The use of bio-lubricants in the manufacturing and transportation sectors is anticipated to increase over the coming years, which will boost market growth. The need for lubricants with superior product attributes, such as constant viscosity, high flash points, biodegradability, and lower emission levels, is rising as a result of severe emission standards and regulations. This is fueling expansion in a number of industrial applications.
New technology and increased research and development activities by major players are anticipated to lead to new applications for lubricants. Additionally, the industry is expanding as a result of the increased availability of high-performance, reasonably priced green base oils due to governmental requirements. Along with these factors, rigorous government regulations concerning the use of synthetic lubricants, particularly in Europe and North America, and growing environmental concern are the key factors raising the need for lubricants.
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The growth of the automotive industry, especially in developing countries like India, China, South Africa, and Brazil, is also expected to increase the use of sustainable products that help vehicles use less fuel and put out less carbon dioxide.
Biolubricants are still made mainly from vegetable and animal oils that are leftover from other industrial processes. Complex technologies for processing also raise the cost of production at the start, which could slow its growth over the next few years.
Market Dynamics:
Driver:
Government rules that make it easier to use biolubricants:
Biolubricants, which are made from animal and vegetable oils, esters, natural sources, or biomass (renewable feedstock), are becoming more popular than oil made from minerals. Increasing demand for bio-based lubricants is helped by a number of good government policies. For example, the U.S. Environmental Protection Agency (EPA) made it a law that all boats that play in U.S. waters must have a Vessel General Permit (VGP) and use bio-based lubricants in all oil-to-sea interfaces. Biolubricants are also a better choice for the environment than products made from minerals or petroleum. The Vessel General Permit (VGP) is another important piece of North American law. In the same way, the output of lubricants is controlled by Blue Angel in Germany, VAMIL Regulations in the Netherlands, and Swedish Standard in Sweden. So, these good rules are making more people want to use Biolubricants, which is driving the Biolubricants industry.
Biolubricants are functional fluids made from vegetable oil or biodegradable feedstock and animal base oil. They help the building and construction industry grow. They are mostly used in the residential, commercial, industrial, and other building and construction fields for refrigeration oil, lubricants, greases, and other things. The construction industry is growing a lot because of things like the government spending more on infrastructure projects, building more homes, and getting more industrialised quickly. Oxford Economics says that the world’s construction output was worth US$10.7 trillion in 2020 and is expected to grow by 42% to reach US$15.2 trillion by 2030. The US Census Bureau says that the total amount spent on construction in the US went from US$1.62 million in May 2021 to US$1.77 million in May 2022. Due to their low toxicity and ability to be good for the environment, biolubricants are becoming more popular in building structures. This is because the building and construction industry is expected to grow quickly. Because of this, the global Biolubricants industry is growing.
Challenge:
High Costs of Biolubricants: The high costs of biolubricants and the fact that they don’t have any lubrication features make the market for biolubricants very hard. Also, using biolubricants as base oil is hard because they don’t work well at low temperatures, don’t resist oxidation well, and have a small range of viscosities. Fixing these problems leads to high production costs and changes in the way the drugs are made. Because of these things, the growth of the global Biolubricants market is going to slow down a lot.
Segmentation Analysis:
By Raw Material:
Plant-based oils have shown a lot of promise as a replacement for mineral oils because they are made up of long chains of hydrocarbons, just like mineral oils. So, more and more of these oils are being used to make biolubricants because they have good qualities like being renewable, non-toxic, cost-effective, and good for the environment. Soybean, rapeseed, and canola are just a few of the plants that are often used.
Over the forecast period, the growth of this segment is likely to be helped by more research and development (R&D) to find ways to make biolubricants out of animal oils and fats. These oils and fats could make a lot of money in industries like healthcare that use petrochemical lubricants most of the time.
By Application:
There are two main uses for bio-lubricants on the global market: automotive and industrial. In 2015, the first one was much bigger and made up more than 56% of the volume share. In this market segment, automotive engine oils are the most popular because they work better than other engine oils. Also, bio-based engine oils have a higher rate of natural biodegradation, are less toxic to aquatic organisms, and do not build up in the environment, all of which make them more useful in the sector.
Biolubricants are also used in transmission fluids, which is one of the main areas where they are used. These liquids improve the friction of brake bands, the way valves work, how gears are lubricated, and how torque is changed. Transmission fluids can also be used in power steering and 4WD transfer cases as hydraulic fluids and lubricants, respectively. The market is likely to benefit from the increased use of transmission fluids in the production of cars.
A big part of the industrial application segment was made up of process oils. Many technical and chemical industries use these oils to improve their production processes. The use of these oils is likely to be driven by the growing demand for specialty chemicals in the emerging economies of Asia and the Pacific.
By End-Use:
In 2015, commercial transportation made up more than 43% of the world’s traffic. This is because more people are becoming aware of how fuel-efficient and well-maintained heavy and light-duty trucks are. The popularity of these lubricants in the segment is due to the fact that improving the quality of a vehicle and making it less harmful to the environment go hand in hand.
Increasing sales of passenger cars in emerging economies have also boosted demand for consumer automotive products. To meet fuel efficiency rules, consumers are investing more and more in new technologies and products that improve performance. During the forecast period, the demand for biolubricants is also expected to be boosted by private sector investments and the efforts of a number of car companies to make ultra-low emission vehicles to meet changing government standards.
Regional Insights:
Asia-Pacific had a share of up to 34.6% of the Biolubricants Market in 2021, which made it the market leader. Biolubricants have a good chance of growing in this area because the number of companies that make cars is growing, the transportation industry is doing well, construction spending is going up, and more people are moving into cities. Asia-automotive Pacific’s industry is growing quickly because the base for the industry has grown and more people are using public transportation. According to the Federal Chamber of Automotive Industries, the number of new cars registered in Australia rose by 1.2% from March 2021 to March 2022, from 100,233 to 101,233. The India Brand Equity Foundation (IBEF) says that by 2026, the Indian auto industry will be worth between US$251.4 and US$282.8 billion. With the Asia-Pacific automotive industry growing and making more cars, more Biolubricants are being used in engine oils for cars. This is expected to boost its growth prospects in the Asia-Pacific region during the forecast period.
Recent Development:
December 2021, RSC Bio Solution and Standard Sekiyu Osaka Hatsubaisho Co., ltd enter latest distribution partnership to meet growing demand for environmentally acceptable lubricants (EALs) in Japan serving industrial and marine applications announced.
In April 2020, FUCHS and BASF collaborated on a sustainability assessment and life cycle analysis of hydraulic oil as a sustainable lubricant product. The collaboration between the two companies has jointly pioneered sustainability aspects within the lubricants sector.
Market Segmentation
By Raw Material:
Vegetable
Animal Oil
Others
By Application:
Automotive
Industrial
Others
By End-Use:
Industrial
Commercial Transportation
Consumer Automotive
Others
By Companies:
ExxonMobil
TotalEnergies
Royal Dutch Shell Plc
RSC Bio Solutions
Renewable Lubricants Inc.
Cargill Inc
Balmer Lawrie & Co. Ltd
KAJO Group
Polnox Corporation
BECHEM
Others
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