The market for environmentally-friendly lubricants is set improve over the next five years according to a new report.
The research, produced by Frost & Sullivan entitled "Southeast Asian Market for Environment-friendly Lubricants", states that the 4.3% growth seen in 2010 is likely to reach an annual growth rate of 5.9% by 2016.
The market in environmentally positive lube products is being driven by a greater awarness of green issues by the populations of South Asia and increasing regulations being put in place to enforce the use of lower toxicity lubricants in key industries such as forestry, mining and subsea exploration.
The report sets the current market at almost $41m, but states that countries such as Singapore, Malaysia, Indonesia, Thailand and the Philippines are all beginning to ramp up their environmental policies when it comes to the use of lubricants, bringing them closer in line with Europe and the US.