The global biolubricants market is expected to
reach USD 2.92 billion by 2024, according to a new report by Grand View
Research, Inc. Increasing passenger car sales in emerging economies is one of
the major drivers of industry expansion in recent years. The favorable
regulatory framework is expected to encourage the production & consumption
of bio-based lubricants over the forecast period. The U.S. EPA has implemented
regulations that require all marine vessels to obtain the mandatory Vessel
General Permit (VGP) for plying in the U.S. waters & also utilize
environment-friendly, acceptable lubricants in all oil-to-sea interfaces.
Various environmental issues associated
with conventional lubricants are driving the demand for vegetable &
plant-based lubricants. The product segment is anticipated to benefit from the
growing demand from industrial & transportation sectors in developed regions.
Vegetable oil was the leading raw material
used for biolubricants with a commanding share of 88.1% in 2015. They are also
expected to witness the highest growth of 7.6% over the forecast period.
Access Research Report of Biolubricants Market@ http://www.grandviewresearch.com/industry-analysis/biolubricants-industry
Further key findings from the report suggest:
· The global biolubricants market demand was
estimated at over 630 kilo tons in 2015 and is expected to reach 1,115 kilo
tons by 2024, growing at 6.9% CAGR from 2016 to 2024
· Increasing cost competitiveness of advanced
biolubricants, specifically on account of high crude oil prices in the future,
is a significant factor driving their demand in automotive applications
· As of 2015, automotive engine oils were the
leading application segment with demand estimated at nearly 200 kilo tons.
Developments resulting in better oxidation resistance of vegetable oils and
improved functionality are expected to drive the segment growth
· North America was the largest consumer and
generated revenue worth USD 742.5 million in 2015. The region is
technologically mature compared to others such as Asia Pacific, Latin America,
and the Middle East.
· Regulations have played a huge role in
shaping the consumer base for bio-based products in the U.S. Currently, the
U.S. accounts for nearly 80% of the North American market in terms of volume.
· The industry is consolidated among major
players such as Total S.A., Chevron, British Petroleum, ExxonMobil, and UBL.
Versatile supply chain and presence across different regions are expected to
drive competitiveness.
· Other significant players such as Emery
Oleochemicals, Castrol, Binol Bio Lubricants, Kluber International, Petronas
Lubricant International, Solution Biogen Sdn Bhd., and Albermarle are actively
investing in R&D efforts to develop unique & durable biolubricants
Grand View Research has segmented the
biolubricants market on the basis of raw material, application and region:
Global Biolubricants Raw Material Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Vegetable Oil
·
Animal Oil
Global Biolubricants Application Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Automotive
o
Automotive Engine Oils
o
Gear Oils
o
Hydraulic Oils
o
Transmission Fluids
o
Greases
o
Chainsaw Oils
o
Others
·
Industrial
o
Process Oils
o
Demolding Oils
o
Industrial Gear Oils
o
Industrial Greases
o
Metal Working Fluids
o
Others
Global Biolubricants End-Use Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Industrial
·
Commercial Transportation
·
Consumer Automotive
Global Biolubricants Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
North America
o
U.S.
·
Europe
o
Germany
o
France
o
Italy
o
UK
·
Asia Pacific
o
Japan
o
China
o
India
o
Southeast Asia
·
Central & South America
o
Brazil
·
Middle East & Africa
About
Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, 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 healthcare.
