Global bio-based lubricants market is expected to reach USD 5,331,720.00 thousand by 2026 from USD 3,402,970.00 thousand in 2018, at a CAGR of 5.9% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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The bio-based lubricants market is a highly concentrated market which includes key players and local players. The market has witnessed increased various strategic developments owing to favourable market scenario. The market has a prominent growth in upcoming years due to the demand in usage of bio-based lubricants in industrial and automotive industries as these lubricants provide increased life span for machineries by reducing friction between metal parts. Due to the properties such as high lubricity, high flash point, and low evaporative losses possessed by bio-based lubricants over mineral based oil lubricants, their demand is increasing in commercial automotive sector.
The market has witness developments in terms of merger and acquisitions or product launches to enhance the product portfolio to meet the rising demand of innovative technology. For instance, in March 2019, Total entered into agreements with Novatek for the acquisition of 10% interest in Arctic LNG 2. The acquisition will provide low cost resources and entry in the Asian market. With the acquisition, total aims at increasing the sales of its products and enter in the market which will cover Asian countries.
Royal Dutch Shell dominated the bio-based lubricants market and accounts for the highest market share in 2018 which is followed by Chevron Corporation and Exxon Mobil Corporation. The other key players existing in the market includes Green Earth Technologies, Inc., Magna International Pte Ltd., Polnox Corp., Klüber Lubrication, Castrol Limited, BIOSYNTHETIC TECHNOLOGIES, BECHEM, CITGO Petroleum Corporation, ROCOL and others.
Royal Dutch Shell:
Royal Dutch Shell headquartered in Hague, Netherlands was founded in 1907. The company is engaged in producing crude oil and natural gas. The company has three operating divisions namely, Integrated Gas, Upstream and Downstream. Integrated Gas business division manages LNG activities and the conversion of natural gas into GTL fuels and other products. Upstream segment covers three strategic themes: Conventional Oil and Gas, which is a cash engine; Deep water, which is a growth priority; and Shales, which is an emerging opportunity. Downstream segment comprises two strategic themes: Oil Products and Chemicals. The Integrated Gas segment recorded revenue of USD 43,764 million in 2018 and a growth by 33.94% as compared to previous year owing to growth in demand of lubricants for marine industry.
It has its global networks in Europe, Africa, Americas, Middle East, Asia-Pacific. The company has various subsidiaries such as Shell Oil Company (USA), Pennzoil (USA), BG Group (UK), Raízen (Brazil) and others.
Chevron Corporation headquartered in California, United States was founded in 1879. The company is focused in manufacturing safe, reliable energy based commodity for the market. The company operates through three business segments which includes upstream, downstream and all others.
The upstream segment offers a wide range of products for crude oil and natural gas. The downstream segment offers refining, manufacturing and marketing of products that include gasoline, diesel, jet fuel, lubricants, fuel oil, fuel and lubricant additives, and petrochemicals. The others segment consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies. The products offered by the company include Exploration & Production, Refining, Transportation, Supply & Trading, Products & Services, Chevron Lubricants, Power, Chemicals & Additives. Chevron Lubricants products are the market focused products for the company. The downstream segment generated revenue of USD 129,471 billion in 2018 and has witnessed a growth by 13.04% as compared to the revenue generated in 2017. The rise in revenue can be attributed to the growing demand of bio-based lubricants in transportation and petrochemicals industry
It has its global networks through direct sales representatives and distributors in more than 60 countries in the Europe, Western Hemisphere, Asia-Pacific, Africa and the U.S. It operates through its subsidiaries such as Chevron Malaysia Limited (Malaysia), Chevron Neftegaz, Inc. (Russia), Chevron Korea (South Korea), Chevron Latin America (Venezuela), Chevron (Cambodia) Limited.(Cambodia), Chevron Hong Kong Limited (Hong Kong), Chevron Oronite (Beijing) International Trading Co. Ltd (China), Chevron New Zealand Exploration Ltd.(New Zealand) among others.
Exxon Mobil Corporation:
Exxon Mobil Corporation is headquartered in Texas, U.S., founded in 1999. Exxon Mobil Corporation operates through three major strategic business units which includes Upstream, Downstream and Chemicals.
Upstream segment is organized and operates to explore for and produce crude oil and natural gas. The Downstream segment is organized and operates to manufacture and sell petroleum products. The Chemical segment is organized and operates to manufacture and sell petrochemicals. The revenue generated by the downstream business segment is 6,010 USD million in 2018 and witnessed a growth of 7.37% from 2017 to 2018 owing to prominent growth of bio-based lubricants in chemical industry.
The company has wide geographic presence and It operates through its subsidiaries such as Kemya (Saudi Arabia), Imperial Oil Limited (Canada), XTO Energy, Inc. (USA), Mobil Producing Nigeria Unlimited (Nigeria), RasGas Company Ltd.(Qatar) and others.
Global Bio-based Lubricants Market - Industry Trends and Forecast to 2026
Asia-Pacific Bio-Based Lubricants Market - Industry Trends and Forecast to 2026
Europe Bio-Based Lubricants Market - Industry Trends and Forecast to 2026
Middle East and Africa Bio-Based Lubricants Market – Industry Trends and Forecast to 2026
North America Bio-based Lubricants Market – Industry Trends and Forecast to 2026