Soybean Oil-based Lubricants Market: By Product Type (Type 1 and Type 2), By Application (Metalworking Fluids, Engine Oils, Hydraulic Fluids, Process Oil, Food Grade Lubricants), and Geography.  

Soybean Oil-based Lubricants Market size was valued at 872.2 million in 2022 and is expected to reach USD 1592.2 by 2028, at a significant CAGR of 6.8% from 2023-2029. Soybean oil can be used to manufacture many different products that traditionally use a petroleum base. These include foams, films, lubricants, plastic molded parts, composites, and packaging. Although many technologies and processes for soybean oil are still in their infancy, there is definite potential to replace petroleum-based ingredients with those from soy. Using plant-derived oils like soybean oil as a form of lubrication is primarily used in companies that operate and maintain machinery. The idea of using soy as a replacement for petroleum has been around for decades and is becoming increasingly important due to volatile petroleum prices and heightened concern with dependency on foreign sources of petroleum. Soy also adds natural lubrication to machinery and enhances engine performance. Soy-based lubricants are positioned to be a capable as a competitor for traditional petroleum lubes.

They are safer for workers and for the environment. Most lubricants enhanced with soy oil biodegrade once they are released into the environment, making them ideal for areas where machinery is used outdoors. Moreover, owing to its greener and safer attributes it is one of the preferred candidate by most of the manufacturers, thereby increasing in its demand. Rising importance of earning carbon benefits in chemical industry is expected to promote demand for bio-based process oils and tap new markets over the forecast period. However, high price of bio-based lubricants as compared to chemical based counterparts is expected to hinder the growth of market over the next seven years. The availability of oilseeds and biomass as raw materials for the production of bio-based lubricants is expected to have a negative impact on market over the forecast period. Predominant consumption of soy and its derivatives in food & beverage industry is expected to be concerning factor for soybean oil-based lubricants manufacturers in the near future.

Soybean Oil-based Lubricants Market Key Developments: 

• In July 2, 2018 Archer Daniels Midland Company (NYSE: ADM) and Cargill have successfully completed their transaction and formally launched SoyVenTM their new joint venture to provide soybean meal and oil for customers in Egypt.