Bio-Lubricants Market Trends 2019, Segmentation, SWOT Analysis, Opportunities and Forecast To 2022
Bio-lubricants Market – Market Overview
Bio-Lubricants, also called as bio-lubes, are produced from rapeseed oil, sunflower oil, animal fats, and others. They are gaining importance due to their bio-degradable, non-toxic, renewable, and environment-friendly nature. The demand for bio-Lubricants is increasing due to the stringent regulations on the use of conventional petroleum-based lubricants. The growth of Bio-Lubricants can be attributed to the hazardous environment effects of petroleum-based lubricants. Some of the stringent regulations on use of petroleum-based products by the US EPA and the EU is a major driver of the Bio-Lubricants Market. The major applications of bio-lubricants include greases, automotive engine oil, chainsaw oil, and others. High demand for fuel efficient automotive all across the globe is one of the major drivers of the market and is likely to remain so for the future. Apart from the automotive industry, the substitution of mineral oils by plant-based oils, which are used as vegetable oils in food & beverage and healthcare industry is expected to propel the market growth over the forecast period. However, the high cost of the Bio-Lubricants may have a negative impact on the market growth.
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Bio-lubricants Market- Competitive Landscape
The Global Bio-Lubricants Market is witnessing rapid growth primarily driven by growing demand from automotive industry. Total S.A., Exxon Mobil Corporation, Royal Dutch Shell Plc., Chevron Corporation, Albermarle Corporation, Emery Oleochemicals, Castrol Limited, and Quaker Chemical Corp. are the leading players in Global Bio-Lubricants Market. Some of the key developments observed in the market are adoption of the acquisition, merger, and expansion by players to strengthen their market position and meet the growing demand. Growing demand from automotive industry coupled with the continuous collaborations and agreements between manufacturers, distributers, and marketing firms are key factors for the growth of Bio-Lubricants in the global market. Considering these trends, the Global Bio-Lubricants Market is set to witness considerable competition over the forecast period of 2017-2023.
Industry/ Innovation/ Related News:
April 29, 2018- Exxon Mobil Corporation plans to purchase PT Federal Karyatama (FKT), one of the largest producers and marketers of motorcycle lubricants located in Indonesia. This acquisition is a strategic movement for expansion of business in the fastest emerging region of Asia Pacific. The acquisition is expected to be completed by the third quarter of 2018.
December 01, 2017- Exxon Mobil Corporation announced to combine its refining and marketing operations into a single company named ExxonMobil Fuels & Lubricants Company, in 2018. The company expects to achieve improved decision making and enhanced performance in the market.
May 16, 2017- RSC Bio Solutions, one of the global players of environmentally acceptable lubricants and cleaners, launched RSC EnviroLogic Grease 2 WREP, which is formulated to meet the performance of conventional and biodegradable greases in applications where water resistance is integral to the performance of the equipment. The product offers exceptional water spray off performance, extreme pressure and anti-wear performance, and broad operating temperature range.
May 02, 2017- Emery Oleochemicals announced its exhibition and technical presentations at the STLE 72nd Annual Meeting held in Atlanta, Georgia on 21-25 May 2017. The company will showcase its portfolio of DEHYLUB standard and complex esters and EMEROX diacid corrosion inhibitors. The DEHYLUB products provide optimum balance of lubricity, stability and film strength to combat friction, whereas the EMEROX offers excellent ferrous rust control for water-based fluids.
December 15, 2016- Chevron Products Company, invested in Novvi, a producer of bio-based lubricants. The company, Novvi LLC is a joint venture of Amyris, Inc., American Refining Group, Inc., Chevron USA. Inc., Cosan S.A. Industria e Comercio, and Hansen & Rosenthal Group.
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