Global Soybean Oil Based Lubricants Market has witnessed significant growth over the last few years, on account of its economic performance, coupled with rising global environmental concerns. Soybean oil based lubricants have emerged as substitutes for petroleum based and mineral based lubricants, which are still predominantly used across the globe, owing to easy availability and production. However, as of 2013, various governmental bodies globally have introduced numerous regulations supporting unconventional lubricant sources such as soybean oil based lubricants, in order to curtail carbon emissions. Furthermore, these regulations also aim to reduce dependence on depleting resources, considering future rise in lubricants demand. Both these factors have significantly been driving the market for soybean oil based lubricants and the trend is expected to continue over the forecast, on account of increasing government and agency regulations.
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Soybean oil based lubricants have various advantages over petroleum based and mineral based lubricants, including low cost of production, low carbon emissions during the production process, lower exposure to toxic chemicals and minimal VOC percentage. These benefits inherent in soybean oil based lubricants have significantly driven the market over the last few years and demand is expected to continue growing over the next seven years. Some of the variants of soybean oil based lubricants that are widely used in the market include multi-purpose lubricants, hydraulic fluids, engine oils, crankcase oils, metalworking fluids, chain & bar oils, and dielectric fluids. Its predominant substitutes are vegetable based and synthetic lubricants; both of which are derived from renewable sources. Soybean oil based lubricants are applied in both consumer and industrial end-use applications such as in automobiles, manufacturing machineries and transformers.
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North America is the largest regional market for soybean oil based lubricants, followed by Europe and Asia Pacific. Asia Pacific is expected to witness highest market growth rate over the forecast period whereas, Europe and North America have the largest market share. In Asia Pacific, China, Japan and India are expected to be the fastest growing economies for soybean oil based lubricants market on account of rising awareness toward environmental sustainability, while in North America and Europe, the U.S. and Germany are anticipated to be the largest markets for soybean oil based lubricants.
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Key players present in the soybean oil based lubricants market include Cargill, Inc., Environmental Lubricants Manufacturing, Inc., Nutek, LLC, and Monsanto Company. In January, 2015, the United Soybean Board, a trading association for soybean based products including lubricants, announced that it anticipates numerous fuel oil marketing companies to shift from manufacturing of synthetic lubricants to the production of soybean oil based lubricants over the projected period.
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