Albany, NY -- (SBWIRE) -- 10/22/2018 -- According to "Biolubricants Market – Global Scenario, Trends, Industry Analysis, Size, Share & Forecast 2010 – 2018", a new study, the global market for biolubricants,which was worth US$1,713.2 million in 2011, is predicted to reach a value of US$2,377.5 million in 2017, registering growth at a CAGR of 4.9%during that period. In terms of revenue, North America is predicted to remain at the helm of the overall market till 2018. The report says that North America is expected to lead, with 38.1% of the market share in terms of revenue in the global biolubricant market, closely followed by Europein 2018.
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The global market for biolubricants is largely driven by the increasing demand for more environment-friendly alternatives to synthetic lubricants. In spite of the myriad uses it offers, the global biolubricant market faces stiff resistance from stringent regulations laid down by government bodies in different countriesacross the globe. Additionally, biolubricantsare twice as costly as their synthetic counterparts that make market penetration very critical for the industry. Moreover, people are yet to get comprehensively informed about the benefits offered by bio-based lubricants,which also acts as a major bottleneck hindering the makret's growth in developing countries.
Based on revenue, automotive oils lead the global market for biolubricant. According to the report, the market for automotive oil is predicted to grow at a CAGR of 5.0% during the forecast period from 2010 to 2018. Apart from this, the global market for hydraulic oil has also registered a significant rate of growth. The market for hydraulic oil is expected to grow at a CAGR of 6.7% in terms of volume by the end of 2018.
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North America is a dominant player and leads the global market for biolubricants, expected to register growth at a CAGR of 7.4% in terms of volume and 5.6% in terms of revenue during the forecast period. Europe is the second largest contributor to the global biolubricant market. According to the report, Germany will continue to play a major role in boosting demand for biolubricants in the European market in the forthcoming years.
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The leading players dominating the global biolubricant market include Exxon Mobil, British Petroleum, Royal Dutch Shell, Total, United Bio Lube, Chevron, Castrol, and Statoil Lubricants.