The global estolides market is anticipated to grow at a CAGR of 6.5% during the forecast period of 2024 and 2032. The increase in demand for estolides in various end-use industries, including as personal care, marine, automotive, and food & beverage, is expected to propel the expansion of the estolides market throughout the forecast period. Estolides have exceptional lubricating properties and low volatility. Estolides are also non-toxic and biodegradable. On the international market, producers are focusing on the development of innovative processes for the production of high-performance renewable products. There are now just a handful of companies that possess patents for the commercial production of estolides. Thus, the product is relatively costly. Large firms are increasing their investments in R&D for the development of sustainable estolide chemicals. The leading competitors in the worldwide estolides market are monitoring industry developments in order to seek new business opportunities.
Due to their biodegradability, estolides are commonly employed as lubricants. Estolides can be produced from fatty acids or the interaction of fatty acids with vegetable oils. These are natural, non-toxic chemical compounds utilized in a range of businesses for a variety of purposes. The need for estolides is increasing in the automotive, food and beverage, and maritime industries. A trend toward bio-based products is projected to enhance demand for estolides in the near future.
Manufactured from biomass and other byproducts, bio-based lubricants can significantly reduce the carbon footprint of industrial processes. Bio-lubricants are gaining popularity due to their longevity, biodegradability, and thermophysical characteristics. Estolides are natural or synthetic chemical compounds derived from vegetable oils. These bio-based oils have multiple uses. The world is dependent on products derived from fossil fuels, such as petroleum and petrochemicals. Transesterification is necessary for the production of bio-based lubricants, although their use is severely limited compared to that of lubricants derived from mineral-based oils.
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Biodegradable lubricants, such as estolides, are essential for improving fuel economy. According to estimates, the use of better lubricants in the manufacturing, transportation, power generation, and residential sectors might result in annual GDP savings of more than 1 percent. Moreover, a four-step catalytic method may convert spent cooking oil and cyclic oxygenates into bio-lubricants. Greater viscosity lubricants reduce wear by raising viscosity ratio and decreasing wear rates. The desire for environmentally friendly lubricants drives the expansion of the estolides industry.
Numerous end-use industries, including personal care, automotive, marine, and food & beverage, indicate a continual increase in estolides demand. The expansion of the automotive sector is a significant factor influencing the global demand for estolides. Because of its strong linkages to mass manufacturing and mass consumption in the 20th century, the automotive industry has been termed the "industry of industries." The use of electric vehicles in major economies contributes to the growth of the global estolides market. Owing to their exceptional technical performance characteristics and environmental compatibility, estolides can also be utilized in the personal care, marine, and food & beverage sectors. These naturally produced plant oils are also used to improve the quality of end-use industries' products.
By application, the global market has been segmented into, among others, automotive oil, industrial oil, process oil, metalworking fluid, and grease. In 2023, the automotive oil market segment held a 55.0% share of the global market. It is anticipated to grow at a CAGR of 6.8% throughout the period of forecast. The increase in worldwide automotive production has had a significant impact on the need for lubricants. Estolides can be utilized in vehicle oils due to their biodegradability and sustainability. In addition, the demand for lubricants derived from non-fossil fuel sources is increasing, while the production of lubricants from fossil fuels is decreasing.
North America accounted for around 55.5% of the global estolides market in terms of value in 2023, according to a market study. It is estimated that North America's market share of estolides would increase over the forecast period. North America is comprised of a few developed economies, such as the United States and Canada, and a few growing or developing nations. The growth of regional end-use industries drives the estolides market.
Europe represented a 22.0% share of the global market in 2023. The rise of the estolides market in Asia-Pacific is projected to be extremely promising in the near future. The expansion of China's vehicle industry will determine the future of the Asia-Pacific market. In 2023, Middle East & Africa, and South America represented roughly 11 % of the global estolides market. Significant expenditures are being made in both regions to reduce carbon emissions, which is expected to have a positive impact on the demand for estolides in these regions over the projected period.
Only a few manufacturers and suppliers control the vast majority of the worldwide estolides market. The majority of firms, according to the estolides market study report, are investing heavily in natural and synthetic estolides research & development in order to capitalize on prospective growth opportunities. Innovation in the creation of goods is a significant trend that market actors observe. Biosynthetic Technologies, Calumet, Elementis, and Evonik are among the market leaders worldwide.
Biosynthetic Technologies announced in September 2023 that their very sustainable BioEstolide 250 has won the Cosmetics & Toiletries (C&T) All Awards in the category for the base component. BioEstolide 250 is a biodegradable emollient that offers a vast array of remarkable performance advantages. This non-toxic product is created from natural oils, making it healthy for the skin and hair.
