Also, they can be classified as solid and liquid lubricants.
These fluids are used to cool or lubricate the surface. Asia Pacific is expected to witness growth during forecast period subject to increasing demand from machining, mining, plastics and metal forming industry mainly in China and India which has resulted in capability expansions.
Conventional petroleum based lubricant is hazardous to the ecological system, so more emphasis is on the development of bio-lubricants products. With depleting crude oil reserves, the market has witnessed a crunch in raw material supply.
Another important type of lubricant which is emerging due to environmental concerns is bio-based lubricating oil. Competitive Market Share Lubricants market players include British Petroleum, Sinopec, Idemitsu, Shell and Total are integrated lubricant manufacturer which ensure raw material supply to produce additive and mineral oil.
It has antifoaming, anti-wear and antioxidant properties and has wide application in industrial, automobile, agriculture, mining, steel and manufacturing sectors. The wide temperature range stability and capability of performing same over extreme conditions makes polyolester bio-based lubricants suitable for applications in automotive, aviation, and refrigeration industries.
As the need of enhancing fuel efficiency in vehicles is increasing, the traditional materials are being replaced by synthetic lubricants. Additionally, brake fluids are expected to meet certain characteristics for braking system to work properly, including high boiling point, constant viscosity, corrosion resistance and low level of compressibility Regional Insights Asia Pacific was the leading region and accounted for over However, the high prices for bio-based lubricants may pose a challenge to the market growth.
Also, the rapid growth of various manufacturing industry in emerging nations is one of the drivers of the market.
Bio based lubricants are mostly made of esters, which are either natural, oleo chemical, or complex.
In addition to this, the improved living standards in emerging economies are contributing to the growth of the global lubricants market. In addition, it will provide key findings that will help companies to improve profitability by using supply chain strategies, cost effectiveness of various products mentioned in the report.
Study Objectives of Bio-lubricants Market: Rapidly expanding sales of electric and plug-in-hybrid vehicles across the region is another factor contributing significantly to automobile industry growth. It is recommended for organizations where multiple people would like to access the report from multiple locations.
Lubricants, defined as a substance that is generally used to reduce the friction as well as wear between surfaces that are in mutual contact, mainly in vehicles. As saving resources cutting emission and energy became central environmental matters, the lubricants are progressively attracting more consumer awareness.
American Society of civil engineers estimated that over USD 3. The Global Bio-lubricants Market Research Report Forecast is a valuable source of insightful data for business strategists. It provides the Bio-lubricants industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable).
The global industrial lubricant market is expected to grow to 70 billion USD by the end of the year with a CAGR of % till A wide range of application in sectors like, Chemical Industries, Mining, Construction, Electronic, Food processing, Automotive are driving the market growth of.
The report is a complete study of current market trends, growth drivers, and restraints that will impact the growth of the global bio based lubricants market between and Using validated research tools and assumptions, the report presents market size estimates and competitive structure of the market until the end of the forecast Location: State Tower, 90 State Street, SuiteAlbany, Mineral oil lubricants are one of dominant products and are estimated to increase at a fast pace to maintain its market share during the forecast period till owing to its lower price and easy availability in contrast to bio-based and synthetic lubricants.
The report titled “Global Lubricants and Base Oil Market: Trends & Opportunities ( Edition)” analyzes the global lubricants and base oil market, with exhaustive discussion on demand of lubricants in different region across the globe in volume terms. Finished Lubricants Market By Geographical Region includes China, Japan, India, Thailand, South Korea, Australia & New Zealand, Singapore, Malaysia, Taiwan, Philippines, and Rest of AsiaPacific.
In North America, U.S. was the largest market followed by Canada and Mexico.Market forecast bio lubricants market 2014