Bio-based lubricants are produced from natural sources, such as vegetable oils, plant residues, and animals. The increased environmental concerns have led to the extensive use of bio-based lubricants as they are renewable and biodegradable in nature. Bio-based lubricants obtained from vegetable oils are preferred over those from animal fat owing to their much stable viscosity indexes, high flash points, high lubricity, and non-toxicity during disposal. Vegetable oils such as rapeseed oil, sunflower oil, corn, canola, soybean oil, and coconut oil are used extensively for production of these lubricants.
In 2015, world bio-based lubricants market generated a revenue of $1,924 million, which is expected to reach $2,799 million through 2022, registering a CAGR of 5.3% during 2016‐2022. Factors such as stringent government regulations on petroleum based lubricant, volatile crude oil prices, and tax incentives to the bio-based producers drive the market. However, higher prices of bio-lubricants as compared to other petroleum based oils is expected to hamper the growth.
The bio-based lubricants market is segmented on the basis of raw material, end-user industry, application, and geography. Based on the raw material, it is divided into lubricants produced from vegetable oils or animal sources. According to the end-user industry, the segmentation includes transportation and industrial. Bio-based lubricants have various applications such as hydraulic fluid, metal working fluids, greases, high performance oils, penetrating lubricants, food grade lubricants, and many others.
Geographically, the market is segmented across North America, Europe, Asia-Pacific, and LAMEA. Europe is the largest bio-based lubricants consumer due to the stringent government regulations against the use of conventional lubricants and ongoing R&D activities in this field.
Key market segments
The world bio-based lubricants market segmentation is illustrated below:
BY RAW MATERIAL
BY END-USER INDUSTRY
Other players that are active across the value chain of bio-based lubricants include:
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