Global Biolubricant Market 2015-2019
The term biolubricants refers to all lubricants that are nontoxic as well as biodegradable. The rapid depletion of crude oil reserves and issues related to energy conservation and environmental protection have put an emphasis on the development of renewable, biodegradable, and environmentally friendly industrial fluids, such as biolubricants. Biolubricants have a minimum impact on human health and aquatic environment. Lubricants are a key element for industrial and transport applications and more than 95% of the lubricants market is dominated by the low-cost mineral oils. Around 30% of these mineral-based lubricants inevitably end up in the ecosystem and are harmful for environment. Hence, biolubricants being biodegradable are preferred over mineral-based lubricants in terms of environmental safety.
TechNavio's analysts forecast the global biolubricants market to grow at a CAGR of 6.3% over the period 2014-2019.
Covered in this Report
The global biolubricants market is segmented into two divisions based on end-use: automotive and transportation and industrial and commercial. On the basis of raw materials used to manufacture the biolubricants, the market is divided into two divisions: vegetable oil and animal oil.
TechNavio's report, Global Biolubricants Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.Key Regions
Technavio Announces the Publication of its Research Report – Global Biolubricants Market 2015-2019
Technavio recognizes the following companies as the key players in the global biolubricants market: BP plc, Cargill Inc., China National Petroleum Corp. (CNPC), Exxon Mobil Corp. and Royal Dutch Shell plc
Other Prominent Vendors in the market are: Chevron, Fuchs Petrolube SE, Total and United Bio Lube
Commenting on the report, an analyst from Technavio’s team said: “Development of environmentally friendly lubricants is one of the key trends emerging in the market. The European and North American governments are focusing on environmentally friendly lubricants, which have minimal impact on the environment during production, use, and disposal. Therefore, vendors are manufacturing biodegradable lubricants and focusing on bioaccumulation and eco-toxicity to reduce adverse effects on the environment.”
According to the report, increased end-user applications is one of the major drivers of the market. Biolubricants can be utilized in many industrial applications: hydraulic oil, chain saw oil, spindle oil, metalworking fluids, industrial gear oils, and greases. The improved lubricity provides better equipment service life and surface finish than petroleum-based lubricants.
Further, the report states that high cost of lubricants is primarily hindering the market growth. The complex manufacturing process of biolubricants and the inability of agriculture to support large-scale production act as a market deterrent. In recent years, a number of vendors have increased the prices of their biolubricant products, which is affecting the growth of the market.
BP plc, Cargill Inc, China National Petroleum Corp (CNPC), Exxon Mobil Corp, Royal Dutch Shell plc, Chevron, Fuchs Petrolube SE, Total and United Bio Lube