Global Bio-lubricants Market Growth, Trends, and Forecast Report 2019-2024: Key Players are BP, Chevron, ExxonMobil, Repsol, Royal Dutch Shell, Total, FUCHS - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 23, 2019--
The “Bio-lubricants Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The market for bio-lubricants is anticipated to register a CAGR of 4.25%, during the forecast period (2019-2024). Bio-based lubricants are eco-friendly, and do not have any toxic effect on the ecosystem.
Bio-based lubricants do not cause skin inflammation, which is generally caused by petroleum-based lubricants. Additionally, they have various advantages, such as reduction in energy usage, reduction in labor cost, increased employee safety, improved environmental conditions, increased machine life, and increased production, thereby augmenting the growth of the market.
Bio-lubricants are produced by esterification of a fatty acid or trans-esterification of vegetable oil. This process is being held with a long-chain alcohol in the presence of a homogeneous acid/base catalyst 8 -10, or by using an ion-exchange resin. This process increases the cost of bio-based lubricants, which is likely to hinder the market growth.
Key Market Trends
Increasing Demand from Power Generation
Asia-Pacific to Dominate the Market
In Asia-Pacific, China is third-largest bio-lubricant consumer in the APAC region, with an economic growth of 6.9%, in 2017. With growing middle class, along with urbanization of Western China, there has been an increase in the demand and production of vehicles in the country. Additionally, the country’s focus to gradually shift toward electric vehicles is expected to hinder the country’s demand for bio-lubricants, such as engine oil, gear oil, etc.
The bio-lubricant market is fragmented in nature, with numerous players dominating the global and regional market. Key players in the bio-lubricants market include BP PLC, Chevron Corp., ExxonMobil, Repsol, Royal Dutch Shell PLC, Total, FUCHS, among others.
Industry Value-Chain Analysis
Porters Five Forces Analysis
Opportunities & Trends
For more information about this report visit https://www.researchandmarkets.com/r/ofe7jt
View source version on businesswire.com:https://www.businesswire.com/news/home/20191223005271/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: CHEMICALS/PLASTICS ENERGY MANUFACTURING OIL/GAS
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 12/23/2019 07:55 AM/DISC: 12/23/2019 07:55 AM