The bio lubricants are produced by using raw materials like rapeseed oil, sunflower oil, palm oil, coconut oil, and animal fats. They offer many advantages over conventionally used petroleum based products as they are nontoxic, renewable, carbon neutral, and environment friendly.
The Biolubricants Market has applications in automotive, marine, and construction.
The bio based lubricants also known as bio-lubes are biodegradable and nontoxic lubricants. Owing to their high flash point and high stability, the green lubricants are safer to use over conventional lubricants.
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Scope & Regional Forecast of the Biolubricants Market
The main factors boosting the growth of the Biolubricants Market are rising environmental concerns and stringent regulations over the use of conventional lubricants, especially in developed economies. The ecofriendly nature and degradability of the bio oil lubricant makes it a better alternative to the conventional petroleum based lubricants.
Consumption of lubricants in regions like North America and Europe is governed by strict regulations, especially for applications in marine, forestry, agriculture, and others. This boosts the market further.
The limited range of well-developed applications may restrict the growth of the Biolubricants Market. The consumption of the vegetable oil lubricant is seen in the developed regions in the world and regions like Asia Pacific which have strong presence of end use industries.
The production of eco lubricants is highly dependent on the supply of vegetable and animal oils that are the byproducts of other industrial processes. Asia Pacific is the fastest growing region in the Biolubricants Market.
It is home to one of the largest manufacturing hubs.
Vegetable oil lubricant applications are seen in transportation applications. Countries like China, India, Thailand, and Indonesia are manufacturing passenger cars and other vehicles to developed regions.
R&D investments to promote novel biolubricant applications are fueling the regional demand during forecast period.
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Segmentations & Key Players Involved in the Biolubricants Market
The Biolubricants Market can be broken down into various segmentations on the basis of –
- Region- North America, Europe, and Asia.
Some of the key players involved in the Biolubricants Market are as follows:
- Binol Bio Lubricants
- Petronas Lubricant International
- Kluber International
- Emery Oleochemicals
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