While biolubricants accounted for less than 1 percent of the global finished lubricants market in 2013, the segment is experiencing above-average growth due to increasing market penetration, according to an analysis by Kline & Co.
The consultancy estimated total global lubricant demand at 39.5 million tons for 2013. Milind Phadke, a director in Kline & Co.s energy practice, said during a webinar Nov. 5 that the global biolubricants penetration last year was 0.5 percent or thereabouts. Global demand for biolubricants in 2013 reached the 250,000 to 300,000 metric tons range, Kline estimated.
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