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| Parameters | Details |
|---|---|
Base Year |
2021 |
Historical Data |
2016-2021 |
Forecast Data |
2022-2029 |
Base Year Value (2021) |
USD 874.27 million |
Forecast Value (2029) |
USD 1634.55 million |
CAGR (2022 to 2029) |
7.2 % |
Regional Scope |
North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW |
Soybean oil can be used to manufacture many different products that traditionally use a petroleum base. These include foams, films, lubricants, plastic moulded 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. A rapidly growing market for soybean oil is bio-based lubricants and industrial fluids. This includes everything from hydraulic and transmission fluids to greases, motor and penetrating oils and fuel additives.
Soybean Oil based Lubricants Market is showing growth primarily because of including environmental concerns, green marketing opportunities, cost reduction, solving supply problems, and improving product performance. Growing regulatory pressures, combined with an increasing need by companies to demonstrate environmental responsibility, are helping move these technologies forward. Most of this can be avoided by using vegetable oil-based products, which are biodegradable.
Soybean oil-based lubricants have low toxicity levels and are readily biodegradable. When compared to petroleum-based lubricant ingredients, vegetables oils, including soy, have a higher viscosity index, lower evaporation loss and the potential to enhance lubricity, which could improve energy efficiency. Viscosity index is measures of a fluid’s change in viscosity with temperature and the higher the index, the smaller the relative change in viscosity due to temperature. Lubricity refers to oil’s capacity to lubricate; studies show that the lubricity of vegetable oils is superior to that of mineral oil. Many vegetable oil-based products cost less than synthetic, non-petroleum-based alternatives, making them a good economic choice as well as an environmentally friendly one.
Global Soybean Oil based Lubricants Market : Product Type Analysis
Global Soybean Oil based Lubricants Market : Applications Analysis
Global Soybean Oil based Lubricants Market : Competitive Analysis
Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players
Global Soybean Oil based Lubricants Market: Regional Analysis
Soybean Oil based Lubricants Market Report was valued at around USD 874.27 million in 2020 & estimated to reach USD 1634.55 by 2028.
Soybean Oil based Lubricants Market Report is likely to grow at compounded annual growth rate (CAGR) of 7.2% between 2021 to 2028.
segment dominated the global market in terms of revenue generation. region is likely to show the highest growth rate between 2021 to 2028.
Some of the top companies included in the research report are Cargill, Environmental Manufacturing, Monsanto Company, Biosynthetic Technologies, Cortec Corporation, Pioneer Hi-Bred International, Linnaeus Plant Sciences.
Soybean Oil based Lubricants Market is showing growth primarily because of including environmental concerns, green marketing opportunities, cost reduction, solving supply problems, and improving product performance.
Yes, the report includes COVID 19 impact on the market.
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