Synthetic Lubricant Market is Expected to Reach USD 62,805.6 Million in 2018 while Bio-Based Lubricants Market is Expected to reach USD 2,377.5 Million in 2018: Transparency Market Research
Albany, New York (PRWEB) January 30, 2013
Bio- based lubricant demand was 505.6 kilo tons in 2011 and is expected to reach 785.0 kilo tons in 2018, growing at a CAGR of 6.6% from 2013 to 2018.
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The reference to synthetic lubricants in the report includes mineral oil based and chemical based lubricants. Mineral oil based lubricants are petrochemical products which are manufactured from crude oil whereas chemical based lubricants are externally synthesized by using chemicals such as polyolefin, polyesters, polyglycols, non-PAO synthetics, esters, alkylated naphthalene and alkylated benzene.
Bio-based lubricants are biodegradable in nature and are derived from vegetables oils such as palm or castor oils and animal oils. The biodegradable nature of the lubricant makes it eco-friendly which is a key attribute in the industry facing a growing shift towards sustainability. In addition, there has been significant regulatory support for the development of bio-based lubricants from various agencies, particularly the EPA in the U.S. and REACH in the European Union.
The primary driver for the synthetic lubricants market is the growth in the industrial and automotive sectors, especially in Asia Pacific and Latin America. Automotive applications (consumer and commercial) together accounted for 61.4% of the market share in 2011 and the growth in automotive industry majorly influences the demand for synthetic lubricants. Synthetic lubricant demand for consumer automotive applications is expected to reach 11.86 million tons in 2018, growing at a CAGR of 2.58% from 2013 to 2018. The development of bio-based lubricants has reduced the dependency on mineral oil based lubricants. However, the high cost associated with processing and commercialization of bio-based lubricants is a major inhibitor for product acceptance and penetration across a host of applications.
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Synthetic lubricants are segmented, based on product type into industrial lubricants, commercial automotive lubricants and consumer automotive lubricants. Industrial lubricants are the single largest application for synthetic lubricants and accounted for 38.6% of the market in 2011. The report includes a detailed study of various synthetic lubricant products such as process oils, engine/motor oils and so on along with analysis and trends of their further sub-segments. Sub-segments include lubricants like process oils, general industrial oils, heavy-duty engine oils, passenger vehicle engine and motor oils among others.