DUBLIN--(BUSINESS WIRE)--The "Bio-Lubricants Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The bio-lubricants market is expected to register moderately high growth during the forecast period. The demand for bio-lubricants in Asia-Pacific is expected to grow at a fastest rate, owing to the rising automotive production and sales in the region.
Increasing Regulations across the Globe to Drive the Demand
Bio-based lubricants are environment-friendly, and do not have any toxic effect on the ecosystem. Bio-based lubricants do not cause skin inflammation, which is generally caused by petroleum-based lubricants. However, these lubricants have various advantages, such as reduction in energy usage, reduction in labor cost, increased employee safety, improved environmental conditions, increased machine life, and increased production.
For instance, The Food, Conservation and Energy Act of 2008, the Farm Security and Rural Investment Act of 2002, Presidential Executive Order #13423, and the Federal Acquisition Regulations (FAR) support the usage of bio-based lubricants. These legislations require government agencies to purchase bio-based lubricants instead of petroleum-based lubricants. This highlights the importance of considering food grade lubricants for industrial and machinery lubrication.
Increasing environmental regulations, such as the Vessel General Permit (VGP) in developed nations (like the United States and European countries), coupled with new and upcoming R&D firms, are expected to boost the bio-lubricants market during the forecast period.
- Hydraulic Fluids to Dominate the Market
North America and Europe to Lead the Market
Major Players: Klber Lubrication, FUCHS, Panolin AG, Total, BP PLC, and Chevron Corporation, among others.
Key Topics Covered
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation & Analysis
6. Regional Market Analysis
7. Competitive Landscape
8. Company Profiles
- Axel Christiernsson
- BP Plc.
- Chevron Corp.
- Cortec Corporation
- Kluber Lubrication
- Novvi LLC
- Panolin AG
- Renewable Lubricants Inc.
- Royal Dutch Shell
- Smart Earth Lubricants
- United Bio Lube
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