Portland, OR -- (SBWire) -- 08/23/2017 --Bio Based Lubricants Market Overview:

Bio-based lubricants market was $1,924 million in 2015 and is expected to reach $2,799 million by 2022, registering a CAGR of 5.3% during 2016 - 2022.

The report focuses on the global bio-based lubricants market as well as its applications such as hydraulic fluid, metal working fluids, greases, high performance oils, penetrating lubricants, food grade lubricants, and similar others. The report highlights numerous factors that influence the market, such as forecast, trends, drivers, restraints, opportunities, and the role of different key players. In addition, the report focuses on the sources of different bio-based lubricants such as vegetable oil and animal fat. It presents data in terms of both value and volume by putting efforts on.

We refer a broad array of industry sources for our secondary research, which typically include (however, not limited to): Company SEC filings, annual reports, company websites, broker & financial reports, investor presentations for competitive scenario, and shape of the industry. In addition, we have reached various industry leaders across the globe to understand the market dynamics of bio-based lubricants.

Bio-based lubricants are used in heavy machineries where total loss of lubricants into environment is more. The major application of bio-based lubricant includes two-stroke engines, rail road flanges, chainsaw bars, and dust suppressants among others. In addition, bio-based lubricants outstrips petroleum lubricants, therefore, comparatively less amount is required as compared with traditional lubricants. Bio-based lubricants are renewable & biodegradable in nature and do not persist in the environment for a longer period of time.

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The global market is segmented on the basis of raw material, end-user industry, application, and geography. Based on the raw material, it is classified into lubricants produced from vegetable oils or animal sources. According to the end-user industry, the segmentation includes transportation and industrial. Bio-based lubricants have various applications such as hydraulic fluid, metal working fluids, greases, high performance oils, penetrating lubricants, food grade lubricants, and many others.

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The major factors that drive the global market for bio-based lubricants are stringent government regulations on the use of petroleum based lubricants, volatile prices of crude oil, and tax incentives. However, the higher prices of bio-lubricants in comparison to other petroleum based oils will hamper the growth of the global bio-based lubricants market.