In the last two decades, concern and awareness on the use of products derived from petroleum and their adverse impact on the environment have created an opportunity to produce environmental friendly lubricants. The advantages of environmentally acceptable products include minimal health and safety risks and less pollution. Lubricants affect the environment at all stages of production, use, and disposal and should be non-toxic to humans through contact and inhalation during production and use. Accidental losses that arise during spill can cause ecological disaster to environmentally sensitive areas such as forestry, waterways, construction, harbors, agriculture and mining. Thus, for these reasons and in response to public awareness, norms that stipulate the use of environment friendly lubricating fluids are desirable. Hence, it has created an opportunity to produce environmentally acceptable lubricants that are produced from natural esters such as vegetable oils.
Current interest in bio based lubricants produced from renewable resources such as vegetable oils is due to their high biodegradability, low toxicity, and environment friendly nature. The natural abundance and high lubricity of vegetable oils, especially monoesters, are making pathways into various lubrication productions such as hydraulic fluids, fuels, engine oils, petroleum fuel additives and metalworking fluids. Demand for vegetable oils is increasing every year. For example, in the year 1980, annual production of vegetable oil across the globe was 55 million metric tons (MMT) and it increased to 100 MMT by 2000. It is projected that by 2020 it will reach 200 MMT.
The bio based lubricant market today mainly comes from vegetable oil and oilseeds. Most of the bio lubricants are made from esters. Firstly, there are natural esters which are triglycerides of vegetable oils. Then oleo chemical esters of fatty acids such as polyol esters, diesters, and complex esters are there. These types of lubricating materials are produced from numerous cultures, typically rapeseed or sunflower, but can also be manufactured from exotic oils. Fatty acids can also come from coconut oil and palm oil, depending on usage. These oils have different properties compared to those which are commonly used, majorly in terms of oxidation stability.
Bio based lubricants are majorly used for lubricating chain saws. During its usage the oil is subjected to centrifugal force and is spread over the entire floor. These types of lubricants also act as hydraulic fluids to optimize the operation of equipments such as tractors, harvesters, cranes or load carriers in forests. They are also used in greases, especially for lubricating components which cannot be continuously covered with oil. Bio based lubricants are also used for lubricating engines. Indeed, motor oils using plant based oils have been developed to better deal with high thermal stresses.
Legislations encouraging the usage of bio-lubricants and growth in the end user industries such as transportation are some of the major drivers of bio based lubricants market. However, volatility in mineral oil prices and high production cost can hamper the growth of bio based lubricant market. Ample amount of opportunities are there for bio based lubricant market as rapid industrialization is taking place in emerging economies.
Some of the key players in the bio based lubricants market are Renewable Lubricants Inc, Soyatech, LLC, United Bio Lube and Revolution Bio-based Lubricants, LLC among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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- Market structure
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