Lubricants Market: Competitive Market with Few Major Contributors of the Lubricants Market.
Global Biolubricants Market
Lubricants are used in heavy machinery and transportation. The major application includes chainsaw bars, two-stroke engines, railroad flanges, and dust suppressants among others. These lubricants are renewable & biodegradable and do not persist in the environment for a longer period.
Stringent environmental regulations coupled with the growing demand for greener alternatives will boost the market for Bio-Lubricants market in the world
Lubricants are an essential part of any moving or rotating machinery. Moreover, the applications of lubricants are countless, which are used in various industries such as construction, transportation, industrial, marine, and so on. The impact of these products is profoundly harmful to the ecosystem since approximately 50% of all lubricants used worldwide inevitably end up in the environment. This happens through a total loss of lubrication, accidental release or spills, and many other reasons. Thus, North America and Europe implemented strict regulations on petroleum-based lubricants. They have strict regulations, mandatory purchase requirements, and a substantial degree of self-regulation through business leadership and trade associations. Implementation of comprehensive eco-labeling programs also contributed to a fast recognition and acceptance of bio-lubricants. The EU Ecolabel is the primary pan-European green label used to define bio-lubricants across Europe, and by extension, become a reference point for customers in Asia, America, and the rest of the world. The two specific aims of the EU Ecolabel are to limit the harm caused to the water and soil environment through product use, and reduction of CO2 emissions to the atmosphere. The US EPA 2013 Vessel General Permit (VGP) introduced by the US Environmental Protection Agency is the most significant regulation specific to the marine industry. According to the US EPA, 2013 VGP vessels are required to use environmentally acceptable lubricants in all oil-to-sea interfaces.
Increased end-user applications will drive the global market for Bio-Lubricants
The demand for bio-lubricants is driven by the application of end-products in various industries such as industrial, automotive, marine, transportation, steel, construction, and mining. The bio-lubricants are utilized in an increasing number of industrial fluids such as hydraulic oils, chainsaw oils, spindle oils, metalworking fluids, industrial gear oils, and greases. Most lubricants are discharged into the environment after use. Thus, the industry focus is shifting towards bio-based lubricants which are eco-friendly, and provide better equipment service life and surface finish compared to petroleum-based lubricants. The industries require lubricants that possess excellent lubricity, reduce downtime, reduce energy consumption, improve environmental conditions, increase tool life, and boost operational efficiency. Bio-lubricants fulfill such criteria made mandatory for the production and manufacturing sector, further driving the growth of the market.
Asia-Pacific Biolubricants Market will grow at a higher pace during the forecast period
DMI segments the Global Biolubricants Market into – North America, South America, Europe, Asia-Pacific (APAC), and the Middle East and Africa.
Asia-Pacific is the fastest growing segment owing to environment-friendly industrialization measures undertaken by private and public companies to reduce marine pollution. China is expected to be the major contributor to the growth factor with the demand for bio-lubricants driven by increasing vehicular ownerships and the growth of the automotive sector. The demand for bio-lubricants is driven by the growing automotive sector, along with heavy engineering machinery, traditional steelmaking, mining, and construction industries. The higher prices of bio-lubricants compared to conventional lubricants and the lack of sufficient government support in the form of tax incentives and legislation deter market growth. The principal market players present in the region include BP PLC., Chevron Corporation, Exxon Mobil Corporation, Emery Oleochemicals, Panolin AG, and Total SA.
Competitive Market with Few Major Contributors
The industry is currently in a nascent stage of development, yet highly consolidated with the majority share held by top companies that include Total S.A., Shell, ExxonMobil, Chevron & British Petroleum. Major oil refining companies, which are traditionally involved in conventional lubricants production are increasingly supplying biodegradable lubricants for transportation applications. Apart from the companies mentioned above, most of the suppliers are small companies focused only on bio-lubricants R&D. The market includes several other participants such as Cargill Inc., Fuchs Petrolub AG, Emery Oleochemicals, and Lukoil PJSC. With the entry of new industry players in the Bio Lubricant Market, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment.
Biolubricants Market Taxonomy:
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