The global market for polyolesters for bio based lubricants is anticipated to boost the market during the forecast period of 2015 to 2023 due to its high solvency and adaptability of dispersibility. According to a report by Transparency Market Research, polyolester lubricants are likely to have a significant growth in the market due to demand of lubricant oils that can work under different temperatures. The steady growth of bio based lubricants and lubricant additive market is likely to witness entry of new players in the global market. Some of the leading companies in the market are Lumar Quimica, Dowpol Corporation, Custom Synthesis, A&A Fratelli Parodi Spa, Kuala Lampur Kepong Berhad, Oleon NV, Emery Oleochemichals, Croda International Plc, NOF CORPORATION, Ecogreen Oleochemichals, and Peter Greven GmbH & Co. KG.,
The global market for polyolesters for bio based lubricants was valued US$412.9 mn and is expected to value worth US$735.9 mn by 2023 with a rising CAGR of 6.7%. Among polyolester lubricants in product segment, Trimethylolpropanes is expected to rise at a CAGR of 7.9% compared to other polyolesters. Europe is the leading region among all other regions. It held 40% of share during 2014 and is expected to lead the market.
Shift to Bio Based Oils will Boost Market Growth of Polyolesters
Polyolesters are benefiting due to implementation of tough norms regarding the emissions of harmful pollutants in the air. Due to its characteristics of being bio based, it is in demand in the market.
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Several end users are shifting their preference to polyolesters for bio based lubricants and lubricant additive due to the rising concern about the hazardous impacts of petroleum based lubricants. The market will be rising significantly due to population’s concern to restore the environment by combating stringent emission norms causing global warming.
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Government regulating framework for usage of lubricants and other fluids is likely to boost the market. The global aviation sector will fuel the market for polyolesters lubricants during the forecast period. The entrance of new players in the market is also likely to bring a significant change in the market. Polyolesters are used in a variety of oils such as refrigerant oil, transformer oil, industrial greases, industrial gears, automotive lubricants, compressor oil, metalworking oil, and aviation oil thus, increasing its demand in the different industries in the market.
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High Price of Lubricants to Hamper the Growth of Market
The lack of government support in some emerging regions are likely to hamper the growth of the market. This might affect the usage of industrial products that are environmentally viable. Bio based additives and lubricants are high in price which will hamstrung the global polyolesters market growth for bio based lubricants and lubricant additives. Due to this restrain, the market will be suffering the most in the developing regions. Conventional lubricants are used on a large scale in the developing economies thus the shift to polyolester lubricants is hard. The lack in efforts to change the scenario by government is the major restrain in the growth of polyolesters market growth.
The information in this review is based on the findings of a report by Transparency Market Research, titled “Polyolesters for Bio-based Lubricants and Lubricant Additives Market (Product – Neopentyl Glycols, Trimethylolpropanes, Pentaerythritols, and Dipentaerythritols; Application – Automotive Lubricants, Aviation Oil, Refrigerant Oil, Metalworking Oil, Compressor Oil, Biodegradable and Fire-resistant Hydraulic Fluids, Industrial Gear, Transformer Oil, and Greases) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”