Transparency Market Research, in a report, titled “Synthetic & Bio-Based Lubricants Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth And Forecast, 2012 - 2018,” states that the global synthetic and bio-based lubricants market is fueled by the reduction in crude-oil dependence, the surging demand for automobiles, and the support from several regulatory bodies. In 2011, the demand for bio-based lubricants was pegged at 505.6 kilo tons and this is projected to rise to 785.0 kilo tons by 2018 at a 6.60% CAGR from 2013 to 2018. The demand for synthetic lubricants, on the other hand, stood at 35.1 million tons in 2011 and this is forecast to touch 41.5 million tons by 2018 at a 2.48% CAGR from 2013 to 2018.
Browse the full Synthetic & Bio-Based Lubricants Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth And Forecast, 2012 - 2018 report at https://www.transparencymarketresearch.com/global-synthetic-and-bio-based-lubricants-market.html
The global synthetic lubricants market has been segmented based on product type into commercial automotive, industrial, and consumer automotive. Industrial lubricants held the largest share in the overall market with a 38.60% share in 2011. The demand for synthetic lubricants from consumer automotive applications is anticipated to reach 11.86 mn tons by 2018, expanding at a 2.58% CAGR from 2013 to 2018.
Bio-based lubricants, though more expensive than synthetic lubricants, have been gaining prominence in recent years owing to their increased lubricity, the monetary savings they enable, and their requirement for decreased energy input. Bio-based lubricants are preferred over conventional synthetic lubricants because of their physical properties of biodegradability, renewability, and high flash points.
By raw material, the bio-based lubricants market is bifurcated into animal oils and vegetable oils. The demand for vegetable oil-based lubricants is much greater and held a share of 87.50% in the overall bio-based lubricants market in 2011.
On the basis of application, the bio-based lubricants market is categorized into hydraulic oils, automotive oils, demolding oils, process oils, chainsaw oils, lubricating grease, turbine oils, compressor oils, metal working oils, and industrial gear oils. The automotive sector forms the largest application segment and in 2011 accounted for a share of 25.70% in the overall bio-based lubricants market. Hydraulic oils form the most rapidly developing application segment and are anticipated to expand at a 6.80% CAGR from 2013 to 2018.
Based on end use, the bio-based lubricants market is divided into commercial transportation lubricants, industrial lubricants, and consumer automotive lubricants. In 2011, automotive end uses, both consumer and commercial together held a 61.40% share in the bio-based lubricants market.
By geography, the synthetic and bio-based lubricants market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Asia Pacific and Latin America are major markets for synthetic lubricants given the rapid growth of the automotive and industrial sectors in these regions. Europe is a strong contender in the bio-based lubricants market owing to the support from the government and agencies such as REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals).
British Petroleum plc, Exxon Mobil Corp., Fuchs Lubricants (India) Pvt. Ltd., Sinopec Corp., Total S.A., Binol Biolubricants, PANOLIN International Inc., PETRONAS Lubricants International, Royal Dutch Shell Plc, Statoil Lubricants, Indian Oil Corporation Limited, Petrobras, Cargill, Inc., ConocoPhillips Co., Renewable Lubricants, Inc., PetroChina Company Limited, Chevron Corporation, Valvoline International, Inc., and Millers Oils Ltd. are the players featured in the synthetic and bio-based lubricants market report.
Global Synthetic Lubricants Market, by Product Type
- Process Oils
- General Industrial Oils
- Metal Working Fluids
- Industrial Engine Oils
- Commercial Automotive
- Heavy-Duty Engine Oil
- Hydraulic and Transmission Fluid
- Gear Oil
- Consumer Automotive
- Passenger Vehicle Engine & Motor Oil
- Automatic Transmission Fluid
- Gear Oil
Global Bio-based Lubricants Market, by Raw Material
- Vegetable Oils
- Animal Oils
Global Bio-based Lubricants Market, by Application
- Automotive Oils
- Hydraulic Oils
- Process Oils
- Demolding Oils
- Lubricating Grease
- Chainsaw Oils
- Compressor Oils
- Turbine Oils
- Industrial Gear Oils
- Metal Working Oils
Global Bio-based Lubricants Market, by End Use
- Industrial Lubricants
- Commercial Transportation Lubricants
- Consumer Automotive Lubricants
Global Synthetic and Bio-based Lubricants Market, by Geography
- North America
- Rest of the World (RoW)
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