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"
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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.).
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