The global market for bio-lubricants is expected to reach USD 2,601.9 million by 2020, according to a new study by Grand View Research, Inc. Bio-lubricants are increasingly being preferred to their mineral counterparts due to desirable properties of biodegradability, constant viscosity, high flash point and lower emissions. In addition, increasing regulatory support towards the use of sustainable products is further expected to augment the demand for bio-lubricants over the forecast period. However, high cost of bio-lubricants in comparison to synthetic lubricants coupled with limited application scope is expected to be a major challenge for the market over the next six years.
Automotive oils were the largest application segment for bio-based lubricants with demand exceeding 150.0 kilo tons in 2013. Increasing preference for bio based products in automobiles, particularly in developed economies of North America and Europe is expected to be a key driver for increasing demand in the segment.
The report “Bio-Lubricants Market Analysis By Raw material (Vegetable oil, Animal oil), By Application (Automotive, Hydraulic, Process, De-molding, Lubricating, Chainsaw, Compressor, Turbine, Industrial gear, Metal working), By End Use (Industrial, Commercial transport, Consumer Automotive) And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/biolubricants-industry
Further key findings from the study suggest:
• Global bio-lubricant demand was 585.2 kilo tons in 2013 and is expected to reach 915.4 kilo tons by 2020, growing at a CAGR of 6.6% from 2014 to 2020. • Vegetable oils such as palm oil and castor oil were the largest consumed raw material for the manufacturing of bio-lubricants with combined demand exceeding 450 kilo tons in 2013. • Industrial processes were the largest end use consumers of bio-lubricants with market demand of 297.5 kilo tons...
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