Global biolubes sales are slated to rise 6.3% between 2014-2019
According to a new report from RNR Market Research, China National Petroleum Corp (CNPC) is leading the way in the growing global biolubricants market. In a bid to increase environmentally friendly innovation, CNPC is pioneering the use of biodegradable lubricants that focus on eco-toxicity and bio-accumulation.
The biolubricants function in a similar way to petroleum based lubricants, reducing heat and friction to improve the efficiency of machinery to preseve equipment, but are produced in a way that is considerably less harmful to the enviornment.
The global biolubricants market is slated to grow at a CAGR of 6.3% over the period between 2014 to 2019, according to the report. Biolubes can be applied across automotive, manufacturing and industrial gear oils and greases.
CNPC received widespread acclaim last October when it turned a "gutter oil" scandal, where hawkers were recycling oil from restaurant drains, into an opportunity. A Chongqing-based subsidiary of the Chinese major applied gutter oil to well drilling equipment and as of last year has successfully used it to drill more than 120 wells. The company estimates it has used more than 700 tons of the eco-friendly oil thus far.