The global soybean oil-based lubricant market is anticipated to gain lucrative growth over the forecast period owing to the growing environmental concerns towards reducing greenhouse emissions coupled with shifting reliance on crude oil as a raw material in the chemical industry. Soybean oil-based lubricants are biodegradable with low toxicity and provide properties such as low evaporation loss, high viscosity, and improved lubrication characteristics. These products are finding increasing application in diesel and petrol engines on account of offering the aforementioned properties. Stringent environmental regulations intended for reducing greenhouse gas emissions and inclination towards nature-derived products are expected to fuel environmentally friendly hydraulic fluids demand especially in sensitive environments such as farms, forests, and waterways. Rising application of environment-friendly hydraulic fluids in agriculture, transportation, construction, and manufacturing industries is expected to have a positive impact on the market in the near future.
Soybean oil-based lubricants are anticipated to find their application in lubrication of excavators, ground diggers and cranes, which are used in construction applications. Process oils are specially designed oils which are used as raw materials or processing aids in chemical industries to manufacture numerous products such as rubbers and plastics. Rising importance of earning carbon benefits in the chemical industry is expected to promote demand for bio-based process oils and tap new markets over the forecast period. Soybean oil and methyl soyate are finding increasing applications as metalworking fluids such as cleaners, grinding fluids, cutting fluids and rust preventatives on account of providing properties such as excellent cooling, corrosion, wear and tear protection. Increasing R&D expenditure to formulate the application of soybean oil-based lubricants in high-pressure processes is expected to open new avenues for the market in the near future.
The development of new high oleic soybean varieties is expected to increase the importance of soybean oil-based lubricants in high-speed engines and hydraulic fluids owing to providing properties such as superior heat and oxidation stability. Rising importance of safety standards such as HACCP and NSF in the food & beverage industry is expected to open lucrative opportunities for the soybean oil-based lubricants market in the near future. High price of bio-based lubricants as compared to chemical-based counterparts is expected to be a challenging factor for the 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 the market over the forecast period. Predominant consumption of soy and its derivatives in the food & beverage industry is expected to be a concerning factor for soybean oil-based lubricant manufacturers in the near future.
North America is expected to be a major market for soybean oil-based lubricants on account of stringent regulations of EPA towards promoting the application of biologically derived chemicals in the manufacturing industry. In March 2007, the U.S. senate passed executive order 13423 which instructed federal agencies to deploy bio-based products. This trend is expected to have a positive impact on the market over the forecast period. Implementation of Soy 20/20 project in Canada through a partnership between soybean manufacturers, the federal government, and academic institutes is expected to increase R&D expenditure on new product developments and innovations. In June 2012, Smart Earth Corporation launched new soybean oil-based lubricants, developed and marketed as a greener substitute for WD-40 through the Soy 20/20 project. The European Commission implemented phytosanitary norms aimed at implementing safety measures in food processing industries, which are expected to fuel the market demand over the next seven years. The government of China announced the bio-economy program as a part of 12th five-year plan, which is expected to open new investments in the soybean oil-based lubricants market in the near future. The emergence of Malaysia and Indonesia as a manufacturing hub for oleochemicals on account of abundant raw material availability is expected to open lucrative opportunities for the market for soybean oil-based lubricants in the near future. The adoption of Halal standards in Saudi Arabia is expected to increase application of soybean oil-based derivatives in the food processing industry and is expected to have a positive impact on the market in the near future.
Key players in the soybean oil-based lubricants market are Cargill, Gemtek, BioBlend Lubricants, Cenex, Cortec Corporation, Renewable Lubricants, Elevance Renewable Sciences, Inc., Plews & Edelmann and Environmental Lubricants Manufacturing, Inc.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.