The biodegradable engine oil market has become one of the leading pioneers as biodegradable resources are gaining immense popularity in today’s environment-conscious society. Animal fats and vegetable oils are the types classified under biodegradable oil among which vegetable oils are used extensively for the manufacture of biodegradable oil.
Increase in demand for innovative & eco-friendly energy solutions, rapidly expanding transportation & logistic sector, and growing concerns about carbon emission are some of the crucial factors that are boosting the growth of the global biodegradable engine oil market. Further, growing inclination towards biodegradable engine oil due to increasing cost of petroleum oil is adding up to the market growth. In addition to this, numerous benefits of biodegradable engine oil over mineral oils including high viscosity index, good lubricating properties, lower toxicity, longer equipment life, and many more are leading to increase in demand for biodegradable engine oil. Furthermore, heavy investment in R&D by manufacturers to offer a new range of biodegradable engine oil while maintaining its lubricating properties, minimum toxicity, and biodegradability is likely to boost the global market during the forecast period. For instance, in Oct 2017, Biosynthetic Technologies launched bio-based synthetic motor oil using high-oleic soybean oil from soya beans. However, these oils oxidize quickly and are expensive, which may limit market growth.
The global biodegradable engine oil market is segregated based on application, type, and region. Based on application, the biodegradable engine oil market is divided into construction, transportation, agriculture, and others. The type segment comprises synthetic esters, polyalkylene glycols, vegetable oils, and others.
Europe is anticipated to rule the global biodegradable engine oil market during the estimated period. Growing demand for environment-friendly products is the major factor contributing to the growth of the market. In addition to this, rapidly expanding industrial sectors in countries like Germany, Italy, Spain & the UK and growing concerns of carbon emission are some of the additional factors that are fostering the market growth in this region. Asia Pacific is estimated to grow rapidly with the highest CAGR value during the forecast period. This is attributed to growing transportation sector and growing government initiatives & subsidies to support the manufacture of biodegradable engine oil.
The predominant players that are successfully operating in the global biodegradable engine oil market include FUCHS Group, Exxon Mobil, Croda International Plc., Condat, BP, Total Lubricants, Royal Dutch Shell, Repsol, Renewable Lubricants, Biosynthetic Technologies, and Nandan Petrochem Ltd., among others.