Albany, NY -- (SBWIRE) -- 09/18/2014 -- Transparency Market Research has announced the addition of a new market research report titled on “Biolubricants Market - Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2010 – 2018.” According to this report, the global bio-based lubricants market was worth $1,713.2 million in 2011 and is further expected to reach $2,377.5 million in 2017. The market for biolubricants will grow at a CAGR of 4.9% from 2011 to 2017.

The report on biolubricants by Transparency Market Research is in the efforts to analyze the various market segments of this market, including the major geographies, industry growth drivers, current trends in the market, and various restraining factors. Based on the micro and macro factors, the study only considers the vegetable oils and animal oils market as complete bio-based raw materials.

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The global biolubricants market is primarily driven by stringent regulations and legislations that entail various government bodies in developed and emerging countries. However, one of the most prominent restraining factors in the growth of biolubricants is the high-pricing. A bio-based lubricant is nearly 1.5 to 2 times costlier than the traditional mineral oil lubricant. Due to this reason, the market penetration for biolubricants becomes a critical issue for the entire industry. Also, lack of awareness regarding the benefits of bio-based lubricants among people in the developing countries is considered to be an added restraining factor for the growth of biolubricants.

Worldwide the market for global bio-based lubricants market, by application explored in this study report comprises Gear Oils, Chainsaw Lubricants, Mold Release Agents, Hydraulic Fluids, Metalworking Fluids, Two-Stroke Engine Oils and Greases. Of all the application segments, the automotive oils segment dominates the bio-based lubricants market in terms of revenue. The automotive oils market by revenue is predicted to grow at a CAGR of 5.0% in the forecast period, 2013 to 2018. In terms of volume, the automotive oils segment is estimated to grow at a CAGR of 6.7% for the forecast period, 2013 and 2018. Subsequently, the hydraulic oils market is also witnessing a strong and significant growth on a global level.

This report projects and analyzes the biolubricants market for regional, as well as global markets including North America, Europe, Asia-Pacific and Rest of World. The global markets for the above mentioned end-use applications and product categories are evaluated in both volumes in pounds (lbs) and value in USD.

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In the overall global market for biolubricants, North America is expected to retain its lead position in terms of revenue, till 2018. North America will enjoy 38.1% of the global revenue share in the bio-based lubricants market revenue in 2018, growing at a CAGR of 5.6% by revenue and a CAGR of 7.4% by volume in the forecast period 2013 to 2018.

This region will then be followed by Europe. Within the European region, Germany is the key market for the consumption of biolubricants and is expected to retain Europe at second position on a global level. One of the main reason driving the European Biolubricants market is the National Legislation. Besides, the region is majorly driven by fiscal incentives and environmental awareness on the use of biolubricants. The awareness among the European countries regarding the use of renewable materials and protection of the environment has resulted in a maximum growth of these products in this region.

Some of the notable key participants in the biolubricants market include Exxon Mobil, United Bio Lube, Royal Dutch Shell, Castrol, Total, British Petroleum, Chevron, and Statoil Lubricants.

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