(PharmaNewsWire.Com, June 14, 2017 ) According to Publisher, the Global Biolubricants market is estimated at $1.9 billion in 2015 and is expected to reach $3.34 billion by 2022 growing at a CAGR of 8.3% from 2015 to 2022. The market is expected to grow at a steady growth rate in the next upcoming years. The main factors driving the market growth are strict Government regulations and growing consumer awareness about environment. High price than petroleum products is restraining the market. Reducing prices of crude oil is the key challenge for this market during the forecast period.
The vegetable oil based segment commanded the global market, in terms of quantity. Vegetable oils find use in multiple requirements and are supplied in large quantities worldwide. Vegetable oils give better oxidative stability and technical performance than animal fats. Asia Pacific is the fastest growing consumer market since the region is home to some of the biggest automobile manufacturing hubs other than developed ones such as the U.S. and Germany. Countries such as China, India, Indonesia, and Thailand are increasingly manufacturing and exporting passenger cars and other vehicles to developed regions.
Some of the key players in the market are Total S.A., Chevron Corporation, BP PLC, Royal Dutch Shell PLC, Fuchs Petrolub AG, Klüber Lubrication München Se & Co. Kg, Exxonmobil Corporation , Albemarle Corporation, Emery Oleochemicals, Vickers Oil, RoWe Mineralolwerk GmbH, Panolin AG, Kajo Chemie, Balmer Lawrie, Magna Group, Igol Lubricants and Polnox Corporation.
Applications Covered:
Automotive Gear Oils Hydraulic Oils Greases Automotive Engine Oils Chainsaw Oils Transmission Fluids Other Automotives Industrial Industrial Gear Oils Industrial Greases Demolding Oils Metal Working Fluids Process Oils Other Industrials Biolubricant Types Covered:
North America US Canada Mexico Europe Germany France Italy UK Spain Rest of Europe Asia Pacific Japan China India Australia New Zealand Rest of Asia Pacific Rest of the World Middle East Brazil Argentina South Africa Egypt
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