Bio-lubricants Market – Market Overview
Bio-Lubricants, also called as bio-lubes, are produced from rapeseed oil, sunflower oil, animal fats, and others. They are gaining importance due to their bio-degradable, non-toxic, renewable, and environment-friendly nature. The demand for Bio-Lubricants is increasing due to the stringent regulations on the use of conventional petroleum based lubricants. The growth of bio-lubricants can be attributed to the hazardous environment effects of petroleum based lubricants. The major applications of Bio-Lubricants include greases, automotive engine oil, chainsaw oil, and others. High demand for fuel efficient automotive all across the globe is one of the major driver of the market and is likely to remain so for the future. Apart from the automotive industry, the substitution of mineral oils by plant-based oils, which are used as vegetable oils in food & beverage and healthcare industry is expected to propel the market growth over the forecast period. However, the high cost of the Bio-Lubricants may have a negative impact on the market growth.
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Bio-lubricants Market- Competitive Landscape
The Global Bio-Lubricants Market is witnessing rapid growth primarily driven by growing demand from automotive industry. Total S.A., Exxon Mobil Corporation, Royal Dutch Shell Plc., Chevron Corporation, Albermarle Corporation, Emery Oleochemicals, Castrol Limited, and Quaker Chemical Corp. are the leading players in Global Bio-Lubricants Market. Some of the key developments observed in the market are adoption of the acquisition, merger, and expansion by players to strengthen their market position and meet the growing demand. Growing demand from automotive industry coupled with the continuous collaborations and agreements between manufacturers, distributers, and marketing firms are key factors for the growth of Bio-Lubricants in the global market. Considering these trends, the Global Bio-Lubricants Market is set to witness considerable competition over the forecast period of 2017-2023.
Industry/ Innovation/ Related News:
April 29, 2018– Exxon Mobil Corporation plans to purchase PT Federal Karyatama (FKT), one of the largest producers and marketers of motorcycle lubricants located in Indonesia. This acquisition is a strategic movement for expansion of business in the fastest emerging region of Asia Pacific. The acquisition is expected to be completed by the third quarter of 2018.
December 01, 2017– Exxon Mobil Corporation announced to combine its refining and marketing operations into a single company named ExxonMobil Fuels & Lubricants Company, in 2018. The company expects to achieve improved decision making and enhanced performance in the market.
December 15, 2016– Chevron Products Company, invested in Novvi, a producer of bio-based lubricants. The company, Novvi LLC is a joint venture of Amyris, Inc., American Refining Group, Inc., Chevron U.S.A. Inc., Cosan S.A. Industria e Comercio, and Hansen & Rosenthal Group
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