Research and Markets has announced the addition of the "Concise Analysis on Technology Trends in the International Lubricants Market - Forecasts to 2018" report to their offering.
Lubricants can be mainly divided into three product segments including mineral, synthetic and bio-based lubricants. Bio-based lubricants are renewable and biodegradable in nature and are manufactured from either vegetable (palm oil, castor oil, sunflower) or animal derived oils. Being more eco-friendly, bio-based lubricants are expected to grow at a higher rate than mineral oils and are expected to gain market share over the next six years.
Owing to their unique chemical, mechanical, and eco-friendly properties, bio-based lubricants are finding applications across a host of industries including automotive, agriculture, shipping, forestry, and railways. Increasing automobile demand is fueling the demand for lubricants. Regulatory sanctions on mineral lubricants owing to their environmental impact are encouraging the utilization for bio-based lubricants. Governments are promoting development and use of bio lubricants to lower the emission of greenhouse gases and energy consumption as per regulations.
There are several regulations and policies that exist in favor of bio-lubricants in European and North American countries. However, volatility in mineral oil prices and high cost of bio-based and synthetic lubricants are posing a challenge to the market. Turbine oil, compressor oil, gear oil, hydraulic oil, bearing oil, heat transfer fluid, nanomaterials based lubrication and re-refined base oils and lubricants are the major contributors to the lubricants market.