Description :
Bio-based lubricants are produced from natural sources , such as vegetable oils , plant residues , and animals . The increased environmental concerns have led to the extensive use of bio-based lubricants as they are renewable and biodegradable in nature . Bio-based lubricants obtained from vegetable oils are preferred over those from animal fat owing to their much stable viscosity indexes , high flash points , high lubricity , and non-toxicity during disposal . Vegetable oils such as rapeseed oil , sunflower oil , corn , canola , soybean oil , and coconut oil are used extensively for production of these lubricants .
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2014-2022 .
In 2015 , world bio-based lubricants market generated a revenue of $ 1,924 million , which is expected to reach $ 2,799 million through 2022 , registering a CAGR of 5.3 % during 2016 – 2022 . Factors such as stringent government regulations on petroleum based lubricant , volatile crude oil prices , and tax incentives to the bio-based producers drive the market . However , higher prices of bio-lubricants as compared to other petroleum based oils is expected to hamper the growth .
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The bio-based lubricants market is segmented on the basis of raw material , end-user industry , application , and geography . Based on the raw material , it is divided into lubricants produced from vegetable oils or animal sources . According to the end-user industry , the segmentation includes transportation and industrial . Bio-based lubricants have various applications such as hydraulic fluid , metal working fluids , greases , high performance oils , penetrating lubricants , food grade lubricants , and many others .
Geographically , the market is segmented across North America , Europe , Asia-Pacific , and LAMEA . Europe is the largest bio-based lubricants consumer due to the stringent government regulations against the use of conventional lubricants and ongoing R & D activities in this field .
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8.1 Total S . A . 8.1.1 Company Overview 8.1.2 Company Snapshot 8.1.3 Operating Business Segments
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