“Global biolubricants market projected to record a CAGR of 6.3%”
The biolubricants market size is estimated to reach USD 3.15 billion by 2021 at a CAGR of 6.3% between 2016 and 2021. Environmental regulations, increasing production of vegetable oils, and emerging applications of biolubricants are some of the drivers of market.
“Hydraulic Fluids - Fastest-growing market for biolubricants”
Hydraulic fluids application accounted for the largest share in terms of value, in 2015. The segment is also projected to witness the highest CAGR during the forecast period. Hydraulic fluids are used in moving mechanical parts, cylinders in bridges and locks, elevator, and other fluids.
In the U.S. and Canada, more than 75% of the elevators work on the principle of hydraulic fluids, which has the substantial market potential for biolubricants. Modified variant of biolubricants are being developed which remain in liquid form even at low temperature with high oxidative stability. These lubricants have long lifespan and are, therefore, expected to have increasing use in low temperature applications. This is driving the market for hydraulic fluids application segment.
“Commercial transport –Fastest-growing end use for biolubricants”
Commercial transport is projected to be the fastest-growing end-use segment of biolubricants. It consumes lubricants on a large scale. Lubricants are utilized in heavy vehicles such as lorries, buses, agricultural machines, and marine transport. The marine industry is a major driving force for the commercial transport segment due to concerns about safe disposal of lubricants into the marine ecosystem. Various regulations are in place to ensure the use of biodegradable lubricants in the marine industry.
North America to be the fastest-growing market for biolubricants
The market of biolubricants in North America is projected to record the highest CAGR during the forecast period. Vessel General Permit imposed by the U.S., EPA, and the new product launches for various applications by the leading manufacturers are expected to influence the biolubricants demand in North America during the forecast period.
The major oil refining companies, which are into conventional lubricants business, are supplying biodegradable lubricants for marine application. Apart from these companies, most of the suppliers are small companies focused only on biolubricants R&D. North America will benefit from the abundance of feed stock such as soybean in the U.S. and rapeseed in Canada.
The break-up of primary interviews is given below.
- By Company Type - Tier 1 – 65%, Tier 2 – 20%, and Others – 15%
- By Designation - C level – 60%, Director level – 15%, and Others – 25%
- By Region - North America – 30%, Europe – 30%, Asia-Pacific – 25%, and RoW- 15%
The key companies profiled in this report are as Exxon Mobil (U.S.), Royal Dutch Shell plc. (Netherlands), Fuchs Petrolub AG (Germany) (U.S.), Chevron Corporation (U.S.), BP plc (U.K.), Total S.A. (France), Emery Oleochemicals Group (Malaysia), Albemarle Corporation (U.S.), Binol Biolubricants (Sweden), Panolin AG (Switzerland)., Kluber Lubrication Munchen SE &Co., KG (Germany), and Rowe Mineralolwerk GMBH (Germany).
Reasons To Buy The Report
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the biolubricants market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and mergers & acquisitions.