Asia Pacific is the highest growing geographic market and is expected to be the most significant revenue contributor throughout the forecast period. The region is witnessing growth owing to the presence of well-established players in this region. The growth is driven by factors such as the government initiatives to promote crude oil exploration activities along with strategic alliances between countries to promote oil exploration. Furthermore, rising demand for petroleum-based fuel from the transportation industry is projected to boost the demand for Oilfield Chemical products in this region.
Bio lubricants are the substances which are used for lubrication, these substances are originated from Vegetable oils such as sunflower, coconut and soybean etc. Bio lubricants are generally used for lubrication of machines which loses oils directly into environment. Bio lubricants produce a cleaner and less toxic environment for the people who interact with that machinery. These lubricants cost less than other lubricants thus helping in cost optimization.