Polyolesters for Bio-based Lubricants and Lubricant Additives Market Projected to Reach US$735.9 mn by 2023 : TMR
Transparency Market Research has released a new market report titled “Polyolesters for Bio-based Lubricants and Lubricant Additives Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” According to the report, the global polyolesters for bio-based lubricants & lubricant additives market was valued at US$412.9 mn in 2014 and is expected to reach US$735.9 mn in 2023, expanding at a CAGR of 6.7% between 2015 and 2023.
Polyolesters are esters manufactured using polyhydric alcohols and esters (bio-based and synthetic). These esters are used for wide temperature range and extreme working conditions. Polyolesters manufactured using bio-based raw materials (fatty acids) are environmentally benign than most of their synthetic counterparts. This makes these esters safe and effective replacements for conventional lubricants made from mineral oil.
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Polyolesters are typically used as lubricants in various applications such as automotive lubricants, aviation oil, biodegradable and fire-resistant hydraulic fluids, refrigerant oil, metalworking oil, compressor oil, and other applications such as greases, industrial gear, transformer oil, etc. Rising demand for aviation oil, automotive lubricants, and refrigeration oils is primarily expected to augment the global polyolesters for bio-based lubricants & lubricant additives market in the next few years. Increasing research on various bio-based materials for usage as raw materials is likely to boost the polyolesters for bio-based lubricants market in the next few years. However, complexity in production process and high cost of raw materials are projected to impede market growth during the forecast period. Rising demand for polyolester bio-based lubricants in metalworking, hydraulic fluids, and refrigeration segments is anticipated to offer growth opportunities for the market during the forecast period.
In terms of volume, trimethylolpropane esters was the largest product segment of the global polyolesters for bio-based lubricants & lubricant additives market, accounting for more than 30% share in 2014. Significant commercialization and wide application areas of trimethylolpropane esters are the key reasons for the dominance of the segment. It is also anticipated to be the fastest-growing segment during the forecast period, owing to the growing commercialization and usage of these lubricants based on oleic acid, palmitic acid, and others in various end-user industries.
In terms of application, aviation oil was the largest segment of the global polyolesters for bio-based lubricants & lubricant additives market, constituting more than 30% share in 2014. It is also likely to be the fastest-growing application segment during the forecast period, due to the rising demand for aviation lubricants in the aviation industry. Refrigerant oil and automotive lubricants are projected to be the other major application segments between 2015 and 2023. Increase in environmental concerns over chlorofluorocarbons (CFCs) in developed regions is anticipated to boost the polyolesters market in the refrigeration industry.
Developed countries are projected to dominate the polyolesters for bio-based lubricants & lubricant additives market in the next few years, owing to considerable manufacturing expertise and easy availability of raw materials in these regions. Europe is estimated to be the largest market for polyolesters for bio-based lubricants & lubricant additives, followed by North America, during the forecast period. The polyolesters for bio-based lubricants & lubricant additives market in Asia Pacific is also projected to witness high growth, due to the large demand for lubricants in various end-user industries and increasing awareness about benefits associated with bio-based lubricants, especially in metalworking and other applications.
Key players in the polyolesters for bio-based lubricants & lubricant additives market include Croda International Plc, NOF CORPORATION, Oleon NV, Emery Oleochemicals, Peter Greven GmbH & Co. KG, Kuala Lumpur Kepong Berhad, A&A Fratelli Parodi Spa, Ecogreen Oleochemicals, Dowpol Corporation, Custom Synthesis, LLC, and Lumar Quimica.
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