Over the last few years, environmental regulations, and the importance of
developing sustainable products have generated a tremendous demand for biobased
lubricants or biodegradable lubricants. In the lubricant industry, bio-based
lubricants are used as lubricating oils to reduce energy consumption and prolong the
life of equipment/machinery. Several OEM equipment manufacturers and vendors
in the mining marine, construction, and wind power industries are seeking
environment-friendly products. Therefore, such environmental considerations and
changes in consumer behavior have compelled lubricant manufacturers to formulate
lubricants with lower environmental impact.
The present scenario is driving vendors to change and refine their unique value
propositions to achieve a strong market presence. Some key players in the
agricultural lubricants market include Shell, Valvoline, BP, and others. There exists
stiff competition among these players in the market. Additionally, the market is
highly competitive and is prone to be affected by volatility in the general business
and economic environment.