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Global Bio Lubricant market will cross $3.50 billion mark by 2022: Market Research Future research analysis

According to the latest research analysis released by the Market Research Future, Bio Lubricant Market will cross USD 3.50 Billion Mark by 2022 and emerging economies like India will contribute to the market.

By Team ABLE

According to the latest research analysis released by the Market Research Future (MRFR) company, Bio Lubricant Market is expected to grow at the CAGR of more than 7.2% starting from 2014 till 2022 and with this it is predicted to cross USD of 3.50 billion by 2022.

Bio-lubricants are used as substitute of conventional lubricants. Increase in fuel price has boosted the market of bio-lubricants since these are developed for various applications. The global bio-lubricant market is segmented into type, application and end user; with wide variety of application like engine oil, process oil, grease and others; all these makes bio-lubricant and its type a cost-effective product in the bio-lubricant market.

The report says that geographically, North America dominates the market due to stringent regulation of government for the use of conventional lubricants especially in marine, agriculture and others. These regulations of government will push the use of bio-lubricants in agriculture, marine and other industries.

Emerging economies like India, China, and South Korea contribute the most in the bio-lubricant market due to growing automotive and construction sector. Developed regions contribute maximum as compared to regions which are still developing. Therefore, APAC regions share less in the growth of the global bio-lubricant market.