San
Francisco, 08 April , 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
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.
Access Full Research Report On Biolubricants
Market Analysis:
Further key findings from the report
suggest:
·
The global biolubricants market
demand was estimated at over 630 kilo tons in 2015 and is expected to reach
1,115 kilo tons by 2024, growing at 6.9% CAGR from 2016 to 2024
·
Increasing cost competitiveness
of advanced biolubricants, specifically on account of high crude oil prices in
the future, is a significant factor driving their demand in automotive
applications
·
As of 2015, automotive engine
oils were the leading application segment with demand estimated at nearly 200
kilo tons. Developments resulting in better oxidation resistance of vegetable
oils and improved functionality are expected to drive the segment growth
·
North America was the largest
consumer and generated revenue worth USD 742.5 million in 2015. The region is
technologically mature compared to others such as Asia Pacific, Latin America,
and the Middle East.
·
Regulations have played a huge
role in shaping the consumer base for bio-based products in the U.S. Currently,
the U.S. accounts for nearly 80% of the North American market in terms of
volume.
·
The industry is consolidated
among major players such as Total S.A., Chevron, British Petroleum, ExxonMobil,
and UBL. Versatile supply chain and presence across different regions are
expected to drive competitiveness.
·
Other significant players such
as Emery Oleochemicals, Castrol, Binol Bio Lubricants, Kluber International,
Petronas Lubricant International, Solution Biogen Sdn Bhd., and Albermarle are
actively investing in R&D efforts to develop unique & durable
biolubricants
Browse More Reports Of This
Category By Grand View Research At: https://www.grandviewresearch.com/industry/renewable-chemicals
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)
·
Vegetable Oil
·
Animal Oil
Global
Biolubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million,
2014 - 2024)
·
Automotive
o
Automotive Engine Oils
o
Gear Oils
o
Hydraulic Oils
o
Transmission Fluids
o
Greases
o
Chainsaw Oils
o
Others
·
Industrial
o
Process Oils
o
Demolding Oils
o
Industrial Gear Oils
o
Industrial Greases
o
Metal Working Fluids
o
Others
Global
Biolubricants End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
·
Industrial
·
Commercial Transportation
·
Consumer Automotive
Global
Biolubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
·
North America
o
U.S.
·
Europe
o
Germany
o
France
o
Italy
o
UK
·
Asia Pacific
o
Japan
o
China
o
India
o
Southeast Asia
·
Central & South America
o
Brazil
·
Middle East & Africa
Access Full
Press Release of this Report: https://www.grandviewresearch.com/press-release/bio-lubricants-market
About Grand
View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more
information: www.grandviewresearch.com/
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