The industry is also evolving from a product development perspective. The sustainable goals are pushing the entire globe to adopt sustainable strategies to reduce carbon footprint and greenhouse gas (GHG) emissions. This has why advancements in fuel and lubricants are expected.
Emphasis on bio-based product development has changed the way in which companies are investing in the lubricant R&D.
University of Northern Iowa’s Ag-Based Industrial Lubricants (ABIL) Research Program has licensed 16 formulated lubricants, greases, and base oils made of high oleic soybeans that have been genetically enhanced for stability.
These products meet and exceed industry requirements, and many do not cost much more than their petroleum counterparts. If these products can compete in performance and price, their environmental benefits will make them even more appealing to users.
Due to their benefits, they will be more prevalent in applications where environmental and safety concerns are high and less prevalent where petroleum products offer price and performance beyond those possible by bio-based products.
In the recent past, various academic institutes, along with collaboration with lubricant blenders across the globe, have conducted studies to identify viable production routes for lubricants through vegetable oils.
However, the lack of oxidative stability affects the performance of the lube oils is the particular concern in the development route is that vegetable oils.
And it is crucial for commercialization of bio-lubricants produced through vegetable oil.
Furthermore, the consistent increase in R&D activities to develop improved bio-based lubricants and rising demand and usage of soybean and palm oil as raw materials will offer numerous opportunities for the growth of the global bio-based lubricants market.
Major oil companies in this market, such as Total, Shell, BP, and ExxonMobil, are actively investing in R&D activities looking forward to this development.
Since 2010, Total has doubled its R&D budget, across its two centres in Lyon, France, and Mumbai, India.