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Global Biolubricants Market Is Expected To Reach USD 2,377.5 Million In 2018: Transparency Market Research

NEW YORK, December 12, 2012 /PRNewswire/ --

According to a new market report published by Transparency Market Research ( " Biolubricants Market - Global Scenario, Trends, Industry Analysis, Size, Share & Forecast 2010  -  2018," the global bio-based lubricants market was worth USD 1,713.2 million in 2011 and is expected to reach USD 2,377.5 million in 2017, growing at a CAGR of 4.9% from 2011 to 2017. In the overall global market, North America is expected to maintain its lead position in terms of revenue till 2018. North America is expected to enjoy 38.1% of the global bio-based lubricants market revenue share in 2018 followed by Europe.

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The global biolubricants market is driven by strict legislations and regulations followed by different government bodies in different developed and developing countries. Higher pricing is one of the main restraints in the growth of the bio-based lubricants market. A bio-based lubricant is around 1.5 to 2 times costlier than mineral oil lubricant, which makes market penetration a critical issue for the industry. Lack of awareness among people related to the benefits of bio-based lubricants is also a major restraint for the growth of the bio-based lubricants market especially in developing regions.

Related & Recently Published Reports by Transparency Market Research

The bio-based lubricants market by application in terms of revenue is dominated by automotive oils. The automotive oils market by revenue is expected to grow at a CAGR of 5.0% from 2013 to 2018. Following this, the market for hydraulic oils is also witnessing significant growth. In terms of volume, the automotive oils market is predicted to grow with a CAGR of 6.7% for the forecast period between 2013 and 2018.

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