Newly driving factors are encouraging the major lubricants players to be more market-oriented for the next era. The global lubricants market is expected to register a CAGR of 2.18% during the forecast period, 2018–2023.
The major factors behind the growth of the automotive market in Asia-Pacific and Europe, and the growing demand for and usage of high-performance lubricants, suitable for high-temperature applications.
Manufacturing Sector Increases Lubricants Consumption
The consumption of industrial lubricants is rising steadily owing to increasing consumption from manufacturing sectors. The Asia-Pacific Region, presently, is a major hub for manufacturing, led by China.
Increased Drain Intervals
With the introduction of long-lasting high-performance lubricants, as well as developments in machining technologies, the interval for the oil change has extended almost by 100%.
The tradition of changing oil for every 3,000 miles has changed to 7,500 to 10,000 miles for passenger cars.
But, with the advancement in the lubricant technology, the oil change interval has come to 50,000 miles and is to increase further.
Commercialization of bio-lubricants
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.
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, R&D activities to develop improved bio-based lubricants and rising usage of soybean and palm oil as raw materials will offer numerous opportunities for the future global bio-based lubricants market.
Major oil companies like Total, Shell, BP, and ExxonMobil are actively advancing in R&D activities looking forward to this development.