The global market for Biolubricants is projected to reach $3.8 billion by 2024, driven by stringent emission control regulations, rising focus on clean and efficient lubricants, and growing demand from automotive and industrial end-use markets.
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. The 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, where throw-off and leakage during normal usage is common. Hydraulic oils are finding increased acceptance. Growing environmental awareness has been pressurizing lubricant manufacturers to develop new environment friendly products. Akin to mineral oils based products, biodegradable hydraulic fluids provide viscosity, lubricity, oxidative and thermal stability, seal compatibility, are non-corrosive, and flow at cold and hot temperatures. 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. Favorable regulatory environment will also spur market growth in the coming years.
The research report titled ” Global Biolubricants Market Analysis: 2018-2024″ announced by GMR Analytics, provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America).