The depletion of the world's crude oil reserve, increasing crude oil prices, and issues related to conservation have brought about renewed interest in the use of bio-based materials. Emphasis on the development of renewable, biodegradable, and environmentally friendly industrial fluids, such as lubricants, has resulted in the widespread use of natural oils and fats for non-edible purposes. In this study, we have reviewed the available literature and recently published data related to bio-based raw materials and the chemical modifications of raw materials. Additionally, we have analyzed the impacts and benefits of the use of bio-based raw materials as functional fluids or biolubricants. The term biolubricants applies to all lubricants, which are both rapidly biodegradable and non-toxic to humans and other living organisms, especially in aquatic environments. Biodegradability provides an indication of the persistence of the substance in the environment and is the yardstick for assessing the ecofriendliness of substances. Scientists are discovering economical and safe ways to improve the properties of biolubricants, such as increasing their poor oxidative stability and decreasing high pour points. ''Green'' biolubricants must be used for all applications where there is an environmental risk.

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Vegetable oils have different unique properties owing to their unique chemical structure. Vegetable oils have a greater ability to lubricate and have higher viscosity indices. Therefore, they are being more closely examined as base oil for biolubricants and functional fluids. In spite of their many advantages, vegetable oils suffer from two major drawbacks of inadequate oxidative stability and poor low-temperature properties, which hinder their utilization as biolubricant base oils. Transforming alkene groups in fatty acids to other stable functional groups could improve the oxidative stability, whereas reducing structural uniformity of the oil by attaching alkyl side chains could improve the low-temperature performance. In that light, the epoxidation of unsaturated fatty acids is very interesting as it can provide diverse side chains arising from the mono-or di-epoxidation of the unsaturated fatty acid. Oxirane ring opening by an acid-catalyzed reaction with a suitable reagent provides interesting polyfunctional compounds.

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