Bio-Based Lubricants Market to Reach Around $5 Billion by 2027 - Arizton

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.

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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.

MARKET SEGMENTATION
Product Type
• Plant-Based
• Biodegradable Synthetic
Application
• Hydraulic Fluid
• Gear Oil
• Chain Oil
• Metalworking Fluid
• Others
End-Users
• Marine
• Mining
• Agriculture & Forestry
• Automotive
• Others
Geography
• APAC
o China
o Malaysia
o India
o Indonesia
o Japan
o Rest of APAC
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o UAE
o Iran
o Rest of MEA

Key Vendors
• Castrol
• FUCHS
• Renewable lubricants
• TotalEnergies

Other Prominent Vendors
• Addinol
• Cortec Corporation
• Condat
• DuBois Chemicals
• Exxon Mobil Corporation
• Environmental Lubricants Manufacturing
• Haynes Lubricants
• Kluber Lubrication
• Lubriplate Lubricants Company
• Metalube
• Panolin AG
• Repsol
• Vickers Oil

To know more: https://www.arizton.com/market-reports/bio-based-lubricant-market

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This release was published on openPR.