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BioLubricants Market To 2020- Industry Trends, Forecast: Grand View Research, Inc. Business Articles | November 24, 2015
Grand View has announced the addition of "BioLubricants Market Analysis and Segment Forecasts To 2020" Market Research report to their Database.
The global bio-lubricants market is expected to reach USD 2 Broncos Garett Bolles Jersey ,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 Broncos Courtland Sutton Jersey , 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.
Browse full research report on Global BioLubricants Market:?
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 Broncos Bradley Chubb Jersey , 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 in 2013. However, commercial transportation is expected to witness fastest growth at an estimated CAGR of 6.8% from 2014 to 2020 owing to favorable government regulations in major developed nations. North America was the largest regional market for bio-lubricants with demand expected to reach 343.7 kilo tons by 2020 owing to government initiatives in the form of grants and incentive for the use of bio based products. In addition, Europe is also expected to be a significant regional market over the next six years following the implementation of “Ecolabel,” a standard for lubricants (EEL) providing recommendation on policy related to bio-lubricants. The bio-lubricant market is still in the development phase with numerous companies investing in R&D for the development of proprietary products and production process. The market is dominated by companies . Cheap Jerseys ChinaCheap Jerseys Free ShippingCheap Authentic JerseysCheap NBA JerseysCheap MLB JerseysCheap NCAA JerseysCheap MLB Baseball JerseysWholesale NFL Jerseys OnlineWholesale Soccer Jerseys CheapWholesale NHL Hockey Jerseys
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