Synthetic Lubricant Market and Bio-Based Lubricants Market is Expected to Reach USD 62,805.6 Million and USD 2,377.5 Million in 2018 : Transparency Market Research

According to a new market report published by Transparency Market Research titled "Synthetic and Bio-Based Lubricants - Global Industry Size, Market Share, Trends, Analysis and Forecast, 2012 - 2018," synthetic lubricants demand was 35.10 million tons in 2011 and is expected to reach 41.52 million tons in 2018, growing at a CAGR of 2.48% from 2013 to 2018. Bio- based lubricant demand was 505.6 kilo tons in 2011 and is expected to reach 785.0 kilo tons in 2018, growing at a CAGR of 6.6% from 2013 to 2018.

The reference to synthetic lubricants in the report includes mineral oil based and chemical based lubricants. Mineral oil based lubricants are petrochemical products which are manufactured from crude oil whereas chemical based lubricants are externally synthesized by using chemicals such as polyolefin, polyesters, polyglycols, non-PAO synthetics, esters, alkylated naphthalene and alkylated benzene.
Bio-based lubricants are biodegradable in nature and are derived from vegetables oils such as palm or castor oils and animal oils. The biodegradable nature of the lubricant makes it eco-friendly which is a key attribute in the industry facing a growing shift towards sustainability. In addition, there has been significant regulatory support for the development of bio-based lubricants from various agencies, particularly the EPA in the U.S. and REACH in the European Union.

The primary driver for the synthetic lubricants market is the growth in the industrial and automotive sectors, especially in Asia Pacific and Latin America. Automotive applications (consumer and commercial) together accounted for 61.4% of the market share in 2011 and the growth in automotive industry majorly influences the demand for synthetic lubricants. Synthetic lubricant demand for consumer automotive applications is expected to reach 11.86 million tons in 2018, growing at a CAGR of 2.58% from 2013 to 2018. The development of bio-based lubricants has reduced the dependency on mineral oil based lubricants. However, the high cost associated with processing and commercialization of bio-based lubricants is a major inhibitor for product acceptance and penetration across a host of applications.

Synthetic lubricants are segmented, based on product type into industrial lubricants, commercial automotive lubricants and consumer automotive lubricants. Industrial lubricants are the single largest application for synthetic lubricants and accounted for 38.6% of the market in 2011. The report includes a detailed study of various synthetic lubricant products such as process oils, engine/motor oils and so on along with analysis and trends of their further sub-segments. Sub-segments include lubricants like process oils, general industrial oils, heavy-duty engine oils, passenger vehicle engine and motor oils among others.

Bio-based lubricants are primarily categorized based on the raw material, into plant oil derived or animal oil derived. The demand for vegetable oil based lubricants is higher and accounted for 87.5% of the total bio-based lubricant demand in 2011. The hydraulic oil segment is expected to grow at a CAGR of 6.8% from 2013 to 2018, which is the highest amongst all applications. The automotive sector is the largest application segment for bio based lubricants and accounted for 25.7% of the global demand in 2011. The other major applications of bio-based lubricants include process oils and hydraulic oils.

The report consists of a geographically analysis, wherein the demand for various applications has been forecasted for North AmericaEuropeAsia Pacific and Rest of World. In addition, there is also a detailed analysis of the cause and effect of these applications on a regional level.

Some of the key players that deal in synthetic and bio-based lubricants include Royal Dutch Shell , Exxon Mobil, British Petroleum, Chevron, Castrol, Fuchs, Total and so on.

This research analyzes and estimates the performance and demand of synthetic and bio-based lubricants in the global scenario. The research provides detailed trend analysis of the synthetic and bio-based lubricantsmarket, demand by geography and detailed analysis of companies that are dealing in synthetic and bio-based lubricants. The report covers all the major segment types of the market and provides statistically refined forecast and historical data for the segments covered. 

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