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New Product Launches and Agreements & Collaborations were the Most Preferred Strategies among the Major Players in the Biolubricants Market Between 2012 And 2016
The global biolubricants market size is projected to reach USD 3.15 Billion by 2021 at a CAGR of 6.3% between 2016 and 2021. Increasing stringent regulations such as EPA’s Vessel General Permit and USDA’s Bio Preferred Program are creating opportunities in the biolubricants market in the U.S. In addition, emerging applications of biolubricants such as transformer oil and two- and four-cycle engine oils are expected to present immense opportunities going ahead.
New product launches and agreements & collaborations were the most preferred strategies among the major players in the biolubricants market between 2012 and 2016. New product launches accounted for a share of 43.8% of all the development strategies adopted by the market players. Companies adopted this strategy for developing new and advanced products to strengthen their product portfolio and cater to the growing needs of consumers in the U.S. and European countries. The biolubricants market is currently in the introduction phase in regions such as Asia-Pacific, South America, and the Middle East & Africa. Many R&D activities are being carried out in the market to develop products with better technical specifications and priced competitively against the mineral oil-based lubricants. Chevron Corporation, BP plc, Emery Oleochemicals, and Clarion Lubricants are some of the manufacturers who adopted this strategy.
The strategy of agreements & collaborations accounted for a share of 25%, between 2012 and 2016, of the overall strategic developments in the biolubricants market. Companies adopted this strategy to strengthen their distribution network and extend their reach to customers. Some agreements and collaborations were done for raw material supply as well. Companies such as Altranex Corporation, Chevron Corporation, and BioAmber Inc. adopted this strategy.
Chevron Corporation is an integrated energy company that provides administrative, financial, management, and technological support to the U.S. and international subsidiaries, which engage in fully integrated petroleum operations, chemical operations, mining operations, power generation, and energy services. It mainly operates through two business segments, namely, upstream and downstream. The company promotes transformation and upgrading of technology to improve development quality and efficiency as well as establish a return-oriented investment management mechanism, which complies with both market conditions and the firm’s overall development goals.
Chevron introduced a new line of Clarity Synthetic hydraulic and gear oils for the marine industry. The lubricants are used in applications concerning leaks and accidental discharges. These lubricants meet the requirements of EPA VGP for environmentally acceptable lubricants (EALs). This development is expected to help the company tap the highly growing demand for biolubricants in the marine industry.
Emery Oleochemicals develops and markets high-quality natural-based chemicals. Emery has its manufacturing units and sales & marketing offices in Asia-Pacific, Europe, and North America. The company has an extensive distribution network in more than 50 countries. It focuses on organic growth strategies to increase its existing market share. The company is focusing on the transition of sustainable practices into a responsible and efficient supply chain management system to gain competitive advantage.
Emery Oleochemicals launched DEHYLUB 4100 and DEHYLUB 4071, which offers high viscosity and lubrication and low pour point in extreme conditions of temperature and pressure. These natural-based chemicals are designed for metalworking fluids, chain lubricants, hydraulic fluids, and greases applications. This product was launched to cover a wide range of applications.
Biolubricants Market by Type (Vegetable Oil, Animal Fat), Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents), End Use (Industrial, Commercial Transport, Consumer Automobile) - Global Forecasts to 2021
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