The global bio-lubricants market size is projected to reach USD 3.36 billion by 2022

The global bio-lubricants market size is projected to reach USD 3.36 billion by 2022

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Bio-Lubricants Market by Base Oil Type (Vegetable Oil, Animal Fat), Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents), End Use (Industrial, Commercial Transport, Consumer Automobile)

The global bio-lubricants market size is projected to reach USD 3.36 billion by 2022, growing from an estimated USD 2.47 billion in 2017 at a CAGR of 6.4% during the forecast period. Stringent environmental regulations in countries, especially the US, Germany, France, Switzerland, and Austria are expected to drive the bio-lubricants market. This market intelligence report on the Global Bio-lubricants Market: 2017–2022 makes an effort to estimate the market for bio-lubricants by base oil type, application, end use, and region in terms of both, value and volume. Bio-lubricants find applications in hydraulic fluids, metalworking fluids, chainsaw oils, mold release agents, two-cycle engine oils, gear oils, greases, and other applications.

Environmental concerns regarding the detrimental effects of mineral-based lubricants are high in developed markets such as North America and Europe. Over 80% of the demand for bio-lubricants is derived from these regions. Specific regulations, such as EPA’s Vessel General Permit and Ecolabels in Europe are driving the market. In addition, The Senate Bill 916 introduced by the California State Senator has mandated end users to consume engine oils for passenger cars, light-duty vehicles with 25% biodegradable content from January 2017 onwards. This is projected to drive the demand for bio-lubricants in the consumer automobiles sector.

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In terms of type, the market for bio-based esters, such as trimethylolpropane, pentaerythritol, and neopentylpolyol are projected to be the fastest-growing, by volume. Bio-based ester oils are suitable for the production of high-performance lubricants. Bio-lubricants derived from bio-based synthetic ester oils deliver equal or superior performance to that provided by mineral oil-based lubricants. Bio-based synthetic esters can also be mixed with mineral oils to achieve much better CO2 balance than that provided by pure mineral oil-based lubricants.

Hydraulic fluids are projected to be the fastest-growing application in terms of volume, during the forecast period. Hydraulic fluids are used in moving mechanical parts, cylinders in bridges and locks, elevators, and other fluids. In the US and Canada, more than 75% of the elevators work on the principle of hydraulic fluids, which has a substantial market potential for bio-lubricants. A modified variant of bio-lubricants is being developed which is expected to remain in the liquid form even at low temperatures with high oxidative stability. These lubricants have a long lifespan, and therefore are expected to witness increasing use in low-temperature applications. This is driving the hydraulic fluids application segment of the bio-lubricants market.

North America is the fastest-growing region in the bio-lubricants market. Vessel General Permit imposed by the US EPA and new product launches for various applications by leading manufacturers are expected to influence the demand for bio-lubricants in North America during the forecast period. The major oil refining companies, which are in the conventional lubricants business, are supplying biodegradable lubricants for marine applications. Besides these companies, most of the suppliers are small companies focused only on R&D in bio-lubricants. North America is expected to benefit from the abundance of raw material feedstock, such as soybean in the US and rapeseed in Canada.

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