A Research Study Titled, “Biolubricants Market By Source, Application, And End User - Global Industry Analysis And Forecast To 2025”, Published By Crystal Market Research.
The Global Biolubricants Market was worth USD 1.87 billion in the year 2016 and is predicted to reach approximately USD 3.23 billion by 2025, while registering itself at a compound annual growth rate (CAGR) of 6.24% during the forecast period.
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Key growth factors affecting on Global Biolubricants Market
Increasing requirement for biolubricants due to its remarkable features such as lower emission levels, biodegradability, high flash points and high viscosity are major factors that boost the growth of the market in several industrial applications. Rising initiatives towards Research and development by major companies that are participating along with enhancements in technology are anticipated to open new opportunities for the growth of this market.
Moreover, factors such as green base oils being cost-competitive, rendering significant performance are playing a vital to spur the growth of the market. The development of the automotive industry, specifically in upcoming economies such as India, China, South Africa and Brazil are expected to fuel the consumption of durable products that provide more efficiency of fuel and reduced emissions of carbon from the vehicles. The production of biolubricants widely depends on animal oils as well as vegetable oils that are side products of various industrial processes. Processing technologies that are complicated also boost the cost of production which may hinder the growth of the market.
Regional Outlook and Trend Analysis of Global Biolubricants Market
In the year 2015 a huge part of this market was occupied by North America which accounted 34.98 percent of share. A modernized industry of automotive in the United States and Canada coupled with rising mediation by the United States government that has stated a limited content that is renewable for different products are anticipated to boost the consumption of bio-based lubricants.
The Air force of the United States is said to encourage biodegradable products that are derived from plants in order to promote national security which is also a significant factor that boosts the growth of this market. Asia Pacific came up as a swiftly growing consumer as there are some of the largest hubs of automobile manufacturing in that region. Developing economies such as India, Thailand, Indonesia and China are extensively producing and trading passenger cars along with other vehicles to countries that are developed.
Key players operating in Global Biolubricants Market
The biolubricant market consists of more prominent vendors such as Kluber International, Castrol, Albemarle, Emery Oleochemicals, Petronas Lubricant International and Solution Biogen Sdn Bhd.
Some of the key questions answered by the report are:
What was the Biolubricants Market size in 2016 and forecast from 2017 to 2025?
What will be the Biolubricants Market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the Biolubricants Market forecast?
What are the major segments leading the Biolubricants Market growth and why?
Which are the leading players in the Biolubricants Market and what are the major strategies adopted by them to sustain the Biolubricants Market competition?
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