San Francisco, Sept. 19, 2016 (GLOBE NEWSWIRE) — The global biolubricants market is expected to reach USD 2.92 billion by 2024, according to a new report by Grand View Research, Inc. Increasing passenger car sales in emerging economies is one of the major drivers of industry expansion in recent years. The favorable regulatory framework is expected to encourage the production & consumption of bio-based lubricants over the forecast period. The U.S. EPA has implemented regulations that require all marine vessels to obtain the mandatory Vessel General Permit (VGP) for plying in the U.S. waters & also utilize environment-friendly, acceptable lubricants in all oil-to-sea interfaces.
Various environmental issues associated with conventional lubricants are driving the demand for vegetable & plant-based lubricants. The product segment is anticipated to benefit from the growing demand from industrial & transportation sectors in developed regions.
Vegetable oil was the leading raw material used for biolubricants with a commanding share of 88.1% in 2015. They are also expected to witness the highest growth of 7.6% over the forecast period.
Browse full research report with TOC on “Biolubricants Market Analysis By Raw Material (Vegetable & Animal Oil), By Application (Automotive (Automotive Engine Oils, Gear Oils, Hydraulic Oils, Transmission Fluids, Greases, Chainsaw Oils), Industrial (Process Oils, Demolding Oils, Industrial Gear Oils, Industrial Greases, Metal Working Fluids)), By End-Use (Industrial, Commercial Transportation, Consumer Automotive) Segment Forecasts To 2024” at: http://www.grandviewresearch.com/industry-analysis/biolubricants-industry
Further key findings from the report suggest:
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Grand View Research has segmented the biolubricants market on the basis of raw material, application and region:
Global Biolubricants Raw Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Global Biolubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Global Biolubricants End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
Global Biolubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
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