According to a new market research report published by MarketsandMarkets, the global biolubricants market size, which was $2.20 billion in 2015, is projected to reach $3.15 billion by 2021, at a CAGR of 6.3% between 2016 and 2021.
Increasing environmental regulations such as the Vessel General Permit (VGP) and Ecolabels in the developed markets such as the US and European countries, and new and upcoming firms involved in the R&D of biolubricants are projected to drive the biolubricants market during the forecast period.
Hydraulic fluids application accounted for the maximum share of the market, in terms of value, in 2015.
They are used in both stationary and mobile equipment such as hydraulic elevators, sweepers, garage trucks, forklifts, motor graders, and front-end loaders.
High degree of biodegradability and low toxicity is essential for hydraulic fluids to be environmentally safe.