According to ChemAnalyst report, “Global Bio Lubricant Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global bio lubricant market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 3.45% during the forecast period. Growing awareness about environment friendly materials coupled with increasing environmental regulations is expected to drive the demand of bio lubricant for the forecast period. Additionally, the increasing demand from automotive industry is also going to fuel the demand of bio lubricants during the forecast period.
Bio lubricant is a bio based lubricant which is used to enhance machine performance by reducing friction between different mechanical layers. Bio lubricant is based on vegetable oil and animal fat instead of petroleum. It is biodegradable and environment friendly in nature. It has many application areas including engine oil, metalworking fluid, transmission and hydraulic fluid, general industrial oil, gear oil, grease, process oil, and others. Due to its lubricating properties, bio lubricant finds application in various end use industries including power generation, automotive and transportation, heavy equipment, metallurgy and metal working, chemical manufacturing etc.
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Bio lubricant is basically processed vegetable oil and animal fat. It is different from conventional lubricants as it is bio based and biodegradable in nature. increasing awareness about environment friendly materials and stronger government support for bio based materials are the major drivers of growth in the demand of bio lubricant. It finds application in various industries such as automotive, power generation, heavy equipment, metallurgy and metal working, chemical manufacturing etc. automotive segment of the end use industries holds the major share of global demand of bio lubricant. Out of the application areas including engine oil, metalworking fluid, transmission and hydraulic fluid, general industrial oil, gear oil, grease, process oil etc., engine oil segment holds the major share of global market for bio lubricant.
Bio lubricant is related to vegetable oil and animal fat hence the price is directly linked to the fluctuations in the price of vegetable oil and animal fat. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of automotive rendered a major downfall in the global bio lubricant, hence the prices remained low for bio lubricant during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.
Regionally, Asia Pacific dominates the Global bio lubricant market and holds the largest market share in 2020. Asia’s bio lubricant market is anticipated to grow in the economies like China due to increasing demand of automotive and power generation. Moreover, increasing government support for environment friendly materials is also an influencing factor supporting demand rise in Asia Pacific.
According to ChemAnalyst report, Global Bio Lubricant Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global bio lubricant market are Axel Christiernsson, BP PLC, Chevron Corporation, Cortec Corporation, ExxonMobil Corporation, Kluber Lubrication, Novvi LLC, Panolin Ag, Royal Dutch Shell PLC, Repsol, Bechem, Cargill, Total, FUCHS, Emery Oleochemicals.
“Being linked to the automotive and mechanical industry, the global bio lubricant industry has shown a robust growth alongside growing population and changing consumer preference which is moving towards more environment friendly materials like bio lubricants. China serves as the key growth region with sufficiently installed capacities for bio lubricant. With new competitors emerging across the Asia Pacific bio lubricant market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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