Biolubricant Market Grows at a 6% CAGR to 2019 Says New Research Report at RnRMarketResearch.com
Dallas,TX (PRWEB) May 18, 2015 -- The report, Global Biolubricant Market 2015-2019, says the development of environmentally friendly lubricants is one of the key trends emerging in the biolubricant market. The European and North American governments are focusing on environmentally friendly lubricants, which have minimal impact on the environment during production, use, and disposal. Therefore, vendors are manufacturing biodegradable lubricants and focusing on bioaccumulation and eco-toxicity to reduce adverse effects on the environment. Biolubricants help increase the performance and efficiency of machinery and improve equipment service life by reducing friction and heat. They are biodegradable, non-toxic, their production process is safe and their disposal is absolutely harmless to the environment.
The complete report spreads across 78 pages and report provides 35 List of Exhibits. Browse the report on Global Biolubricant Market 2015-2019 at http://www.rnrmarketresearch.com/global-biolubricant-market-2015-2019-market-report.html
According to analysts report global biolubricants market to grow at a CAGR of 6.3% over the period 2014-2019. Because of the inherent advantages of the product, we expect to see significant uptake of biolubricants in the industrial and automotive sectors over the next few years. According to the report, increased end-user applications are one of the major drivers of the market. Biolubricants can be utilized in many industrial applications: hydraulic oil, chain saw oil, spindle oil, metalworking fluids, industrial gear oils, and greases. The improved lubricity provides better equipment service life and surface finish than petroleum-based lubricants.
The global biolubricants market is segmented into two divisions based on end-use: automotive and transportation and industrial and commercial. On the basis of raw materials used to manufacture the biolubricants, the market is divided into two divisions: vegetable oil and animal oil.
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Castrol, Exol Lubricants and Fuchs Petrolub manufacture environmentally friendly lubricants, which can degrade gradually and leave minimal traces on the environment. Key players in the global biolubricants market: BP plc, Cargill Inc., China National Petroleum Corp. (CNPC), Exxon Mobil Corp. and Royal Dutch Shell plc
Other Prominent Vendors in the market are: Chevron, Fuchs Petrolube SE, Total and United Bio Lube
Further, the report states that high cost of lubricants is primarily hindering the market growth. The complex manufacturing process of biolubricants and the inability of agriculture to support large-scale production act as a market deterrent. In recent years, a number of vendors have increased the prices of their biolubricant products, which is affecting the growth of the market.
Other Related Reports:
Global Lubricants Market 2015-2019 (http://www.rnrmarketresearch.com/global-lubricants-market-2015-2019-market-report.html). Analysts forecast the Global Lubricants market to grow at a CAGR of 2.3% over the period 2014-2019.
Global Lubricants Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the EMEA and APAC regions; it also covers the Global Lubricants market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key players in the Global Lubricants Market: BP plc, China National Petroleum Corp. (CNPC), Exxon Mobil Corp., Royal Dutch Shell plc and Saudi Aramco.
Other Prominent Vendors in the market are: Fuchs Petrolub, Gazprom, Idemitsu Kosan, JX Holdings, NK Lukoil, PetroChina, Petronas Chemicals Group Berhad, Sinopec and Total
According to the report, the Global Lubricants market is mainly driven by increased demand from the automotive industry, the largest end-user for lubricants. The use of lubricants increases the performance and fuel efficiency of a vehicle. Lubricants are used for smoothening the movement of the moving parts of a vehicle.
One of the major trends emergiung in this market is the development of environmentally friendly lubricants. Bio-based lubricants leave minimal trace in the environment, thus preventing toxicity and bioaccumulation. Many vendors are focusing on bioaccumulation and eco-toxicity to reduce adverse impacts on the environment
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