earth moving
machinery, snow-track and snowmobiles maintenance machinery, agricultural
machinery, ski jets, railway gears, push tugs, commercial elevators, water
treatment, reservoirs, sewage plant, landfill operations, rock-drill, and
motorboats, among others, where throw-off and leakage during normal usage is
common.
Hydraulic oils are finding increased acceptance.
Growing environmental awareness has been pressurizing lubricant manufacturers to
develop new environment friendly products. Akin to mineral oils based products,
biodegradable hydraulic fluids provide viscosity, lubricity, oxidative and
thermal stability, seal compatibility, are non-corrosive, and flow at cold and
hot temperatures. Another factor promoting growth is the rising popularity of
biodegradable lubes in machinery operating in locations where there is a major
risk of water or soil contamination due to lubricant leakage. Strong support
from regulatory agencies such as EPA in the U.S. and REACH in the EU is also
expected to spur market growth in the coming years. Favorable macro factors
such as government regulations, legislations and incentives, volatile petroleum
prices, depleting oil stocks and renewability of biolubes are expected to play
a prominent role in the market’s growth over the long term. Other drivers
poised to benefit market prospects include improved availability of bio
products, rising consumer awareness, technology improvements, biotechnology
innovations, and increasing acceptance by OEM. Despite the opportunities for growth,
the market will face challenges posed by higher costs, absence of a global
classification system, and huge installed base of legacy machinery and
equipment designed to work with conventional lube oils.
As
stated by the new market research report on Biolubricants Europe represents the largest
market worldwide, followed by the United States. Asia-Pacific ranks as the
fastest growing market with a CAGR of 9% over the analysis period, led by growing automobile production
and sales, huge industrial base, lower levels of biolubes penetration due to
lack of awareness, mass exodus of manufacturing and production bases to low
cost destinations such as China, India, Vietnam, Taiwan, and Indonesia, and
stringent government regulations to control industrial and automotive emissions.
Key
players covered in the report include BP Plc, Cargill, Incorporated, Chevron
Corporation, Emery Oleochemicals Group, Eurol B.V., ExxonMobil Corporation,
FUCHS PETROLUB SE, HollyFrontier Corporation, Millers Oils Ltd., NuPro
Industries Corporation, Panolin AG, Renewable Lubricants™, Inc., Royal Dutch
Shell plc, Total S.A., and Valvoline Inc. among others.
The research report titled "Biolubricants:
A Global Strategic Business Report" announced by Global
Industry Analysts Inc., provides a comprehensive review of market trends,
growth drivers, product launches, and strategic industry activities of major
companies worldwide. The report provides market estimates and projections in
terms of value and volume for all major geographic markets including North
America (US, and Canada), Europe (France, Germany, Italy, UK, and Rest of
Europe), Asia-Pacific, and Rest of World. Product segments analyzed for the
North American market include Bio 2 Cycle Engine Oils, Chainsaw Oils, Concrete
Release Agents, Gear Oils, Greases, Hydraulic Fluids, and Metal Working Fluids.
Segments analyzed for the European market include Chainsaw Oils, Concrete
Release Agents, Hydraulic Fluids, and Niche Oils (Cutting Oils, Greases,
Two-stroke Engine Oils, and Others).
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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