The North America soybean oil-based lubricants market is expected
to be valued at USD 364.6 million by 2025, according to a new report by Grand
View Research, Inc. Increasing awareness regarding the use of biobased
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.
Engine oils segment held the
largest market share in 2016 owing to a wide-scale usage of the product in
various engine oil applications such as diesel engine oil, motor oil, and fuel
additives.Soybean oil-based lubricants are widely used in engine oil
applications owing to their advantageous properties such as low friction
coefficient, low volatility, high flash point, and high viscosity index, which
make them more suitable for lubrication than mineral or petroleum-based
lubricants.
The use of environmentally
acceptable lubricants for hydraulic fluids is already widespread in European
countries owing to consumer pressure and stringent environmental regulations.
Lubricants find application in hydraulic equipment systems with mechanical
components, such as pumps, valves, pistons, cylinders, and gears, in various
commercial sectors including transportation, construction, agriculture, and
other manufacturing equipment.
Process oil is extensively used
in various chemical and technical industry applications as a raw material or to
aid production, to modify or impart the desired properties to a product, or to
reduce the cost of production. It can be used in the form of epoxidized soybean
oil (ESO) or modified or highly refined soybean oil in various process oil
applications.
Browse full research report on North
America Soybean Oil-based Lubricants Market: http://www.grandviewresearch.com/industry-analysis/north-america-soybean-oil-based-lubricants-market
Further key findings from the report suggest:
- In terms of demand, North America soybean oil-based lubricants market was valued at USD 191.5 million in 2016 and is expected to ascend at a CAGR of 7.6% from 2017 to 2025. In terms of volume, engine oils segment was the largest application segment in 2016 and is anticipated to progress at a CAGR of 6.7% between 2017 and 2025.
- The regional demand for food grade lubricants was valued at USD 10.7 million in 2016 and is anticipated to witness a staggered growth over the next eight years. In terms of volume, the U.S. market in metalworking fluids segment was 7.25 kilotons in 2016 and is projected to ascend at a CAGR of 5.3% from 2017 to 2025.
- The market in Canada is projected to experience substantial growth over the next eight years owing to growing R&D activities, especially in the engine oil segment. In terms of volume, the Canada market is projected to ascend at a CAGR of 4.3% between 2017 and 2025.
- Key players including Lincoln Cargill, Inc., Environmental Lubricants Manufacturing, Inc., Monsanto Company, Biosynthetic Technologies, Cortec Corporation, Archer Lubricants, and Renewable Lubricants, Inc., dominate the global market
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/renewable-energy
Grand View Research has segmented
the North America soybean oil-based lubricants market on the basis of
application and region:
Application Outlook (Volume, Kilotons; Revenue, USD
Million; 2014 - 2025)
- Metalworking Fluids
- Engine Oils
- Hydraulic Fluids
- Process Oils
- Food Grade Lubricants
- Others
Country Outlook (Volume, Kilotons; Revenue, USD Million;
2014 - 2025)
- North America
- U.S.
- Canada
- Mexico
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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