BIOLUBRICANT INDUSTRY GROWS, BUT POTENTIAL AS YET REMAINS UNTAPPED
June 1st, 2016
Global biolubricant sales should reach USD2.97 billion by 2020, according to US research firm MarketsandMarkets, with hydraulic fluids driving the sector. The US market is the fastest-growing region, while Europe retains the largest market share (around 45%).
However, although research and development projects have unveiled and unleashed the vast growth potential for this sector, the struggle remains to develop sufficient quantities of raw material to enable industry to replace fossil oil-based lubricants in a cost-effective manner. This, however, is something ...
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