The global Biolubricants Market is anticipated to rise at a staggering CAGR during the forecast period. Lubricant serves the purpose of lubrication for various mechanical and power-driven components. The conventional lubricant is a form of petroleum-based feedstock that leads in serious environmental impact and disturbs the ecological system. In order, to reduce the dependency, development of sustainable alternatives such as biolubricants serve as a major source of power. Therefore, biolubricants are prepared using sunflower oil, palm oil and coconut oil and animal fats.
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The key driving factors responsible for the growth of Biolubricants
market :
Bio-lubricants industry is highly
segmented into application and end-use. Application category comprises
metalworking fluids, mold release agents, chainsaw oils and hydraulic fluids.
End-use category comprises commercial transport, industrial and consumer automobile.
Industrial is the largest end use segment due to the massive demand followed by
significant R&D activities. However, international political scenarios and
fluctuation in ban policies creates sustainable challenges.
Segmentation by source for biolubricant
market entails animal fats, edible & non-edible oils. By application, the
bio-lubricant industry comprises greases, automobile, metalworking, grease and
lubricant. End-user segmentation for bio-lubricants market comprises marine
industry, automotive industry, oil & gas and construction.
Geographical segmentation for
biolubricants industry comprises North America, Latin America, Europe,
Asia-Pacific, Middle East and Africa. North America and Europe markets are
likely to gain a significant market share owing to stringent regulations. High
investments and product launches are likely to contribute to the bio-lubricant
market developments. In addition, rising use of biolubricants for industries
adds more to the contribution.
Asia-Pacific and MEA regions are
most likely to deal in a high supply-high demand scenario. Consumer preference
for biodegradable oil for industrial end-use is one of the major factor for
regional growth.
The key players profiled in the
biolubricant industry are Total, Shell, Binol Lubricants, ExxonMobil, Kluber
Lubrication, Chevron Corporation, BP Plc, Fuchs Petrolub SE, Balmer Lubricants,
Altranex Corporation, Balmer Lawrie, Emery Oleochemicals, Panolin and Kluber
Lubrication.
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