Global Biolubricants Market is Expected to Grow by 2020, Asia Pacific Market may Experience High Growth

The biolubricants market is expected to reach USD 2.60 billion by 2020. Superior properties of the product including constant viscosity, biodegradability, high flash point and lower emissions are expected to propel demand over their mineral counterparts. Furthermore, regulatory support towards the use of sustainable materials in biolubricant manufacturing is expected to augment product demand over the forecast period. However, limited application scope coupled with high cost as compared to synthetic lubricants is expected to be a major challenge over the forecast period.

The demand for automotive oils was over 150.0 kilo tons in 2013 thereby making it the largest application segment. Wide scale applications of bio-based lubricant in automobiles, particularly in developed nations of Europe and North America, are expected to be a driver for industry growth.

The product is manufactured using animal oils and vegetable oils including palm oil and castor oil. The combined demand for palm oil and castor oil was more than 450 Kilo tons in 2013. In 2013, over 80% of biolubricants were produced using vegetable oils. Asia Pacific is the major producer of vegetable oil whereas Europe and North America are major consumers of vegetable oils

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Further key findings from the study suggest:

• The product is primarily used in industrial processes with a demand of over 295.0 kilo tons in 2013. Commercial transportation is expected to witness substantial growth owing to favorable government regulations in developed nations at a CAGR of more than 6% over the forecast period. It is used as hydraulic transmission fluids, gear oil, and heavy duty motor oil. Growing demand for the product in various end-use applications owing to its superior properties and low environmental effect is expected to drive demand.
• North America accounted for the largest share in 2013 and is expected to reach over 340.0 kilo tons by 2020 owing to incentives and grants issued by the governments for the use of bio-based products. North America is expected to remain the market leader over the forecast period while growing at a slower rate. Supportive regulations towards the use of biolubricants in Europe coupled with implementation of policies such as “Ecolabel” is likely to propel growth over the forecast period. 
• The industry is still in the nascent stages of development yet highly consolidated with over 60% share held by top 4 companies. Leading market players are investing significantly in R&D for the development of proprietary products and production process. The market is dominated by companies such as Total SA, UBL, Exxon Mobil, Chevron, shell and British Petroleum.

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