Bio-Based Lubricants Market Is Finds Future Growth And Business By 2022
Posted by pooja on June 12th, 2019
Bio-based Lubricants Market Report, published by Allied Market Research, was valued at,924 million in 2015 and forecasts that the global market is expected to garner ,799 million by 2022, registering a CAGR of 5.3% during the period 2016-2022. Asia-Pacific held one-third share in the global bio-based lubricants market in 2015, and is expected to maintain its lead during the forecast period.
Bio-based lubricants are used in industrial machinery and other automotive applications where environmental loss is more to prevent wear and tear and to increase the life of the machinery by reducing friction between metal parts. They offer several advantages over synthetic & mineral oil based lubricants due to their increased performance and environment friendly nature. Bio-based lubricants are renewable & biodegradable in nature and do not persist in the environment for a longer period of time.
The market for bio-based lubricants has grown considerably in the recent past, due to increase in adoption of bio-based materials owing to the stringent government regulation, especially in North America and Europe. For instance, Spill Prevention, Control and Counter (SPCC) measure rule was published by U.S. Environment Protection Agency in 1973 under Clean Water Act for the prevention of water bodies from leakage of oils in the environment. This rule describes the prevention of, preparedness for, and response to the oil spills at non-transportation-related facilities.
In 2015, the hydraulic fluid segment occupied around one-fourth of the overall bio-based lubricants market in terms of volume, and is expected to maintain its lead throughout the analysis period. This is due to their extensive use in low and high pressure hydraulic systems in the construction, automotive, and agricultural sector. Four types of hydraulic fluids are mainly used in the market, namely, HETG (Hydraulic Environmental Triglyceride), HEES (Hydraulic Environmental Ester Synthetic), HEPG (Hydraulic Environmental Poly Glycol), and HEPR (Hydraulic Environmental Polyalphaolefin and related).
Key Findings of the Bio-based Lubricants Market
For instance, regulatory bodies in Malaysia have taken steps to provide incentives to encourage the companies for using vegetable oils as base oil in lubricants manufacturing. Under the Entry Point Project 6 or the EPP6, Malaysian government will provide incentive grants to the companies that invest in palm oil ventures. Rise in urbanization is the one of the foremost reason for the growth of bio-based lubricants market in Asia-Pacific.
Access Full Summery @ https://www.openpr.com/news/1766401/Bio-Based-Lubricants-Market-size-to-Witness-High-Growth-in-near-future-Total-S-A-France-Exxon-Mobil-Corporation-U-S-Royal-Dutch-Shell-plc-Netherlands-Chevron-Corporation-U-S.html
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-114
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Like it? Share it!
About the Authorpooja
Joined: May 29th, 2019
Articles Posted: 84
More by this author