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DUBLIN , Sept. 1, 2022 /PRNewswire/ -- The "Bio-Based Lubricants Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Bio-based lubricants are natural organic chemicals formulated with organic materials such as vegetable oil (sunflower oil, rapeseed oil, castor oil, and palm oil), animal fats, natural esters, and special additives. These components are environment-friendly, thus release no harmful chemicals on the environment, and are capable of meeting stringent government standards, specifically related to carbon emission, while maintaining high performance.
Bio-based lubricants also offer performance benefits such as prolonging the equipment life and reducing maintenance costs, friction, and energy consumption. Bio-based lubricants are highly preferred in sensitive environments such as forest, mining, marine, wind power, and construction equipment where there is a high chance of oil spill and oil mist which can potentially harm aquatic life and human health.
The increasing concern for environmental protection, carbon footprint, and sustainable development has contributed to the strict regulations to use bio-based lubricants. The U.S. Environmental Protection Agency (EPA), EU Ecolabel, and IMO are the regulatory bodies that monitor and implement stringent regulations regarding the discharge of oil spills in the ocean by the marine industry or provide a certified label that ensures the customer that the product is environment friendly. Therefore, with the rising focus of the government to reduce carbon footprint worldwide, companies across the industries (such as mining, construction, marine, wind power, and automotive) need to ensure that the lubricant products they are using must comply with the regulations set by the regulatory body and meet the performance standard, thereby augmenting the demand of the bio-based lubricants market.
The increasing automotive production, infrastructure development, and power industry is driving the bio-based lubricants market growth worldwide. This growth is creating a demand for bio-based lubricant products as these lubricants are primarily used in mining equipment ranging from large wheel loaders, mining trucks, wheel tractor scrapers, large dozers, underground mining loaders and mining, rock drills, and mining shovels which are used across above and below ground. Lubricants play a vital role in the smooth functioning of this equipment, continuous operation, and protection from dust, water, and breakdown. In addition, bio-based lubricants also reduce the health risk for employees and are gentle on the environment using protecting the aquatic life in case of spilled lubricants.
The major challenge faced in the bio-based lubricant market is its availability at a high cost, especially in the emerging economies of India , where people are price sensitive. The high cost of bio-based lubricants is attributed to their production process. It is produced using several chemical modification processes, including transesterification, epoxidation, and esterification reactions which increases the overall cost of the product.
Similarly, the lack of lubricating properties is also a hurdle to the growth of the global bio-based lubricants market. Bio-based lubricants fail to provide crucial physical properties such as thermal stability, oxidative stability, and viscosity range. Also, it does not perform well in cold processing facilities, giving an edge to petroleum-based lubricants over vegetable oil-based ones. These properties play a vital role in ensuring the smooth functioning of the vehicle while protecting the machine from friction and corrosion and ensuring the machine functions at high temperatures without any damage.
Biodegradable synthetic is expected to dominate the industry during the forecast period. Since the 1950s, synthetic esters have been used to produce lubricants. Presently, manufacturers prefer synthetic esters over vegetable oil to produce bio-based lubricants because it offers enhanced benefits compared to vegetable oil and is abundantly available in nature as compared to vegetable oil.
Synthetic esters are primarily preferred for those applications that require frequent lubricant changes, such as hydraulic fluid, engine oil, and stern tube-thruster fluid. TotalEnergies, Fuchs, and Condat are some companies offering lubricants based on synthetic esters.
Hydraulic fluid is the largest segment amongst others in the bio-based lubricant market. The segment is expected to witness growth due to the rising demand for bio-based hydraulic fluid in agriculture & forest equipment and the mining industry.
The marine industry held the highest share in the bio-based lubricants market in 2021; however, the automotive industry is expected to lead the bio-based lubricants market during the forecast period. Over the years, the demand for bio-based lubricants in the marine industry has increased due to the rising regulation and to mitigate the issues caused by the oil spill.
A regulatory landscape highly characterizes the marine industry. The Vessel Grant Permit and IMO 2020 are the major regulations that promote biodegradable lubricants in marine vessels to reduce carbon emissions while protecting the equipment.
The competitive scenario in the global bio-based lubricants market is currently intensifying. The rapidly changing technological environment, the trend to reduce carbon footprint, and sustainability scenario can adversely affect vendors as customers expect continual innovations and upgrades. The market is moderately fragmented, with players providing bio-based lubricant products that are readily biodegradable, environmentally friendly, and highly functional.
The major companies operating in the global bio-based lubricants market are Castrol (UK), Fuchs (Germany ), Cortec Corporation (US), Renewable Lubricants (US), and Metalube (UK), Repsol (Spain ), and Kluber Lubrication (Germany ), among others. These companies continually compete for the leading position in the industry, with steady competition from local vendors and international players.
Key Questions Answered 1. How Big is the Bio-Based Lubricants Market? 2. What is the Growth Rate of the Bio-Based Lubricants Market? 3. Who Are the Key Vendors in the Global Bio-Based Lubricants Market? 4. What Are the Latest Trends in the Global Bio-Based Lubricants Market? 5. Which Region Holds the Largest Global Bio-Based Lubricants Market Share?
4 Scope & Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope of the Study
5 Report Assumptions & Caveats 5.1 Key Caveats 5.2 Currency Conversion 5.3 Market Derivation
6 Premium Insights 6.1 Global Bio-Based Lubricant Market 2021-2027 6.2 Synopsis
7 Market at a Glance 8 Introduction 8.1 Overview 8.2 Key Insights 8.3 Covid-19 Impact
9 Market Opportunities & Trends 9.1 Initiatives to Preserve Energy and Natural Resources 9.2 Accelerating Demand for Lubricants from Mining Industry 9.3 Increasing Importance of Bio-Based Lubricants in Automotive Industry
10 Market Growth Enablers 10.1 Rising Focus on Environmental Sustanability 10.2 Stringent Regulations to Promote Environmentally Acceptable Lubricants 10.3 Rise in Frequency of New Product Launches
11 Market Restraints 11.1 High Competition from Petroleum-Based Lubricants 11.2 High Cost & Poor Lubrication Properties of Bio-Based Lubricants
12 Market Landscape 12.1 Market Overview 12.2 Market Size & Forecast 12.3 Macroeconomic Factors Affecting Bio-Based Lubricants Market 12.4 Five Forces Analysis
13 Type 13.1 Market Snapshot & Growth Engine 13.2 Market Overview 13.3 Plant-Based 13.4 Biodegradable Synthetic
14 Application 14.1 Market Snapshot & Growth Engine 14.2 Market Overview 14.3 Hydraulic Oil 14.4 Chain Oil 14.5 Gear Oil 14.6 Metalworking Fluid 14.7 Others
15 End-user 15.1 Market Snapshot & Growth Engine 15.2 Market Overview 15.3 Marine 15.4 Mining 15.5 Agriculture & Forestry 15.6 Automotive 15.7 Others
16 Geography 16.1 Market Snapshot & Growth Engine 16.2 Geographic Overview
17 North America 17.1 Market Overview 17.2 Market Size & Forecast 17.3 Type 17.4 Application 17.5 End-user 17.6 Key Countries
18 Latin America 18.1 Market Overview 18.2 Market Size & Forecast 18.3 Type 18.4 Application 18.5 End-user 18.6 Key Countries
19 Middle East & Africa 19.1 Market Overview 19.2 Market Size & Forecast 19.3 Type 19.4 Application 19.5 End-user 19.6 Key Countries
20 Apac 20.1 Market Overview 20.2 Market Size & Forecast 20.3 Type 20.4 Application 20.5 End-user 20.6 Key Countries
21 Europe 21.1 Market Overview 21.2 Market Size & Forecast 21.3 Type 21.4 Application 21.5 End-user 21.6 Key Countries
23 Key Company Profiles 23.1 Castrol 23.2 Fuchs 23.3 Renewable Lubricants 23.4 Totalenergies
24 Other Prominent Vendors 24.1 Addinol 24.2 Cortec Corporation 24.3 Condat 24.4 Dubois Chemicals 24.5 Exxon Mobil Corporation 24.6 Environmental Lubricants Manufacturing 24.7 Haynes Lubricants 24.8 Kluber Lubrication 24.9 Lubriplate Lubricants Company 24.10 Metalube 24.11 Panolin AG 24.12 Repsol 24.13 Vickers Oil
25 Report Summary 25.1 Key Takeaways 25.2 Strategic Recommendations
26 Quantitative Summary 26.1 Market by Type 26.2 Market by Application 26.3 Market by End-user
27 Geography 27.1 North America 27.2 Europe 27.3 Apac 27.4 Latin America 27.5 Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/7n6497
Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com
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