Biodegradable synthetic lubricant is dominating the bio-based lubricant market as it offers enhanced benefit as compared to vegetable oil. Biodegradable synthetic is abundantly available in nature as compared to vegetable oil.
Chicago, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to latest research report, bio-based lubricants market is expected to grow at a CAGR of over 5% during 2022-2027. Vendors of biodegradable lubricants can leverage significant growth opportunities within the APAC region due to the abundance of raw materials and feedstocks, such as palm oil in Malaysia and Indonesia. Furthermore, the growth of the market can be amplified by the surge in the adoption of bio-based lubricants in China, Germany, Mexico, and Brazil due to the considerable growth across the mining, automotive, marine, and other manufacturing sectors, and a shift in consumer behavior toward high-quality products in developing countries.
Most bio-based lubricants fail to provide crucial physical properties, such as thermal stability, oxidative stability, and viscosity range, and do not perform well in cold processing facilities. These properties play a vital role in ensuring the smooth functioning of critical equipment or vehicles while protecting them from friction and corrosion and ensuring the machine functions at high temperatures without any damage. Thus, petroleum-based lubricants have an edge over bio-based or vegetable oil-based lubricants due to such limitations.
Bio-Based Lubricants Market Report Scope
Product, Application, End-User, and Geography
North America, Europe, APAC, Latin America, and Middle East & Africa
Castrol, FUCHS, Renewable lubricants, and TotalEnergies
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Increasing Demand for Lubricants from Mining Industry
In the recent years, the use of bio-based lubricants is increasing significantly. Mining operators across the globe have started seeking lubricants derived from natural ingredients such as palm oil, castor oil, soybean oil, and synthetic esters. The equipment used in the mining industry ranges from large wheel loaders, mining trucks, wheel tractor scrapers, large dozers, underground mining loaders and mining, rock drills, and mining shovels which are used for surface and underground operations. With the growing trends of better fuel economy, increasing engine oil durability, and reducing pollution levels, the demand for bio-based lubricants for engine oil is gaining momentum. Although lubricants based on mineral oil have been used for decades in engine oil, several OEM manufacturers are switching to engine oils based on vegetable oils and synthetic esters.
Lubricant manufacturers relied totally on vegetable oil or plant-based products to manufacture biodegradable lubricants. With the evolving sophisticated technology and the customer-oriented market, there is an increasing demand for high-performance lubricants with minimal environmental impact and at a reasonable cost. Although vegetable oils are non-toxic, less volatile, and biodegradable, many end users prefer lubricants based on synthetic esters over them due to their availability at an excessive cost, low corrosion resistance, and low thermal balance.
Bio-based lubricant manufacturers have immense opportunity across the globe due to the shift from petroleum-based feedstock to plant-based feedstock driven by the considerable increase in consumer awareness of environmental protection and the rise in the stringency of environmental regulations to reduce carbon footprint.
Hydraulic fluid captures the highest market share and is expected to grow at a CAGR of 5.65%.Hydraulic fluid is primarily used across road building machinery, forestry, civic work, sandpits, and winter sports resort machines.
Marine sector captures the highest market share as it consumes the major chunk of bio-based lubricants and is expected to grow at a CAGR of 5.98%.
Presently, Europe dominates the bio-based lubricant market. However, going forward APAC is expected to lead the market driven by the high penetration of manufacturing units such as automotive, mining, forestry and agriculture, and power generation which consumes a chunk of bio-based lubricants product.
The majority of the market's large players are attempting to grow their footprint on a global scale either through lucrative alliances or by the acquisition of smaller and mid-sized active suppliers.However, domestic vendors in the market are capitalizing on their diverse product portfolios based on regional requirements. There has been a considerable surge in mergers and acquisitions in the industry over the past few years. Mergers and acquisitions enable companies to procure raw materials at the best prices, gain access to well-established distribution networks and R&D centers, and expand their footprint across different geographies.
Explore our chemicals materials profile to know more about the industry.
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Read some of the top-selling reports:
Food Grade Lubricants Market - Global Outlook and Forecast 2022-2027
Agricultural Lubricants Market – Global Outlook and Forecast 2022-2027
Automotive Lubricants Market - Global Outlook & Forecast 2022-2027
Industrial Lubricants Market - Global Outlook & Forecast 2022-2027
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