Global Bio Based Lubricants Market: Overview
The increasing depletion of crude oil resources and the increasing awareness about their environmental implications have led to the development of environment-friendly lubricants. This is because crude oil based lubricants have health implications and are also a cause of pollution that environment-friendly products are free of. Lubricants usually impact the environment at all stages from production to use to disposal and thus need to be non-toxic to humans either through inhalation or contact during production and use.
Bio based lubricants are mainly synthesized from vegetable oil and oilseeds. Bio based lubricants are mostly made of esters, which are either natural, oleo chemical, or complex. While natural esters are triglycerides of vegetable oils, oleo chemical esters of fatty acids are polyol esters and diesters and complex esters. These lubricating substances are synthesized from numerous cultures, usually rapeseed or sunflower, but can also be produced from exotic oils. Moreover, depending on the usage, fatty acids can also be derived from palm oil and coconut oil and these oils have distinguished properties in comparison to the oils that are commonly use, predominantly in terms of oxidation stability.
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The report is a complete study of current market trends, growth drivers, and restraints that will impact the growth of the global bio based lubricants market between 2014 and 2024. Using validated research tools and assumptions, the report presents market size estimates and competitive structure of the market until the end of the forecast period in 2024.
Global Bio Based Lubricants Market: Drivers and Restraints
The implementation of mandates for the usage of bio based lubricants and growth in end-user industries such as transportation, shipping are some of the major factors driving the global bio based lubricants market. The increasing use of bio based lubricants derived from renewable resources is also due to their low toxicity, high biodegradability, and environment-friendly nature. Due to the natural abundance and high lubricating properties of vegetable oils, they are increasingly finding application in hydraulic fluids, petroleum fuel additives, engine oils, and metalworking fluids. With increasing demand for vegetable oils, their production is also on the rise. For example, the annual production of vegetable oil increased from 55 million metric tons (MMT) in 1980 to 100 MMT by 2000 across the globe. It is projected to reach 200 MMT by 2024.
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However, factors such as fluctuations in mineral oil prices and the high cost of production of bio based lubricants are slowing the growth of this market. Nevertheless, rapid industrialization predominantly in emerging economies is expected to offer ample growth opportunities to the growth of this market.
Oil spills and fires that happen due to crude oil based lubricants can impact environmentally sensitive areas such as waterways, harbors, forests, construction sites, agriculture, and mining. Thus, increasing public response to prevent such situations the stipulation of norms that encourages the use of environment friendly lubricants are desirable. This has created an opportunity for the production of environmental friendly lubricants that are synthesized from natural esters such as vegetable oils.
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Major Companies Mentioned in Report
Some of the leading players in the global bio based lubricants market are United Bio Lube, Soyatech LLC, Renewable Lubricants Inc., and Nio-based Lubricants LLC among others. Each of the companies is profiled for their attributes of business position, recent developments, product portfolio and specification, and SWOTs.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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