The global soybean oil-based lubricants market size was valued at 872.2 million in 2021 and is expected to reach USD 1592.2 by 2028, at a CAGR of 6.8% during the forecast period 2022 to 2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and --other qualitative sections with an in-depth TOC on “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- Global/Region/Country Forecast to 2028",

 

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Growing Awareness regarding the use of bio-based lubricants is driving the Soybean Oil-based Lubricants Market

Soybean oil is used for manufacturing a number of various products, which traditionally make use of a petroleum base. Products include packaging, foams, lubricants, composites, plastic, molded parts and films. Even if, several processes as well as technologies for soybean oil are yet in their infancy, definite potential is there to replace petroleum-based elements with those from soy. Soy-based lubricants work as a competitor for traditional petroleum lubes. They are safe for both environment and workers. Furthermore, due to its safe and green aspects, it is favored by most of the manufacturers, thus increasing in its demand. Using soybean oil in the form of lubrication is mainly used by the industries, which operate and maintain machinery.

 

Soybean Oil-based Lubricants Market is mainly fuelled by a combination of different factors such as performance problems, environmental concerns and economics. Mineral based oils have historically been and will be the economic preference for several manufacturers to satisfy cost targets, performance and logistic in several applications. Different R&D activities for developing soybean oil-based lubricants boosted the soybean oil-based lubricants market growth.

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Regional Analysis - Soybean Oil-based Lubricants Market

On the basis of regional analysis, soybean oil-based lubricants market is categorized into different regions such as Latin America, North America, Middle East, Asia Pacific, Africa and Europe. Among all the regions, North America soybean oil-based lubricants market is anticipated to be valued at USS XX Mn till 2025. A few factors impelling the North America market are a subsequent increase in demand and growing consciousness about the use of bio-based lubricants. Increasing environment problems because of petroleum based lubricants are expected to accelerate the market demand over the prediction duration. Execution of phytosanitary norms aimed at following safety measures in food processing industries and is projected to propel the Europe soybean oil-based lubricants market. Asia Pacific soybean oil-based lubricants market is also growing and has important share because of the initiative taken by the China government to introduce bio-economy program as a part of 12th five year plan.

 

Competitive Analysis - Soybean Oil-based Lubricants Market

There are several key players operating in the soybean oil-based lubricants market, which include Environmental Manufacturing, Monsanto Company, Biosynthetic Technologies, Cortec Corporation, Pioneer Hi-Bred International and Linnaeus Plant Sciences. Key players in the market hugely focus on following strategies to retain their position in the market.

 

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