The bio lubricants market is set to expand significantly over the next six years according to a new report from Global Industry Analysts Inc.
Entitled “Biolubricants: A North American and European Market Report”, GIA's predictions include a 12% uplift in Bio 2 Cycle Engine Oils in North America alone, equating to 2.43 billion tonnes by 2017.
The report states that lack of awareness and pricing which is currently 2-3 times higher than standard lubricants is holding back the global market, with North America and Europe driving demand at present. France, Portugal, Germany, Austria, Switzerland and Sweden were singled out as countries where legislation was pushing the lubes industry towards bio alternatives.
According to GIA, economic and political pressure are already changing the global lubricants landscape and bio lubes will play a key role in the industry's future. The hydraulic fluids sector is identified as the key sector in both the US and Europe as a driver for the bio lubes market over the next few years.