The bio-lubricants market is growing fast because it ticks so many boxes, according to a report.
The Global Industry Analysts report identifies North America as the largest regional market worldwide followed by Europe. Asia-Pacific has the fastest growing market.
The report highlights a wide range of growth drivers in the bio-lubes market including the environmental benefits, national and international regulatory support, the rising price of petrol and improved availability.
Bio-lubricants have the following attributes:
- biodegradability
- lubricity
- viscosity indices
- better anticorrosion properties and relatively low flammability, toxicity and volatility
Demand is coming from different sectors including agriculture, construction, sewage plants, commercial elevators and water treatment.
Many operating conditions also benefit from bio-lubes - for example, where systems are working below the waterline or where lubricant leakage can cause water or soil contamination. There's also a tick in the economics box for using bio-lubes in operation and maintenance of machinery, which the report identifies as another growth driver.
Increasingly, OEMs are accepting bio-lubes as first-fill product, although the report states that higher costs and the absence of a global classification system affect the market adversely.