Polyolesters Biobased Lubricants Lubricant Additives Market 2023
Polyolester lubricants (POE) are lubricant oils that used in a wide range of application as they can work under varying temperatures, which range anywhere between -75 F to 600 F. The remarkable adaptability of these lubricants, high solvency and dispersibility, good oxidative stability, and low volatility are expected to make a significant contribution to the soaring revenue of the global polyolesters for bio-based lubricants and lubricants additives market. Transparency Market Research states that the global market polyolesters for bio-based lubricants and lubricant additives is expected to be worth US$735.9 mn by 2023 from US$412.9 mn in 2014. During the forecast period of 2015 and 2023, the global market is expected to exhibit a CAGR of 6.7%.
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The market is also benefitting from the implementation of tougher norms pertaining to emissions. Polyolesters are bio-based lubricants, which makes them fairly clean. Thus, to overcome the concerns about hazardous impact of petroleum-based lubricants, several end users are turning their attention of polyolesters for developing bio-based lubricants and lubricant additives. The market is expected to gain significant prominence in the near future as the world continues to restore the environment by combatting global warming through stringent emission norms.
Trimethylolpropanes to Be Highly Sold Products in Global Market
The various types of products available in the global polyolesters for bio-based lubricants and lubricant additives market are pentaerythritols, neopentyl glycols, trimethylolpropanes, and dipentaerythritols. Of these, trimethylolpropane-based polyolesters product segment is expected to lead the global market in the coming years. The demand for trimethylolpropane is expected to rise due to its widening application over other polyolesters. During the forecast period, this product segment is expected to expand at a CAGR of 7.9%.
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Europe to Lead as Region Shows Sincere Efforts to Cut Down Emissions
Geographically, the global polyolesters market for bio-based lubricants and lubricant additives is segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Of these, Europe is leading the pack as the region has been sincere in cutting down its carbon emissions. In terms of volume, in 2014, Europe polyolesters market for bio-based lubricants and lubricant additives held a 40% share in the overall market. The high level of awareness about importance of sustainable and environment-friendly options along with stringent emission control norms are expected to keep this regional market ahead of others.
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