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Bio-Lubricant Market Size, Share, Industry Growth, Sales, Forecast and Demand Analysis by 2023
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The major growth drivers identified in the global bio-lubricant market is the government initiatives towards promoting the use of bio-based lubricants for various applications. The government of various countries is also providing funding to encourage the use of these lubricants in order to combat with the increasing environment concerns around the world.
Emerging applications and introduction of legislations related to the use of environment-friendly lubricants is expected to provide huge growth opportunity to industry players operating in the bio-lubricant market. Emerging applications of these lubricants in the market due to their superior properties over conventional types are expected to create lucrative opportunities for the industry players.
Europe is the largest consumer of these lubricants in the bio-lubricant market. The largest growth in the region is attributable to the presence of various emission standards and the use of biodegradable products.
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Some of the major players operating in the global bio-lubricant market are ExxonMobil Corporation, Royal Dutch Shell plc, Total S.A., Chevron Corporation, Fuchs Petrolub SE, Panolin International Inc., Emery Oleochemicals Group, Quaker Chemical Corp., Renewable Lubricants Inc., and Environmental Lubricants Manufacturing, Inc.
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