Soybean Oil-based Lubricants Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2015-2020 and Forecast 2021-2027

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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.

 

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Description

The global soybean oil-based lubricants market size valued  872.2 million in 2020 and expected to reach USD 1592.2 by 2027, at a CAGR of 6.8% during the forecast period 2021 to 2027. 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

MARKET SUMMARY
-
6.8% CAGR
  • Study Period– 2021 – 2027
  • Base Year– 2020
  • CAGR– 6.8%
  • Largest Market– Europe
  • Fastest Growing Market– North America

Soybean Oil-based Lubricants Market

  • The report on global soybean oil-based lubricants market gives historical, current and future market sizes (US$ Mn) based on by products, by application and geographical regions
  • soybean oil-based lubricants market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Key Players
  • Cargill
  • Environmental Manufacturing
  • Monsanto Company
  • Biosynthetic Technologies
  • Cortec Corporation
  • Pioneer Hi-Bred International
  • Linnaeus Plant Sciences
Soybean Oil-based Lubricants Market

Drivers And Restraints

The market for soybean oil in lubricants is driven by a combination of environmental concerns, economics and performance issues. Petroleum- or mineral-based oils have historically been, and will likely continue to be, the economical choice for many manufacturers to satisfy performance, logistic and cost targets in many applications. The R&D activities for the development of soybean oil-based lubricants has fostered the growth of soybean oil-based lubricants market.


North-America got significant share

Soybean Oil-based Lubricants Market

Geographically, soybean oil-based lubricants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America soybean oil-based lubricants market is expected to be valued at US$ XX Mn by 2025. Increasing awareness regarding the use of bio based lubricants and a subsequent boost in demand have been key factors propelling market growth in North America. Growing environmental hazards due to petroleum-based lubricants are also anticipated to propel product demand over the forecast period. Europe soybean oil-based lubricants market is driven by implementation of phytosanitary norms aimed at implementing safety measures in food processing industries, which are expected to fuel soybean oil-based lubricants market demand over the next seven years in this region . Asia Pacific soybean oil-based lubricants market has prominent share attributed due to initiative taken by the government of China to introduce bio-economy program as a part of 12th five year plan. Emergence of Malaysia and Indonesia as manufacturing hub for oleo chemicals on account of abundant raw material availability is expected to open lucrative opportunities for market for soybean oil-based lubricants in the near future.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Notable Market Developments

  • 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.
Soybean Oil-based Lubricants Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content


Report

Company Profile

 

  • AxoGen Inc. (U.S.)
  • Baxter International (U.S.)
  • Medtronic (US)
  • Cyberonics Inc. (U.S.)
  • Integra Lifesciences Corporation (U.S.)
  • Boston Scientific (US)
  • Abbott Laboratories (US)
  • LivaNova (UK)
  • Baxter (US)
  • AxoGen (US)
  • Stryker (US)

Description

The global soybean oil-based lubricants market size valued  872.2 million in 2020 and expected to reach USD 1592.2 by 2027, at a CAGR of 6.8% during the forecast period 2021 to 2027. 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.

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