A research study titled, “Biolubricants Market by Product, Application, Source Type, and Modality - Global Industry Analysis and Forecast To 2025” published by Crystal Market Research, states that the Biolubricants Market is projected to be around $3.23 billion by 2025.
The global biolubricants market was worth USD 1.87 billion in the year 2016 and is predicted to reach approximately USD 3.23 billion by 2025, while registering itself at a compound annual growth rate (CAGR) of 6.24% during the forecast period. Biolubricants also termed bio-based lubricants are composed from a wide range of vegetable oils that include coconut oil, soybean, canola, sunflower, palm and rapeseed. The ideal application of biolubricants is in machinery that, at the time of utilization, discharges oil into the atmosphere, in Total-Loss Lubrication Systems (TLLs) and in machines that are utilized for unstable areas such as near water. The utilization of biolubricants can curtail pollution that is caused due to leaks in the engine, brake lines and hydraulic systems. Biolubricants render better performance in comparison to petroleum based lubricants and requires fewer amounts for various applications. Additionally, it is cost-effective and decreases safety and environmental issues along with costs of maintenance.
The biolubricants market has witnessed considerable growth owing to factors such as rising demand of biolubricants due to its excellent characteristics like biodegradability, low emissions, high viscosity and high flash points. Additionally, the ability of biolubricants of giving out enhanced performance as compared to petroleum based lubricants is anticipated to spur the growth of this market. Biolubricants are extremely cost-effective which makes it preferable among consumers. Increasing efforts of emerging companies towards research and development is one the major factors that influence the growth of this market. The advancements in the automotive industry specifically in emerging countries is expected to significantly boost the growth of the market in the upcoming years.
On the basis of source the biolubricants market is segmented into edible oils, non-edible oils and animal fats. On the basis of applications the market is segmented into industrial lubricants, metal working, oil fields, automotive and greases. On the basis of end use the market is segmented into automotive industry, oil and gas, construction and marine industry. The leading companies in this market are Chevron, ExxonMobil, Shell and S.A, Castrol, Emery Oleochemicals, UBL, Kluber International and British Petroleum. Geographically, the market is segmented into Europe, Asia Pacific, North America and Rest of the world.
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Key findings of biolubricants market