Biodegradable lubes or lubricants are solutions or substances which are used to reduce friction between moving surfaces. They also serve the purpose of transporting foreign particles. These lubricants are formulated to degrade when released in the environment and are mostly used in applications as an alternative to other hazardous lubricants posing threat to environment. Different biodegradable lubes such as vegetable oils, water soluble polyglycols, and polyolester are used in the industry in automotive, ships, coastal areas, household and other environmental sensitive applications.
The market for biodegradable lubes has been gaining significant importance owing to increasing popularity of bio-chemicals as pro-environmental solutions. In addition, various initiatives and legislations by government regulatory bodies for producing biodegradable lubes is expected to aid the growth of the market. Although North America accounted for the largest market share for biodegradable lubes, future growth is expected from emerging regions such as Asia Pacific, Africa and Latin America on account of rapid industrialization and rising car ownership rates.
Factors such as growing importance of environmental friendly lubricants due to growing concerns of synthetic lubricants is expected to escalate the demand for biodegradable lubes market. Other factors such as, growth of the automotive industry are also expected to fuel the demand for biodegradable lubes with the increasing use of bio-based lubricants in engine oils, process oils and hydraulic oils. However, as biodegradable lubricants are more expensive than conventionally used lubricants, the market has been witnessing a moderate growth. Increase in R&D activities for developing new innovative products is expected to provide new opportunities for the growth of the market.
Binol Biolubricants, British Petroleum PLC, Exxon Mobil Corporation, Royal Dutch Shell PLC, Statoil Lubricants, The Lubrizol Corporation, Total S.A., and UBL are some of the key manufacturers for biodegradable lubricants dominating the market.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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