Increasing passenger car sales in emerging economies is one of the major drivers of industry expansion in recent years. The favorable regulatory framework is expected to encourage the production & consumption of bio-based lubricants over the forecast period. The U.S. EPA has implemented regulations that require all marine vessels to obtain the mandatory Vessel General Permit (VGP) for plying in the U.S. waters & also utilize environment-friendly, acceptable lubricants in all oil-to-sea interfaces. The Global Biolubricants Market is expected to reach USD 2.92 billion by 2024, according to a new report by Grand View Research, Inc. Various environmental issues associated with conventional lubricants are driving the demand for vegetable & plant-based lubricants. The product segment is anticipated to benefit from the growing demand from industrial & transportation sectors in developed regions. Vegetable oil was the leading raw material used for biolubrican