Bio-Lubricants Market | Growth, Trends and Forecasts 2022 by Total S.A, Exxon Mobil, Royal Dutch Shell PLC, Chevron Corporation, Kluber Lubrication München Se & Co, Albemarle Corporation, Emery Oleochemicals, Panolin AG, Binol Bio Lubricants, Castrol
With an increasing level of impetus placed on environmentally safe products, Bio Lubricants are being manufactured to address the problems associated with using other forms of lubricants. They are highly popular and are easily manufactured by the use of vegetable oils such as soya bean, coconut, canola and rapeseed etc. Market Research Future, who specializes in reports related to chemicals and materials recently stated in a report titled Global Bio-lubricants Market Research Report- Forecast to 2022, that the Global Bio-Lubricants Market is forecasted to achieve USD 3.50 billion by 2022 with 7.2% CAGR from 2016 to 2022.
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The Global Bio Lubricant Market is currently developing consistently. With the introduction of new and varied production process, the applications and industries are also increasing in numbers to adapt the product. The growth is also indicative of a phase of clarity in the sector which is contributing to the better performance of the demand base. The evolution of production technologies and methods are also creating a positive impact level on the segment. In terms of safety of water resources, bio lubricants pose the least level of risk as they do not pollute the water sources and are being effectively utilized by the marine industry. Quarries, construction sites which utilize construction equipment’s also have effectively used Bio Lubricants that are easily cleaned in case of oil spillage. Bio Lubricants also are highly demanded in other ancillary sectors where there is a requirement of bio lubricants.
Bio lubricants are one of the most important factors of the bio economy that has emerged around the world. Growing environmental concerns over the use of environment polluting materials have driven the market towards adopting Bio Lubricants instead of the normal variety available. This trend is most notable in developed economies worldwide. Due to the bio degradability characteristics of this particular class of lubricants, they have emerged as popular option. Increasing investment in terms of R & D expenses have increased demand for this product. Moreover, the expansion of the automotive sector around the world has also provided a positive boost to the market.
Latest Industry Updates:
Nov 2017 Thermal-Lube has expanded its foothold in Asia’s expanding heavy industrial marketplace. Thermal-Lube has also been credited with engineering bio-lubricants that do not freeze during winter and will be delving into precision agriculture for its application.
Oct 2017 Kuala Lumpur Kepong Bhd’s (KLK) subsidiary KLK Oleo has launched its fourth Reactor Specialty Ester Plant (EP4) and a research and development (R&D) centre in Klang, Selangor. KLK Oleo’s EP4 which was commissioned this year, produces ingredients that are used in cosmetics and bio-lubricants.
Jan 2017 Novvi LLC which is a joint venture company of Amyris, Inc. and Cosan S.A. Industria e Comercio and creates high-performance oils and lubricants from renewable sources has received a sizeable equity investment from Chevron Products Company, a division of Chevron U.S.A. Inc.
Global Bio-Lubricants Market - Competitive Advantage
With the entry of new industry players in the Bio Lubricant Market, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
Key players profiled in Bio-Lubricants segment are Total S.A, Exxon Mobil, Royal Dutch Shell PLC, Chevron Corporation, Kluber Lubrication München Se & Co. Some of the other important industry players profiled are Albemarle Corporation, Emery Oleochemicals, Panolin AG, Binol Bio Lubricants, Castrol and others.
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