Biolubricants: A Global Strategic Business Report
San Jose, California (PRWEB) September 30, 2014
Follow us on LinkedIn – Biodegradable lubricants are generally based on vegetable oils, which constitute about 90% of the biolubricant product. Bio-based lubricants represent a ‘greener’ alternative to the conventional polluting lubricating oils. Biolubricants are witnessing strong market acceptance given the numerous benefits offered and the significant progress made over the years in terms of attributes such as biodegradability, lubricity, viscosity indices, better anticorrosion properties and relatively lower flammability, toxicity and volatility. Growth in the market is primarily driven by rising applications in construction and earth moving machinery, snow-track and snowmobiles maintenance machinery, agricultural machinery, ski jets, railway gears, push tugs, commercial elevators, water treatment, reservoirs, sewage plant, landfill operations, rock-drill, and motorboats, among others.
The need to lubricate various systems below the waterline including thruster gearboxes, stern tube bearing, and horizontal stabilizers is driving demand for biodegradable lubricants in the marine industry. The market is also driven by rising emphasis on controlling operating and maintenance costs of industrial equipment and machinery as well as enhancing fuel economy and reducing frequent wear and tear of engine and other automobile components. Another factor promoting growth is the rising popularity of biodegradable lubes in machinery operating in locations where there is a major risk of water or soil contamination due to lubricant leakage. Strong support from regulatory agencies such as EPA in the US and REACH in the EU is also expected to spur market growth in the coming years.
Favourable macro factors such as government regulations, legislations and incentives, rising petroleum prices, depleting oil stocks and renewability of biolubes are expected to play a prominent role in market expansion in the long term. Other drivers poised to benefit future market prospects include improved availability of bio products, rising consumer awareness, technology improvements, biotechnology innovations, and increasing acceptance by OEMs, among others. Despite noticeable growth and development, market for biolubes still remains challenged by factors such as higher costs, and the absence of a global classification system.
As stated by the new market research report on Biolubricants, North America represents the largest regional market worldwide, followed by Europe. Asia-Pacific ranks as the fastest growing market with a CAGR of 9.9% over the analysis period. Growing automotive production and sales, huge industrial base, lower levels of biolubes penetration due to lack of awareness, mass exodus of manufacturing and production bases to low cost destinations such as China, India, Vietnam, Taiwan, and Indonesia, and stringent government regulations to control industrial and automotive emissions, represent key growth drivers in the region.
Key players covered in the report include BP Plc, Cargill, Incorporated, Chevron Corporation, Eurol BV, ExxonMobil Corporation, Fuchs Petrolub AG, Henkel AG & Co. KGaA, KAJO Chemie GmbH, Miller Oils Ltd., Falcon Lubricants Ltd., Neatsfoot Oil Refineries Corporation, Panolin AG, Renewable Lubricants Inc., Shell, SOPUS Products, Statoil Lubricants, Suncor Energy Inc., Total S.A., and Valvoline, among others.
The research report titled “Biolubricants: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in terms of value and volume for all major geographic markets including North America, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and Rest of World. Product segments analyzed for the North American market include Bio 2 Cycle Engine Oils, Chainsaw Oils, Concrete Release Agents, Gear Oils, Greases, Hydraulic Fluids, and Metal Working Fluids. Segments analyzed for the European market include Chainsaw Oils, Concrete Release Agents, Hydraulic Fluids, and Niche Oils.
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