Bio-based lubricants are used in heavy machineries where total loss of lubricants into environment is more. Major application of bio-based lubricant includes two-stroke engine and dust suppressants. Bio-based lubricants are excellent alternatives to petroleum based lubricants. Biolubricants are biodegradable and do not persist in the environment for a longer period of time.
Rising demand for biolubricants, owing to changing price of crude oil is factor expected to propel growth of the global biolubricant market over the forecast period. In addition, growing demand for biolubricant across the globe, owing to stringent government regulations on the use of petroleum based lubricants is another factor expected to boost growth of the market in near future.
However, relatively higher costs of biolubricants as compared to its counterparts is a major factor expected to hamper growth of the target market in the near future.
The global biolubricant market has been segmented on basis of on the basis of base oil type, application, end use, and region. On the basis of, base oil type the target market is segmented into vegetable oils, and animal fats. Vegetable oils segment dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period, owing to its use in multiple end-use applications across the globe. on the basis of application global biolubricant market is segmented into hydraulic fluids, chainsaw oils, metalworking fluids, mold release agents, gear oils, two-cycle engine oils, and greases. On the basis of end use segment, the global biolubricant market is sub segmented into industrial, commercial transport, consumer automobile.
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Based upon region global biolubricant market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The market in Europe is accounted for the highest share in terms of revenue, owing to increasing adoption biolubricants due to rising consumption of biodegradable products in the region. The markets in Asia Pacific is expected to register significant growth in terms of revenue, owing to increasing adoption bio based lubricant for various research and development applications in the region over the forecast period.
Key players operating in the global biolubricant market include Total S.A, Royal Dutch Shell Plc, Exxon Mobil Corporation, Chevron Corporation, BP Plc., Albemarle Corporation, Klüber Lubrication München Se & Co. KG, Polnox Corporation, Renewable Lubricants Inc., and Emery Oleochemicals GmbH.