Global Biolubricants Market Expected To Reach $ 2.99 Billion By 2020 With A CAGR Of 6.3%

Date: 2016-09-18

Bio lubricants are prepared from natural fats and vegetable oils such as coconut, sunflower, soybean, palm, etc. Their specific properties such as high lubricity, high viscosity, and non-toxic nature allowed them to be used as lubricants.  Also called bio-lubes, these are best used in the industries where machines directly eject oil into the environment leading to various health and environmental problems.

The global Biolubricants market was estimated at USD$ 2.2 billion in 2015, and is anticipated to reach USD$ 2.99 billion by 2020, expanding at a CAGR of 6.3% between 2016 and 2020. The bio lubricants industry is in budding phase and is expected to grow at a very rapid pace in the near future. As bio-lubricants are a substitute for petroleum based lubricants, they are cleaner, less toxic and are associated with fewer environmental problems. Due to their high boiling temperature and consistent viscosity, they produce fewer emissions and are biodegradable. Moreover, these lubricants reduce the cost of any product’s life cycle as their storage, maintenance and disposal requirements are less.

Hydraulic fluids application accounted for the largest share in terms of value, in 2015. The segment is also projected to witness the highest CAGR during the forecast period. Hydraulic fluids are used in moving mechanical parts, cylinders in bridges and locks, elevator, and other fluids.

In the U.S. and Canada, more than 75% of the elevators work on the principle of hydraulic fluids, which has the substantial market potential for biolubricants. Modified variant of biolubricants are being developed which remain in liquid form even at low temperature with high oxidative stability. These lubricants have long life span and are, therefore, expected to have increasing use in low temperature applications. This is driving the market for hydraulic fluids application segment.

Industrial segment was the largest end-use segment for bio-lubricant market and accounted for over 50% of global consumption in 2013. The industrial segment involves the use of bio-lubricants as process oils, general industrial oils and metal working fluids. Commercial transportation is expected to be the fastest-growing segment of the market at an estimated CAGR of over 6.5% from 2014 to 2020. Bio-lubricants are used in commercial transportation as gear oil, heavy duty motor oil, and hydraulic transmission fluids.
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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

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