PUNE, India, August 19, 2016 /PRNewswire/ --
According to the new market research report "Biolubricants Market by Type (Vegetable Oil, Animal Fat), Application (Hydraulic Fluids, Metalworking Fluids, Chainsaw Oils, Mold Release Agents), End Use (Industrial, Commercial Transport, Consumer Automobile) - Global Forecasts to 2021", published by MarketsandMarkets, the global market size, which was USD 2.20 Billion in 2015, is projected to reach USD 3.15 Billion by 2021, at a CAGR of 6.3% between 2016 and 2021.
Browse 231 market data Tables and 64 Figures spread through 218 Pages and in-depth TOC on "Biolubricants Market"
Early buyers will receive 10% customization on this report.
Increasing environmental regulations such as the Vessel General Permit (VGP) and Ecolabels in the developed markets such as the U.S. and European countries, and new and upcoming firms involved in the R&D of biolubricants are projected to drive the biolubricants market during the forecast period.
"Hydraulic fluids - Major application for biolubricants"
Hydraulic fluids application accounted for the maximum share of the market, in terms of value, in 2015. They are used in both stationary and mobile equipment such as hydraulic elevators, sweepers, garage trucks, forklifts, motor graders, and front-end loaders. High degree of biodegradability and low toxicity is essential for hydraulic fluids to be environmentally safe. Biolubricants as hydraulic fluids are preferred in areas where contamination can harm the environment. The demand for environment friendly hydraulic fluids is driven by several stringent regulations in sensitive areas such as marine and forest.
"Industrial segment - Largest end use for biolubricants"
The industrial segment accounted for the largest share in terms of value, of the overall biolubricants market in 2015. There are a number of environmental legislations in developed European countries such as Germany, Italy, and Scandinavian countries, where awareness regarding environmental hazards of mineral oils is high. Increasing environmental awareness is causing a shift in consumption patterns to biolubricants in industrial uses.
Commercial transport is projected to be the fastest-growing end use of biolubricants during the forecast period. This is due to the concerns raised by the disposal of mineral-based lubricants into the environment. Approximately 20%-30% hydraulic fluids used in the commercial transport sector are released in the environment through leakage or hose ruptures.
"North America and Europe accounted for approximately 84% share of the biolubricants market in 2015"
Europe is the prime consumer of biolubricants, globally, that accounted for the maximum share of the biolubricants market in 2015. North America is projected to register the highest CAGR between 2016 and 2021, backed by the stringent regulations such as Vessel General Permit and BioPreferred Program. North America is expected to dominate the biolubricants market by 2021, with high investments from manufacturers for new product launch and the expansion of production capacities to increase the market dominance.
The major players covered in the report are Fuchs Petrolub AG (Germany), Panolin AG (Switzerland), Cargill Inc. (U.S.), Total S.A. (France), BP plc (U.K.), Exxon Mobil Corp. (U.S.), Binol Lubricants (Sweden), Kluber Lubrication München Se & Co. KG (Germany), Emery Oleo chemicals Group (Malaysia), and Albemarle Corporation (U.S.).
Browse Related Reports:
Lubricants Market by Type (Mineral Oil, Synthetic Lubricants, Bio-Based, and Greases), by Application (Transportation and Industrial Machinery & Equipment), and by Region (APAC, EU, NA, MEA, AND SA) - Global Forecast to 2021
Food Grade Lubricants Market by Base Oil [Mineral Oil, Synthetic Oil, (Polyalphaolefins, Polyalkylene Gylcols, & Others), and Bio-based Oil] and by Application (Food, Beverages, Pharmaceuticals & Cosmetics, and Others) - Global Market Trends & Forecasts to 2020
Know More About our Knowledge Store @ http://www.marketsandmarkets.com/Knowledgestore.asp
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India
Email: [email protected]
Visit MarketsandMarkets Blog @ http://www.marketsandmarketsblog.com/market-reports/chemical
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets