Global space robotics market was around USD 2.4 billion in 2019. Now, they are anticipating the global market would progress considerably at a CAGR of about 7.69% and attain the value close to USD 4.68 billion by the end of 2026.
Soybean Oil Based Lubricant Market
The global Soybean Oil Based Lubricant market, which is projected to accrue revenue worth 1.44 (USD Billion) by 2026, is slated to register a CAGR of more than 7.8% during the forecast timespan. The report offers assessment and analysis of the Soybean Oil Based Lubricant market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Soybean oil based lubricants possesses low proportion of toxicity and are bio-degradable. Apart from this, these oils have more 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.
Market Growth Dynamics
With plant-based lubricants costing reduced downstream processing expenditure towards the development of the final product as compared to petroleum-based lubricants, the former are preferred more than latter. This, in turn, will generate new opportunities for the growth for soybean oil based lubricant market in the years to come. In addition to this, strict laws governing the fuel emissions will prompt the players in the lubricant producing sector opt for plant based oil lubricants over petroleum oil ones, thereby driving the demand for soybean oil based lubricants over the years ahead. With the huge reduction in the price parity between plant-based oil lubricants and petroleum –based oil lubricants along with large-scale supply of the plant-based oil lubricants, the market for soybean oil based lubricants will gain traction in the years to come.
North America To Occupy a Major Market Share Over 2020-2026
The growth of the market in North American region during the estimated timespan is owing to strict laws passed by EPA for promoting the use of plant-based oil lubricants. Furthermore, the governments in the U.S. and Canada have passed legislations favoring the use of bio-based products like soybeans for oil-based lubricant production and this will exponentiate the regional industry growth over the projected timeline.
Key players profiled in the report include Gemtek, Elevance Renewable Sciences, Inc., Cargill, Cortec Corporation, Cenex, Plews & Edelmann, BioBlend Lubricants, Renewable Lubricants, and Environmental Lubricants Manufacturing, Inc.
The global soybean oil based lubricant market is segmented as follows:
By product types:
Strict laws governing the fuel emissions will prompt the players in the lubricant producing sector opt for plant based oil lubricants over petroleum oil ones, thereby driving the demand for soybean oil based lubricants over the years ahead.
The CAGR of market will be over 7.8% during 2020-2026.
North America will contribute remarkably towards the global market share over the estimated timeline.
The key market players include Gemtek, Cargill, Cenex, BioBlend Lubricants, Renewable Lubricants, Cortec Corporation, Plews & Edelmann, Elevance Renewable Sciences, Inc., and Environmental Lubricants Manufacturing, Inc.