The biolubricants market is growing its demand because of different environmental issues that are associated with conventional lubricants. These issues are increasing the demand for plant based and vegetable based lubricants due to which the demand for biolubricants market is growing. The exhaustion of crude oil reserve and the problems related to conservation has moved the focus on the use of bio-based materials.
What are Biolubricants?
Biolubricants are also called bio-lubes or bio-based lubricants. Biolubricants are made from canola, sunflower, rapeseed, palm, coconut oil and soyabean and different vegetable oils. Bio indicates anything that includes the natural material and lubricants indicates oil that is used to reduce friction between two surfaces. Biolubricants are mostly preferred for their environmental friendly nature.
Market Research and Market Trends of Biolubricants Market:
- High price is one of the major factor that is becoming a challenge for the growth of biolubricants market. The price of biolubricants is more costly than mineral oil lubricants which is becoming a critical issue in market penetration. Also the lack of awareness among the consumers about the benefit of biolubricant is becoming a challenge for the biolubricant market to grow.
- Increasing concern of environment concern and the stringent regulation over the use of conventional lubricants is the main reason that is boosting the growth of biolubricants market. Also their environmental friendly nature and rapid degradability is making them most preferred alternatives to petroleum based lubricants.
- Hydraulic fluids is going to dominate the biolubricants market. They act as a medium to transfer energy and power in hydraulic systems. They are also used for the purpose of heat transfer, contaminant removal and sealing.
Who are the Major Players in Biolubricants Market?
The companies referred in the market research report are Cargill, ExxonMobil, Royal Dutch Shell Plc Total S.A., Exxon Mobil Corporation., Chevron Corporation and 10 other companies.
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