Bio-lubricants also was known as bio-lubes are the biodegradable and nontoxic lubricants. Bio-lubricants are generally produced using raw material like rapeseed oil, sunflower oil, palm oil, coconut oil, and animal fats.
The global Bio-Lubricants market was worth $XX million in 2017 and is forecasted to reach $XX million by 2025, growing at a CAGR of XX% during the forecast period (2018-2025).
The environmental impact of the application of lubricants in various industries with countries shifting focus towards greener alternatives which are eco-friendly, provide better equipment service life and surface finish compared to petroleum-based lubricants, boosting the market demand for bio-lubricants. The presence of stringent environmental regulations, such as the US EPA 2013 Vessel General Permit (VGP) introduced by the US Environmental Protection Agency, has made the use of environmentally acceptable lubricants in all oil-to-sea interfaces.
The high cost of bio-lubricants and lack of suitable additives are the two significant restraints of the global bio-lubricants market. The price of the bio-lubricants is double as compared with the conventional petroleum lubricants, owing to the high investments required to implement new technologies. The high cost of bio-lubricants along with lack of acceptance in underdeveloped countries may hamper the bio-lubricants market.
In May 2018, Chevron Corporation announced the commercial launch of its new range of commercial vehicle gear bio-lubricant across all European markets under the Texaco Delo brand.
Global Bio-Lubricants Market â Geographical Analysis
The global bio-lubricants market is segmented by geography into North America, South America, Europe, Asia-Pacific, and Rest of the World.
The bio-lubricants market in Germany holds a significant share in the global market scenario as successful implementation of Ecolabel regulations such as the Blue Angel has set high standards of product design for a more sustainable manufacturing process.
The regional companies focus on joint ventures and collaborations to strengthen market position. For instance, in January 2018, France-based Total S.A. announced a new partnership agreement with Temot International to strengthen its product offerings and expand the business network.
Global Bio-Lubricants Market â Competitive Analysis
The industry is currently in a nascent stage of development, yet highly consolidated with majority share held by top global companies.
The companies focus on strategic partnerships to expand business reach. For instance, in June 2017, Total S.A. announced a three-year strategic global partnership with NEXUS Automotive International, a leading international group of automotive and heavy-duty parts distributors, combining its expertise in the field of automotive industry.
- Vegetable Oil
- Animal Fats
- Gear Oils
- Chainsaw Oils
- Hydraulic Fluids
- Metalworking Fluids
- Mold Release Agents
- Two-Cycle Engine Oils