Bio-based lubricants, also known as bio-lubes or bio-lubricants, are a range of lubricants made from vegetable oils, like canola, rapeseed, sunflower, palm, coconut oil and soybean, as well as animal fat.
They are used to reduce friction between the surfaces of moving parts in any machinery or equipment to reduce heat generation. Bio-based lubricants are specially used in machinery with heavy loss of oil into the environment, total-loss lubricant systems, like two-stroke engines, railroad flanges, chainsaw bars, dust suppressants, and cables. Bio-based lubricants are also more preferred for machinery operated in environmentally sensitive areas, such as in and around water bodies.
Owing to their significantly low environmental footprint, zero toxicity, and low operation and maintenance costs during product life-cycle, bio-based lubricants are anticipated to witness a significant rise in demand during the forecast period.
Bio-based lubricants have been gaining significant importance in a number of industries as they are highly biodegradable, has less toxic effect on environment, low skin problems on personnel and low maintenance costs, as compared to mineral oil or petroleum lubricants.
Use of bio-based lubricants significantly reduces pollution in storm water from leaks in brake lines, engines, and hydraulic systems. Due to this, many European countries have made it mandatory to use bio-based lubricants, especially in environmentally sensitive areas.
Bio-based lubricants when compared to petroleum lubricants, evaporate slower and have better adherence to metal surfaces, making them outperform and last longer than petroleum lubricants. In case of spills or leaks into environmental, penalties incurred to operator are much less than that of petroleum lubricants.
These factors have been driving the adoption of bio-based lubricants among a number of industries, like power generation, metal working, metallurgy, mining, and oil & gas, among others.
Introduction of various tax incentives promoting the use of bio-based lubricants has been prominent in developed countries and the trend is set to be adapted by developing countries like India and China as well.
In terms of base oil type, vegetable oils segment is anticipated to thrive in the global bio-based lubricants market, as they are most sought out product type in a large number of applications due to their superior oxidative stability as compared to animal fat based lubricants.
High viscosity and poor oxidative stability at high temperatures are anticipated to restrain the growth of bio-based lubricants in key industrial applications. Nonetheless, the various drivers of the market are anticipated to offset its restraints and expected to propel the growth of bio-based lubricants market in the near future.
Europe is anticipated to dominate the consumption of bio-based lubricants due to the existence of stringent regulatory standards in the region which renders the usage of bio-based lubricants mandatory in a number of industries. Asia Pacific is projected to be the fastest growing region in the bio-based lubricants market and is anticipated to dominate the demand in the coming years.
High growth of Asia Pacific region can be attributed to the various regional government initiatives pushing the adoption of bio-based lubricants in industrial applications. In addition, China and India are anticipated to significantly contribute to the growing demand of bio-based lubricants in Asia Pacific, owing to the growing initiatives from the government and regulatory bodies promoting environmental friendly solutions.
North America is estimated to hold a prominent market share in the global bio-based lubricants market, while Middle East & Africa and Latin America regions are anticipated to grow at a moderate pace during the forecast period.
Some of the key market participants identified in the bio-based lubricants market across the globe are:
The research report presents a comprehensive assessment of the Bio-Based Lubricants market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Bio-Based Lubricants market segments such as geographies, application and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Bio-Based Lubricants market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Bio-Based Lubricants market segments and geographies.
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Bio-Based Lubricants Market
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