According to the new market research report “Bio-Lubricants Market By Base Oil Type (Vegetable Oil, Animal Fat), Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents), End Use (Industrial, Commercial Transport, Consumer Automobile) – Global Forecast To 2022″, The bio-lubricants market is expected to grow from an estimated USD 2.47 Billion in 2017 to reach USD 3.36 Billion by 2022, at a CAGR of 6.4% between 2017 and 2022.
Increasing environmental regulations, such as the Vessel General Permit (VGP) and Ecolabels in developed markets, such as the US and European countries, and new and upcoming firms involved in the R&D of bio-lubricants are projected to drive the bio-lubricants market during the forecast period.
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The hydraulic fluids application accounted for the largest share of the market, in terms of value, in 2016. These are used in both, stationary and mobile equipment, such as hydraulic elevators, sweepers, garage trucks, forklifts, motor graders, and front-end loaders. High degree of biodegradability and low toxicity is essential for hydraulic fluids to be environmentally safe. Bio-lubricants as hydraulic fluids are preferred in areas where contamination can harm the environment. The demand for environment-friendly hydraulic fluids is driven by several stringent regulations in sensitive areas, such as marine and forests.
The industrial segment accounted for the largest share in terms of value, of the overall bio-lubricants market in 2016. A number of environmental legislations have been implemented in developed European countries, such as Germany, Italy, and Scandinavian countries, where awareness regarding environmental hazards of mineral oils is high. Increasing environmental awareness is causing a shift in consumption patterns to the use of bio-lubricants for industrial applications.
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The global bio-lubricants market size is projected to grow from an estimated USD 2.47 Billion in 2017 to reach USD 3.36 Billion by 2022 at a CAGR of 6.4% during the period. Increasing stringent regulations such as EPA’s Vessel General Permit and USDA’s BioPreferred Program are creating opportunities for bio-lubricant market players in the US. In addition, emerging applications of bio-lubricants, such as transformer oil and two- and four-cycle engine oils are expected to present significant opportunities going forward.
New product developments and agreements & collaborations were the most preferred strategies adopted by major players in the bio-lubricants market between January 2012 and February 2018. Kluber Lubrication (Germany) has launched most of its new products during this period. Companies adopted this strategy to develop new and advanced products to strengthen their product portfolios and cater to the growing needs of consumers in the US and European countries. The bio-lubricants market is currently in the nascent phase in regions, such as APAC, South America, and the Middle East & Africa. Various R&D activities are being carried out in the market to develop products with better technical specifications and priced competitively against mineral oil-based lubricants. Chevron (US), BP (UK), Emery Oleochemicals (Malaysia), and Clarion Lubricants (US) are some of the manufacturers actively involved in R&D.
Expansions was the second most adopted strategy between January 2012 and February 2018. Companies adopted this strategy to strengthen their geographical reach and cater to increasing demand. Emery Oleochemicals was the most active company in adopting expansions as its key strategy.
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Kluber Lubrication is a subsidiary of Freudenberg Chemical Specialties. The company develops and manufactures specialty lubricants. Its products include release agents, special pastes, bonded coatings, corrosion inhibitors, lubricating oils and greases, lubricant dispensers, lubricating waxes, and lubricant sprays. Its bio-lubricants are used in various end-use applications. The company offers its bio-lubricants under the brand, Kluberbio. The company has a wide network of sales and production sites in a number of countries, such as Australia, Brazil, Chile, Belgium, China, Argentina, Denmark, France, the UK Germany, Italy, Japan, India, Malaysia, Mexico, Poland, Singapore, the Russian Federation, Austria, the US, Korea, Switzerland, Turkey, Spain, Thailand, South Africa, and the Czech Republic.
ExxonMobil launched the Mobil SHC Aware HS (Hydraulic System) Series hydraulic oils, which provide protection in challenging marine operating environments and meet VGP requirements for EAL, in 2018. This is expected to provide the company a competitive advantage over others in the bio-lubricants market for marine applications.
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