Soybean Oil-Based Lubricant Market Growth, Size, Share, Trends, and Forecast 2030

Soybean Oil-Based Lubricant Industry Prospective:

The global soybean oil-based lubricant market size was evaluated at $750 million in 2022 and is slated to hit $1,328 million by the end of 2030 with a CAGR of nearly 7.4% between 2023 and 2030.

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Soybean Oil-Based Lubricant Market: Overview

Soybean oil-based lubricants possess a low proportion of toxicity and are bio-degradable. Apart from this, these oils have a higher viscosity index as compared to petroleum-based lubricants. Additionally, the product has low evaporation loss and can increase lubricity. It not only contributes towards power efficiency but is also eco-friendly along with having reduced costs.

Furthermore, soybean oil can also be used for manufacturing various kinds of products also make use of petroleum. These include plastic molded components, films, lubricants, foams, and composites. A thriving sector for soybean oil is bio-based lubricants and industrial fluids such as hydraulic fluids, motor & penetrating oils, transmission fluids, greases, and fuel additives.

Key Insights

• As per the analysis shared by our research analyst, the global soybean oil-based lubricant market is projected to expand annually at the annual growth rate of around 7.4% over the forecast timespan (2023-2030)
• In terms of revenue, the global soybean oil-based lubricant market size was evaluated at nearly $750 million in 2022 and is expected to reach $1,328 million by 2030.
• The global soybean oil-based lubricant market is anticipated to grow rapidly over the forecast timeline owing to the growing demand for plant-based lubricants as it reduces downstream processing expenditure for the creation of the final product in comparison to petroleum-based lubricants.
• In terms of type, the transesterification method segment is slated to register the highest CAGR over the forecast period.
• Based on application, the metalworking fluids segment is projected to lead the segmental space in the upcoming years.
• Region-wise, the Asia-Pacific soybean oil-based lubricant industry is projected to register the fastest CAGR over the forecast timeline.

Soybean Oil-Based Market: Growth Factors

Strict laws implemented by government regarding environmental pollution to boost the global market expansion by 2030

With the huge reduction in the price parity between plant-based oil lubricants and petroleum–based oil lubricants along with a large-scale supply of plant-based oil lubricants, the global soybean oil-based lubricants market is projected to gain traction in the years to come. The plant-based lubricants have reduced downstream processing expenditure for the creation of the final product in comparison to petroleum-based lubricants and hence consumers prefer plant-based lubricants, thereby driving the global market trends.

Apart from this, strict legislations govern fuel emissions and this has prompted the players in the lubricants manufacturing sector to opt for plant-based oil lubricants, thereby scaling up the demand for soybean oil-based lubricants. New product launches have contributed notably towards the expansion of the global market in recent years. For instance, in October 2019, Biosynthetic Technologies introduced motor oil that is made up of soybean oil extracted from soybeans harvested by farmers in the U.S.

Soybean Oil-Based Lubricant Market: Restraints

Huge product costs can restrict the global industry surge over forecast period

Low availability of raw materials along with high costs of the product can deter the expansion of the global soybean oil-based lubricant industry. Moreover, the growing use of soybean oil for cooking can further curtail the product supply, thereby impeding the global industry surge.

Soybean Oil-Based Lubricant Market: Opportunities

Beneficial features of product to open new growth opportunities for the global market over 2023-2030

Low toxic levels and biodegradability of the product have created a plethora of growth opportunities for the global soybean oil-based lubricant market. In addition to this, the product has a high viscosity index, increased lubricity, and reduced evaporation, thereby increasing energy efficiency. All these factors are likely to contribute noticeably towards the global market size in the coming years.

Soybean Oil-Based Lubricant Market: Challenges

Recent conflicts between various countries pose a threat to the sale of products & can hinder global industry growth

Ongoing conflicts between Ukraine and Russia in Europe as well as Israel & Hamas in the Middle East region can pose a huge challenge to the global soybean oil-based lubricant industry surge in the upcoming years.

Soybean Oil-Based Lubricant Market: Segmentation

The global soybean oil-based lubricant market is sectored into type, application, and region.                                    

In terms of type, the soybean oil-based lubricant market across the globe is segregated into hydrogenated method, epoxidation method, and Trans esterification method segments. Furthermore, the Trans esterification method segment, which acquired nearly 69% of the global market proceeds in 2022, is projected to record the fastest growth rate annually over the forecast timeline. Moreover, the segmental growth in the coming seven years can be due to the ability of the method to produce soybean oil-based lubricant having outstanding lubricity and viscous features.

Based on the application, the global soybean oil-based lubricant industry is divided into process oils, engine oils, food-grade lubricants, metalworking fluids, hydraulic fluids, and other segments. Moreover, the metalworking fluids segment, which led the application sphere in 2022, is expected to dominate the segmental surge over the assessment period. The growth of the segment over the coming seven years can be attributed to the ability of the metalworking fluids in the lubrication and cooling of metals during the process of machining.

Soybean Oil-Based Lubricant Market: Report Scope

Soybean Oil-Based Market: Regional Insights

North America is projected to set a strong grip on the global market in the forecast years

North America, which accounted for nearly 51% of the global soybean oil-based lubricant market share in 2022, will be the leading region in the coming seven years. Additionally, the regional market progression over the forecast timespan can be attributed to strict laws imposed by EPA for promoting the use of biologically extracted chemicals in the manufacturing sector in the countries such as the U.S. Apart from this, presence of strict environmental laws related to emissions of carbon in atmosphere due to the use of petroleum or mineral-based lubricants has led to demand for soybean oil-based lubricant, which is a bio-based lubricant,  in the countries of North America, thereby driving the regional market trends. Focus on adopting a go-green initiative is likely to enhance product penetration in the manufacturing activities of the region.

Asia-Pacific soybean oil-based lubricant industry is set to register the highest gains in the forecast timeframe. The growth of the industry in the region in the forecast timespan can be subject to the presence of key manufacturers as well as third in countries such as India and China.

Soybean Oil-Based Market: Competitive Space

The global soybean oil-based market profiles key players such as:

• Cargill Inc.
• Plews & Edelmann
• Gemtek Technology Company Limited
• BioBlend Lubricants
• Elevance Renewable Sciences Inc.
• Cenex
• Renewable Lubricants
• Cortec Corporation
• Environmental Lubricants Manufacturing Inc.

The global soybean oil-based market is segmented as follows:

By Type

• Epoxidation Method
• Hydrogenated Method
• Transesterification Method

By Application

• Engine Oils
• Metalworking Fluids
• Process Oils
• Hydraulic Fluids
• Food Grade Lubricants
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa