“BioLubricants Market Analysis” – Automotive oils were the largest application segment for bio-based lubricants with demand exceeding 150.0 kilo tons in 2013. Increasing preference for bio based products in automobiles, particularly in developed economies of North America and Europe is expected to be a key driver for increasing demand in the segment. However, high cost of bio-lubricants in comparison to synthetic lubricants coupled with limited application scope is expected to be a major challenge for the market over the next six years.
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Further key findings from the study suggest:
Global bio-lubricant demand was 585.2 kilo tons in 2013 and is expected to reach 915.4 kilo tons by 2020, growing at a CAGR of 6.6% from 2014 to 2020.
Vegetable oils such as palm oil and castor oil were the largest consumed raw material for the manufacturing of bio-lubricants with combined demand exceeding 450 kilo tons in 2013.
Industrial processes were the largest end use consumers of bio-lubricants with market demand of 297.5 kilo tons in 2013. However, commercial transportation is expected to witness fastest growth at an estimated CAGR of 6.8% from 2014 to 2020 owing to favorable government regulations in major developed nations.
North America was the largest regional market for bio-lubricants with demand expected to reach 343.7 kilo tons by 2020 owing to government initiatives in the form of grants and incentive for the use of bio based products. In addition, Europe is also expected to be a significant regional market over the next six years following the implementation of “Ecolabel,” a standard for lubricants (EEL) providing recommendation on policy related to bio-lubricants.
The bio-lubricant market is still in the development phase with numerous companies investing in R&D for the development of proprietary products and production process. The market is dominated by companies such as Shell, Exxon Mobil, Chevron and British Petroleum.
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For the purpose of this study, Grand View Research has segmented the Global Bio-Lubricants market on the basis of raw material, application, end use and region:
Bio-Lubricants Raw Material Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 – 2020)
Bio-Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 – 2020)
Industrial gear Oils
Working metal Oils
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