Eco-friendly lubricant market in Southeast Asia to rise by 5.9%

Frost & Sullivan says it expects the market for environmentally friendly lubricants in Southeast Asia to grow by 5.9% in 2016. The consulting firm estimates that market revenues will reach US$55.6 million by 2016. Most environmentally friendly lubricants are produced from synthetic ester-based compounds that are low in toxicity and are used primarily in the food processing industry. “Currently the growth of these lubricants stems from the demand from European and American food manufacturing MNCs, which are more environmentally aware than their Southeast Asian counterparts due to the policies followed in their headquarters,” said Sushmita Mahajan, a research analyst with Frost & Sullivan. (July 21,2011)