Bio-Lubricant Market Worth 3.36 Billion USD by 2022
PUNE, India, March 20, 2018 /PRNewswire/ --
The report "Bio-Lubricants Market by Base Oil Type (Vegetable Oil, Animal Fat), Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents), End Use (Industrial, Commercial Transport, Consumer Automobile) - Global Forecast To 2022" published by MarketsandMarkets™, the Bio-Lubricants Market is expected to grow from an estimated USD 2.47 Billion in 2017 to reach USD 3.36 Billion by 2022, at a CAGR of 6.4% between 2017 and 2022. Increasing environmental regulations, such as the Vessel General Permit (VGP) and Ecolabels in developed markets, such as the US and European countries, and new and upcoming firms involved in the R&D of bio-lubricants are projected to drive the bio-lubricants market during the forecast period.
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Browse 212 market data Tables and 60 Figures spread through 207 Pages and in-depth TOC on "Bio-Lubricant Market"
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Hydraulic fluids - major application of bio-lubricants
The hydraulic fluids application accounted for the largest share of the market, in terms of value, in 2016. These are used in both, stationary and mobile equipment, such as hydraulic elevators, sweepers, garage trucks, forklifts, motor graders, and front-end loaders. High degree of biodegradability and low toxicity is essential for hydraulic fluids to be environmentally safe. Bio-lubricants as hydraulic fluids are preferred in areas where contamination can harm the environment. The demand for environment-friendly hydraulic fluids is driven by several stringent regulations in sensitive areas, such as marine and forests.
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Industrial segment - largest end-use segment of bio-lubricants
The industrial segment accounted for the largest share in terms of value, of the overall bio-lubricants market in 2016. A number of environmental legislations have been implemented in developed European countries, such as Germany, Italy, and Scandinavian countries, where awareness regarding environmental hazards of mineral oils is high. Increasing environmental awareness is causing a shift in consumption patterns to the use of bio-lubricants for industrial applications.
Commercial transport is projected to be the fastest-growing end-use segment of bio-lubricants during the forecast period. Concerns raised due to the disposal of mineral-based lubricants into the environment are leading to the higher demand in this sector. Approximately 20%-30% hydraulic fluids used in the commercial transport sector are released into the environment through leakages or hose ruptures.
North America and Europe accounted for approximately an 84% share of the bio-lubricants market in 2016
Europe is the prime consumer of bio-lubricants, globally, and accounted for the largest share of the bio-lubricants market in 2016. The bio-lubricants market in North America is projected to grow at the highest CAGR between 2017 and 2022, backed by stringent regulations, such as Vessel General Permit and BioPreferred Program. North America is expected to lead the bio-lubricants market by 2022, due to high investments by manufacturers for new product launches and the expansion of production capacities to increase market leadership.
The major players covered in the report are Fuchs (Germany), Panolin (Switzerland), Cargill (US), Total (France), BP (UK), ExxonMobil (US), Binol Lubricants (Sweden), Kluber Lubrication (Germany), Emery Oleochemicals (Malaysia), and Albemarle (US).
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