The Global Bio Base Oils Market is expected to grow at a high CAGR of 5.1% during the forecasting period (2022-2029).
Asian robust demand growth, particularly in the industrial sector, will drive basic oil growth, and demand in the industrial sector is expected to grow significantly
Automotive manufacturers are focused on meeting the requirements of the engine and emission system and, therefore, carefully balance formulation of specifically selected base oil and advanced additives. Viscosity index improvers play a major role in maximizing efficiency, durability, cleanliness, and engine
protection as components are becoming increasingly sophisticated.
In industrial lubricants application, viscosity index improvers are used in hydraulic fluids, industrial gear oils, and greases, as it provides enhanced thickening efficiency, improved viscosity index, and appropriate shear stability.
Both solid, as well as liquid viscosity modifiers, are used in this application
High cost of raw materials
Plant-Based Oils are composed of triglycerides derived from plants. Though various plant parts may yield oil, for commercial practices, Plant-Based Oil is essentially derived from the seeds. The costs associated with its manufacturing are heavily dependent on the raw material availability, the type of raw material, the strict measures and methods used for extraction, and the intended use of the extracted Plant-Based Oil.
Also, the biofuel guidelines have resulted in a lack of accessibility of soybean and rapeseed oils in the US and Europe for food and other industrial applications.
The consequential high prices of these prime sources of Plant-Based Oils have resulted in working capital shortages and act as a restraint for global market growth. For instance, the rise in prices of vegetables, the main source for Plant-Based Oils and fats, had a major impact. In addition, crop damage in countries like Australia, Russia, and countries in South America in recent years increased the vegetable prices by almost 50%, which affected the production of Plant-Based Oils, resulting in higher prices.
Similarly, the low harvesting of olive plants in Spain in 2013 increased the olive prices significantly in 2014, resulting in low production of olive oil in that year. Adverse weather conditions negatively affect olive production in Spain as it is the largest olive-producing country in the world
The global Plant-Based Oils market value was valued at USD XX million in 2019 and is expected to reach USD XX million by 2027, growing at a CAGR of XX% during the forecast period 2021 to 2028.
The application of plant oils and animal fats for industrial purposes, specifically as lubricants, has been in practice for many years.
Environmental and economic reasons lead to the utilization of plant oils and animal fats, or used oils and fats after their appropriate chemical modification.
Plant oil-based lubricants and derivatives have excellent lubricity and biodegradability, for which they are being investigated as a base stock for lubricants and functional fluids.
The most widely used vegetable oils in the lubricant sector are our monounsaturated oils, which combine good stability to oxidation and thermal degradation with liquidity at lower temperatures. For some higher temperature applications, lauric oils such as coconut or palm kernel may be used for optimal stability.
Lauric oils refer to those oils containing a high proportion of lauric acid, a C12 saturated fatty acid. The most important lauric oils are coconut and palm kernel oil. The presence of the C12 fatty chains is unique to these oils and gives them special properties and characteristics.
In particular, they are important raw materials for surfactants (surface-active agents) and soaps, used in many household detergents, cleaning, and personal care products. Lauric oils are also used in lubricant applications, such as rolling oils and metal-working fluids, where their excellent thermal and oxidative stability, as well as low volatility, is valued
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