Global biolubricants market projected to reach US$2.3 billion by 2017

A market research firm based in Albany, New York, U.S.A., estimates that the size of the bio-based lubricants market will reach US$2.3 billion in 2017, from US$1.7 billion in 2011.
North America will be the largest market for such products, with a 38.1% market share, says Transparency Market Research, in a recently released study entitled “Biolubricants Market – Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2010–2018.”
Demand in North America is expected to reach 243,327 tons by 2017, spurred by legislative initiatives, sustained demand from the hydraulic fluids market and the growth potential of other product types.
Currently, biolubricants usage is primarily in the developed markets of North America and Europe, due to lack of awareness of these products in emerging markets and higher prices. However, increasing awareness and heightened environmental concern worldwide will spur future growth, the report said.