Biobased lubricants expected to grow at 6.6% rate through 2018: report

January 24, 2013 |

In New York, a new market report published by Transparency Market Research titled “Synthetic and Bio-Based Lubricants – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2012 – 2018,” states that bio-based lubricant demand was 505.6 kilo tons in 2011 and is expected to reach 785.0 kilo tons in 2018, growing at a CAGR of 6.6% from 2013 to 2018. The report further noted that the biodegradable nature of bio-lubricant make them eco-friendly which is a key attribute in the industry facing a growing shift towards sustainability. In addition, there has been significant regulatory support for the development of bio-based lubricants from various agencies, particularly the EPA in the U.S. and REACH in the European Union.

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