Technavio Publishes Biolubricants Market Analysis & Forecast 2015-2019

May 11, 2015 | By Business Wire News

LONDON

Technavio has published a new report on the global biolubricants market, which is expected to post a CAGR of 6% from 2015-2019.

Biolubricants: About the Report

Biolubricants help increase the performance and efficiency of machinery and improve equipment service life by reducing friction and heat. They are biodegradable, non-toxic, their production process is safe and their disposal is absolutely harmless to the environment.

These many advantages are expected to propel growth in the biolubricants market during the forecast period.

“Because of the inherent advantages of the product, we expect to see significant uptake of biolubricants in the industrial and automotive sectors over the next few years,” says Faisal Ghaus, Vice President of Technavio.

The new Technavio report also draws attention to the development of environmental friendly lubricants. Governments in Europe and North America are focusing on environmentally friendly lubricants, which have minimal impact on the environment during production, use and disposal.

“Castrol, Exol Lubricants and Fuchs Petrolub manufacture environmentally friendly lubricants, which can degrade gradually and leave minimal traces on the environment,” says Ghaus.

Biolubricants: Market Scope and Calculation of Market Size

The new Technavio report covers the present scenario and the growth prospects of the global biolubricants market from 2015-2019. To calculate the market size, the report considers the revenue generated through the sales of biolubricants and their various applications.

Key Information Covered in the Report:

Key Vendors:
- BP plc
- Cargill Inc.
- China National Petroleum Corp. (CNPC)
- Exxon Mobil Corp.
- Royal Dutch Shell plc
Market Growth Drivers:
- Many advantages of biolubricants
- For a full detailed list, view our report.
Market Challenges:
- High cost of lubricants
- For a full detailed list, view our report.
Market Trends:
- Development of environmentally friendly lubricants
- For a full detailed list, view our report.