Global Biolubricants Consumption to Reach 1.9 million lbs of worth $3 billion by 2020
Industry Experts has today released the new market research report on biolubricants. The new report ‘ Biolubricants – A Global Market Overview ’ reveals that the global market for biolubricants will touch 1.3 billion lbs in 2014 valued at US$2.1 billion. Global plant-based lubricants industry , in particular, is as yet in a nascent stage, though emergent regulatory impacts on lubricants offer the potential for increasing the consumption of biolubricants over the coming decade. Regulatory actions from the United States government have already specified a minimum renewable content for a range of product categories, with the US Air Force also coming forward in supporting the use of plant-derived bio-based products as a fundamental and strategic approach to national security. Chemical registration policies in the European Union, the United States and China would also play a crucial role in incentivizing greater adoption of biolubricants . Legislations related to emissions and the