The global Bio-Lubricants Market size was valued at USD 2.33 Billion in 2016 and is projected to reach USD 3.36 Billion by 2022, at a CAGR of 6.4% during the forecast period, as per a report by MarketsandMarkets.
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How emerging applications of bio-lubricants presents more opportunities?
Emerging applications such as transformer oil and two- and four-cycle engine oils are expected to provide enormous opportunities in the future. This will be made possible with the development of antioxidants and additives to improve performance.
The transformer dielectric fluid is eco-friendly and enhances the performance and life of transformer parts. It increases the life of paper insulation by five-to-eight times, which minimizes the life cycle cost. The fluid also provides high resistance to fire due to a high ignition fire point. Building new power stations or upgrading existing ones due to the increasing demand for electricity will create more opportunities for bio-lubricants in transformer oil. Currently, the application of bio-lubricants as engine oil is very low. The efforts to find alternative vegetable oils and antioxidants to decrease the prices of bio-lubricants for engine oils and reduce the performance issues such as poor oxidative stability and pour point are expected to boost the demand for bio-lubricants in the automotive & transportation industry.
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Why uncertain crude oil prices remain a challenge?
The price of bio-lubricants is already much higher than that of mineral-oil-based products. The declining prices of crude oil can restrict the market growth. Crude oil prices are expected to remain below USD 100 per barrel until 2020. Therefore, decreasing crude oil prices will act as a challenge to the bio-lubricants market growth in the future. The countries with weak environmental regulations will continue to use mineral oil-based lubricants due to their lower costs. If the crude oil prices increase, the bio-lubricants manufacturers have to strategize themselves to deal with it.
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