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(EstateNewsWire.com, August 16, 2018 ) Industry Outlook and Trend Analysis
The global biolubricants market was worth USD 1.87 billion in the year 2016 and is predicted to reach approximately USD 3.23 billion by 2025, while registering itself at a compound annual growth rate (CAGR) of 6.24% during the forecast period. Increasing requirement for biolubricants due to its remarkable features such as lower emission levels, biodegradability, high flash points and high viscosity are major factors that boost the growth of the market in several industrial applications. Rising initiatives towards Research and development by major companies that are participating along with enhancements in technology are anticipated to open new opportunities for the growth of this market. Moreover, factors such as green base oils being cost-competitive, rendering significant performance are playing a vital to spur the growth of the market. The development of the automotive industry, specifically in upcoming economies such as India, China, South Africa and Brazil are expected to fuel the consumption of durable products that provide more efficiency of fuel and reduced emissions of carbon from the vehicles. The production of biolubricants widely depends on animal oils as well as vegetable oils that are side products of various industrial processes. Processing technologies that are complicated also boost the cost of production which may hinder the growth of the market.
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Raw Material Outlook and Trend Analysis
Oils that are plant-based have proved to be a great alternative for traditional mineral oils as they have an identical structure to hydrocarbons present in mineral oils. As a result, these oils are being used extensively in the production of biolubricants due to its beneficial components such as non-toxicity, environment and economy friendly and renewability. Rising initiatives towards Research and Development in order to analyze chances for the formulation of biolubricants through oils and fats derived from animals are said to fuel the growth of this market significantly in the coming years. These oils provide advantageous possibilities in fields that majorly make use of petrochemical lubricants like healthcare.
Application Outlook and Trend Analysis
The global biolubricants market contains two prime application sectors that are automotive and industrial. These sectors were the largest in the year 2015, which accounted around 56 percent of the total market share. The industry is led by automotive engine oils in this segment, as these oils have superior performance compared to traditional engine oils. Moreover, engine oils that are bio-based emit less poisonous substance to aquatic organisms; have higher rate of biodegradation and extremely low levels of bioaccumulation which are said to be factors that boost the utilization of these oils. A considerable share was held by process oils in industrial applications. These oils are extensively used in the chemicals and technical industries in order to enhance the process of production. Rising requirement for these specialty chemicals in upcoming economies of the Asia Pacific region are said to boost the utilization of these oils.
Regional Outlook and Trend Analysis
In the year 2015 a huge part of this market was occupied by North America which accounted 34.98 percent of share. A modernized industry of automotive in the United States and Canada coupled with rising mediation by the United States government that has stated a limited content that is renewable for different products are anticipated to boost the consumption of bio-based lubricants. The Air force of the United States is said to encourage biodegradable products that are derived from plants in order to promote national security which is also a significant factor that boosts the growth of this market. Asia Pacific came up as a swiftly growing consumer as there are some of the largest hubs of automobile manufacturing in that region. Developing economies such as India, Thailand, Indonesia and China are extensively producing and trading passenger cars along with other vehicles to countries that are developed.
Competitive Insights
The industry of biolubricants is yet in the state of development. However, it contains some major companies that hold a significant share like ExxonMobil, British Petroleum, UBL, Chevron, Shell and S.A. Huge companies that refine oil that are included in the production of traditional lubricants are extensively providing biodegradable lubricants for transportation purposes. The biolubricant market consists of more prominent vendors such as Kluber International, Castrol, Albemarle, Emery Oleochemicals, Petronas Lubricant International and Solution Biogen Sdn Bhd.
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The global biolubricants market are segmented as follows-
By Source
Animal Fats
Edible and Non-edible oils
Others
By Applications
Greases
Metal working
Automotive
Oilfield
Industrial lubricant
Others
By End User
Oil and Gas
Marine Industry
Construction
Automotive Industry
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com 
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