BioLubricants Market Analysis By Raw Material (Vegetable oil, Animal oil), By Application (Automotive, Hydraulic, De-molding, Industrial gear, Metal working), By End Use (Industrial, Commercial transport) Expected to Reach USD 2,601.9 Million by 2020June 2014
The global market for bio-lubricants is expected to reach USD 2,601.9 million by 2020. Bio-lubricants are increasingly being preferred to their mineral counterparts due to desirable properties of biodegradability, constant viscosity, high flash point and lower emissions. In addition, increasing regulatory support towards the use of sustainable products is further expected to augment the demand for bio-lubricants over the forecast period. However, high cost of bio-lubricants in comparison to synthetic lubricants coupled with limited application scope is expected to be a major challenge for the market over the next six years.
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Further key findings from the study suggest:
Global bio-lubricant demand was 585.2 kilo tons in 2013 and is expected to reach 915.4 kilo tons by 2020, growing at a CAGR of 6.6% from 2014 to 2020.
Vegetable oils such as palm oil and castor oil were the largest consumed raw material for the manufacturing of bio-lubricants with combined demand exceeding 450 kilo tons in 2013.
Industrial processes were the largest end use consumers of bio-lubricants with market demand of 297.5 kilo tons in 2013. However, commercial transportation is expected to witness fastest growth at an estimated CAGR of 6.8% from 2014 to 2020 owing to favorable government regulations in major developed nations.
North America was the largest regional market for bio-lubricants with demand expected to reach 343.7 kilo tons by 2020 owing to government initiatives in the form of grants and incentive for the use of bio based products. In addition, Europe is also expected to be a significant regional market over the next six years following the implementation of "Ecolabel," a standard for lubricants (EEL) providing recommendation on policy related to bio-lubricants.
The bio-lubricant market is still in the development phase with numerous companies investing in R&D for the development of proprietary products and production process. The market is dominated by companies such as Shell, Exxon Mobil, Chevron and British Petroleum.
For the purpose of this study, Grand View Research has segmented the Global Bio-Lubricants market on the basis of raw material, application, end use and region:
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Bio-Lubricants Raw Material Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
Vegetable Oil
Animal Oil
Others
Bio-Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
Automotive Oil
Hydraulic Oil
Process Oil
De-molding Oil
Lubricating Greases
Chainsaw Oils
Compressor Oils
Turbine Oils
Industrial gear Oils
Working metal Oils
Bio-Lubricants End Use Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
Industrial Use
Commercial Transport
Consumer Automobile
Bio-Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD million, 2012 - 2020)
North America
Europe
Asia Pacific
RoW
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