Bio-Lubricants Market with New Growth Prospect By Top Key Players and forecast

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Japan, Japan, Thu, 14 Oct 2021 09:31:46 / Comserve Inc. / -- Bio-Lubricants Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The market for Bio-Lubricants is anticipated to register a CAGR of over 3% during the forecast period. Bio-based lubricants are environment-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.

- 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.

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- 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 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. This is likely to hinder the market's growth.
- Various R&D projects have been completed to improve the physicochemical properties of bio-based lubricants. These studies have found that bio-lubricants can be used as substitutes to petroleum-based oils are projected to act as an opportunity for the market in future.

Key Market Trends

Increasing Demand from Power Generation

- Power generation is one of the most important sectors for the global economy, without which, almost all manufacturing operations may come to an end. Advancements in manufacturing technologies are resulting in the commencement of various new plants, which in turn, are increasing the demand for electricity in various end-user industries.
- Turbines play a key role in the energy sector for generating electricity. Irrespective of the source of electricity, i.e., wind, solar, hydro, thermal, etc., turbines are widely used for power generation. In general, other than turbines, the major components in the power generation sector, include pumps, bearings, fans, compressors, gears, and hydraulic systems. Wind turbines are subjected to many factors, such as humidity, high pressure, high loads, vibrations, and temperature. Gear and turbine oils are widely used in this sector for lubrication purposes.
- Many companies are already well-aware that reducing the total cost of ownership (TCO) over the lifetime of machinery is the key to extracting the best possible value from the investment. However, the impact of lubrication on TCO is too often underestimated. In general, the cost of lubricants accounts for less than 5% of a power generation company's total operational expenditure. According to an international industry study, commissioned by Shell Lubricants, the savings opportunity is recognized, but undervalued. About 58% of the companies recognized that lubricant selection can help reduce costs by 5% or more, but fewer than one in 10 (8%) realized that the impact of lubrication could be up to six times greater.
- All the aforementioned factors, is expected to drive the global market during the forecast period.

Asia-Pacific to Dominate the Market

- In Asia-Pacific, China is third largest bio-lubricant consumer in the APAC region with the economic growth of around 7%.
- China and United States, the world's two largest power markets, accounts for almost 70% of the global demand growth. In China, electricity demand increased by almost 8.5%, led by industrial sector, including iron, steel and other metals, cement and construction as well as higher demand for cooling.
- India's power demand increased by around 5.4%. This increase was driven by higher demand in buildings, especially coming from air conditioning, as well as higher access to electricity.
- Moreover, the Japanese government has also been planning to build 45 new coal-fired power plants in the country, by using high-energy low-emission (HELE) technology, which uses high-quality black coal. With the increasing number of power plants in the country, accelerated demand for bio-lubricants, for use in power plants, is expected during the forecast period.
- This increase in power industry is expected to drive the bio-lubricants market in the Asia-Pacific region.

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Competitive Landscape

The bio-lubricants 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.

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Regulatory Norms Driving the Demand for Bio-based Lubricants
4.1.2 Other Drivers
4.2 Restraints
4.2.1 High Price of Bio-based Lubricants
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition

5 MARKET SEGMENTATION

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