May 31, 2022 03:30 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, May 31, 2022 (GLOBE NEWSWIRE) -- Bio-Lubricants Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bio-Lubricants Market Information by Type, Application, End-Use Industry, and Region - Forecast till 2027”, the market is estimated to grow at a 4.40% CAGR to reach USD 3.98 Billion by 2027.
Bio-based lubricants are eco-friendly with no toxic impact on the ecosystem. Bio-lubricants do not result in skin inflammation, which is the case with petroleum-based lubricants. On top of this, they offer several benefits, including a decrease in energy usage, reduced labor cost, higher employee safety, better environmental conditions, a rise in machine life, and a surge in production, which augments the market growth.
Bio-lubricants are developed by the trans-esterification process of vegetable oil or the esterification process of a fatty acid. This process is carried out in line with the presence of long-chain alcohol along with a homogeneous acid/base catalyst 8 -10, or with the use of an ion-exchange resin.
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The affluent firms in the bio-lubricants industry include
Bio engine oil has been garnering substantial traction since this is increasingly being accepted as a replacement for petroleum-based oil. This should have a favorable impact on the environment and also assist in the resolution of related issues. Renewable raw materials like animal fats and plant oils are progressively being used. Vegetable oil-based lubricants offer a lot of long-term and environmental benefits over petroleum-based substitutes. Moreover, these are cost-effective with a significant level of biodegradability.
Before being propelled into the environment, the lubricants are modified several times. Freshwater, soil and fresh air are all contaminated owing to this, resulting in a considerable effect on the environment. The requirement for biodegradable bio-lubricants has surged as public awareness regarding mineral oil-based lubricants’ environmental implications has increased.
Following the COVID-19 outbreak, there have been multiple opportunities for biodegradable solutions ranging from sustainable lubrication and green buildings. A bio-lubricant is a biodegradable, non-toxic product that experiences 60% breakdown in 28 days, is renewable, and comprises 25% carbon from bio-sourced sources.
The bio-lubricants market will experience a few restraints in the form of volatile costs. A traditional bio-lubricant is generally available in the global market at a 40% hiked price. The d of cost-effective lubricants has emerged as a major challenge faced by the prominent players in the market.
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The bio-lubricants market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for developing bio-lubricants along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
The major base oil-based segments highlighted in the study include animal fats, vegetable oil, and others such as synthetic ester.
The top applications of bio-lubricants are two-cycle engine oils, hydraulic oil, gear oils, mold release agents, chainsaw oil, and others such as greases, metalworking fluids, transformer oils, and refrigeration fluids.
The various end-use industries include pharmaceutical, metallurgy, energy, power, marine, food, mining, and others such as consumer automobile and commercial transportation.
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Europe has emerged as the top market for bio-lubricants. The production of lubricants in the environment in the form of two-stroke oils, mold release agents and chainsaw oils has become a major concern for the emerging countries. Therefore, the developed nations in Europe boast of ecolabels that support the deployment of bio-lubricants rather than traditional ones. This is anticipated to be quite favorable for the European market in the years to come.
In Asia Pacific, the highest consumer of bio-lubricants is China, given the rapid economic growth in the country. China is the world’s biggest power market, accounting for nearly 70% of the worldwide demand. In China, the electricity demand is extremely high, led by the industrial sector, such as steel, iron, and other metals, construction, and cement along with the substantial demand for cooling. The power demand in India is seeing an exponential rise as well. This surge was driven by the heavy use in buildings, particularly air conditioning. Apart from this, the Japanese government has been working on developing around 48 coal-fired power units in the country, with the use of high-energy low-emission technology, which makes use of high-quality black coal. The soaring number of power units in the country and the subsequent rise in the demand for bio-lubricants in these power plants can favor the regional market.
In North America, booming sales of passenger car sales have been a significant reason for the rapid market expansion over the years. The supportive regulatory framework will encourage the demand and production of bio-lubricants in the coming years. The U.S. EPA has come up with policies and regulations, requiring marine vessels to attain the mandatory Vessel General Permit (VGP) on the U.S. waters and also make use of environment-friendly lubricants in oil-to-sea interfaces.
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