Restriction over use of synthetic lubricants is further expected to drive the global bio-lubricants market over the next six years. Rising per capita income and increasing need for individualized transportation options has driven the sale of cars in several countries.
Talking about revenue collection, market touched USD 37 billion in the year and is likely to go beyond USD 74 billion tillwith an annual growth rate of 8.These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. However, with the arrival of hybrid-electric vehicle, the lubricants market is affected to some extent. Mexico has emerged a major automobile manufacturing hub since the last decade. Moreover, increase in demand from developing countries, such as China and India, owing to rapid urbanization and rise in consumer spending capabilities, drives the global market growth. Therefore, APAC regions share less in the growth of the global bio-lubricant market. Companies are also adopting a customer oriented method so as to focus on creating brand awareness among the consumers through visual and print media. In addition, increased demand for steel for the purpose of urbanization and industrialization in developing nations mainly India and China as well as dependence on steel for construction and transportation purposes is expected to augment the demand for iron ore mining, which will in turn fuel the demand for the product in the iron ore extraction sites. High growth of mineral based lubricant is expected over the next eight years on account of their hydrophilic properties and solvency, as well as their ability to work at standard temperatures without advanced machinery. Growing demand for lightweight and high performance vehicles in emerging economies such as China and India along with increasing disposable income across the globe is expected to be a key factor driving market growth. Insistent emission control upgrades and increased vehicle sales are supporting China automotive lubricants market to have the highest growth throughout the world.
Iron and coal are the most widely extracted resources in Asia, wherein the most involved countries including Australia, India and China are expected to propel the demand for the related market. Coal, segmented into four parts including lignite, subbituminous coal, bituminous coal and anthracite coal has various applications such as thermal power generation, steel manufacturing, cement manufacturing, and heating.
The volume of the global lubricants market was As a result, regulatory support towards bio-based products coupled with superior mechanical properties of bio-lubricants as compared to synthetic lubricants is expected act as an advantage for the product market in the near future.
It is a hydraulic fluid, widely utilized in hydraulic brake and clutch applications in automobiles.
Bio-based products are getting popularity and support from regulatory bodies. The oil exhibit various exceptional properties such as anti-foaming, corrosion as well as wear resistance of metals in vehicles.As a result, regulatory support towards bio-based products coupled with superior mechanical properties of bio-lubricants as compared to synthetic lubricants is expected act as an advantage for the product market in the near future. Growth of drilling and exploration activities on a global level, as well as increased demand for mining equipment has a direct and positive impact on the industry demand. The global industry is anticipated to grow at a CAGR growth rate of 8. Increasing use of aircraft is further likely to fuel in market growth over the next six years. Therefore, APAC regions share less in the growth of the global bio-lubricant market. Bio lubricants are materials that are based on renewable and biodegradable base reserves such as fatty acids reacted with synthetic alcohols for producing esters. High demand from passenger cars and light commercial vehicle segments boosts the growth of the market. Since lubricants are produced through mineral oils and petrochemicals, they impact the environment in terms of biodegradability, aqueous toxicity and recyclability. Growing hydraulic oils demand on account of increasing unearthing activity is expected to drive the market over the foreseeable period. Moreover, Iron is the most widely used refractory metals, its demand in developing nations like India and China is fueling the demand for iron ore mining, which in turn is expected to augment the demand for mining lubricants in Asia Pacific. The production capacity for liquids on the plant site is barrels while for natural gas is million cubic feet. North America has been the largest market of bio lubricants during , followed by Europe, and is expected to lead the market in the forecasted period Shift from conventional to bio-based fuels owing to rising concern towards toxic nature may favor the lubricants market growth. However, with the arrival of hybrid-electric vehicle, the lubricants market is affected to some extent. The global bio-lubricants market is segmented into type, application and end user.
Based on application, the automotive segment held the largest market, 22,