Lubricants can be mainly divided into two types – synthetic and bio-based lubricants. Synthetic lubricants primarily include chemical-based and mineral-based lubes. Chemical-based lubes are commonly processed from polyolefin, polyesters, polyglycols, non-PAO synthetics, esters, alkylated naphthalene and alkylated benzene. Mineral oils are basically by-products or variants of downstream petroleum processing. Mineral oil contains uneven and less uniform molecules and particulates, as compared to synthetic oil.

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Bio-based lubricants are primarily triglyceride esters which are derived from animal and plant oils and are formulated using renewable and biodegradable base stocks. They can be formulated using a range of natural sources such as low grade and solid fats or waste materials, but are generally based on vegetable oils (palm oil, castor oil, sunflower oil, and castor oil). A typical bio-based lubricant is readily biodegradable (decomposed within one year; through natural biological processes in water, carbon dioxide and carbonaceous land or under standard industrial composting environment) and is non toxic when disposed in the environment.Synthetic lubricant products analyzed in this study include industrial (process oils, general industrial oils, metal working fluids, industrial engine oils), commercial automotive (heavy-duty engine oil, hydraulic and transmission fluid, gear oil, grease) and consumer automotive (passenger vehicle engine & motor oil, automatic transmission fluid, gear oil, grease). The bio-based lubricant market has been segmented on the basis of applications including automotive, hydraulic, process, demolding, chainsaw, compressor, turbine, and industrial gear, metal working oils and lubricating greases. Regional market data and forecast have been provided for North America, Europe, Asia-Pacific, and Rest of the World (ROW).

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Asia-Pacific is the largest and fastest-growing market for synthetic lubricants owing to increasing domestic consumption from the industrial as well as the automotive sector. Synthetic lubricants are widely used in automotive industry for their benefits, ease of procurement and relative lower cost as compared to bio based lubricants. Bio-based lubricants provide a safer and cleaner environment with respect to resource renewability, biodegradability, and offer satisfactory performance in a wide range of applications. Owing to the benefits associated with bio-based lubricants, they are increasingly being preferred over synthetic lubricants. Pricing is the major challenge when it comes to synthetic and bio-based lubricants. Prices of synthetic and bio-based oils are volatile in nature and keep fluctuating in-line with the raw materials. Shipping disputes and supply uncertainties contribute significantly to these price fluctuations. In recent years, owing to growing demand from alternative applications such as bio fuels, renewable chemicals, animal feed and human consumption, vegetable oils have experienced volatility in prices.

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Some of the major players that deal in synthetic and bio-based lubricants include Royal Dutch Shell, Exxon Mobil, British Petroleum, Chevron, Castrol, Fuchs and Total and so on.