Growing automotive industry is likely to propel the automotive oils market which in turn expected to drive the bio-based lubricant market over the forecast period. Hydraulic oils are used in heavy earth moving equipment including forklifts and excavators. Growing hydraulic oils demand on account of increasing unearthing activity is expected to drive the market over the foreseeable period. Hydraulic oils also find application in aircraft system to help it to perform various functions easily. Increasing use of aircraft is further likely to fuel in market growth over the next six years. Process oils are used in various industries including chemicals and technical. Rising process oils demand in chemical industry is projected to drive the global bio-based lubricants market in near future.
Bio-based lubricants posse’s properties including low maintenance, biodegradable, reduced emission, constant viscosity, reduce pollution, and high flash point. Due to its wide range of properties, bio-based lubricants also find application in compressor oils,
industrial oils, and turbine oils.
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Industrial oil is used in industries including aerospace, automotive, and energy. Growing need of industrial oil in major end-use industries is anticipated to have positive impact on global bio-lubricants market over the forecast period. Rising environmental concern coupled with increasing consumer awareness regarding bio-based products is likely to offer an immense opportunity to the market participants over the foreseeable period. Turbine oils are the major application segment of bio-lubricant oils. Increasing turbine oil demand in hydro-energy plant is expected to have positive impact on bio-based lubricants market over the next six years.
Bio-lubricants are derived from vegetable and animal oils. Vegetable oils are the major source of producing bio-lubricants oils. Restriction over use of synthetic lubricants is further expected to drive the global bio-lubricants market over the next six years. However, high extraction cost coupled with compromised performance is expected to restrain the market growth over the foreseeable period. Bio-based lubricants are far superior to petroleum based oils as they provide better lubrication, less smoke, low risk of fire, better performance, and better thin film strength. This advantageous factor is likely to fuel in market growth over the next six years.
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North America was the leading bio-lubricants market, and is expected to rule the market over the next six years. Stringent government regulation over the use of synthetic products in U.S. is expected to be the major factor driving the bio-based lubricants market in near future. Europe was the second leading bio-lubricants market. Growing automotive industry in Europe is likely to compel the market growth in this region. Increasing environmental concern coupled with restriction over use of synthetic products is further projected to drive the bio-lubricants market in Europe.
Asia Pacific market is expected to experience high growth over the forecast period. Increasing unearthing activity owing to growing building & construction market in emerging economy of India and China is anticipated to have positive impact on bio-lubricants market in Asia Pacific. Growing automotive industry in China is further expected to drive the bio-based lubricants market over the next six years. Bio-based lubricants find application in commercial transportation as heavy duty motor oil and gear oil. Increasing bio-lubricants consumption in transportation vehicle in Middle East and Africa is expected to be the major factor driving market in this region.
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Global bio-lubricants or bio-lubes market is highly dominated by the top players. Bio-based products are getting popularity and support from regulatory bodies. This trend is expected to create an opportunity for the new entrants as well as existing players in the market. Some key players operating in the global bio-lubricant oils market include Chevron, ExxonMobil, UBL, Shell, and Total S.A.
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