Biolubricants Market in the US 2018-2022 | Reduction in Crude Oil Dependence to Drive Growth | Technavio
Technavio
analysts forecast the biolubricants market in the US to grow at a CAGR
of nearly 7% during the forecast period, according to their
latest market research report.
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Technavio has published a new market research report on the biolubricants market in the US for the period 2018-2022. (Graphic: Business Wire)
The increase in demand from the defense industry is one of the major
trends being witnessed in the biolubricants
market in the US 2018-2022. Increase in aerospace and defense
budget allocations, owing to the resurgence of global security threats
in the US, can positively influence the market. Plant-based
biolubricants are increasing in popularity as they offer environmental
benefits and have a low carbon content.
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market snapshot before purchasing
According to Technavio analysts, one of the key factors contributing to
the growth of the biolubricants market in the US is the reduction in
crude oil dependence:
Biolubricants market in the US: Reduction in
crude oil dependence
Biolubricants are replacing synthetic lubricants in various
applications. Plant-based products such as soybean, rapeseed, and canola
are used for producing biolubricants. Petroleum-based lubricants are
mainly produced from crude oil. Fluctuations in crude oil prices lead to
volatility in raw material prices, which further leads to volatility in
the price of mineral lubricants.
According to a senior analyst at Technavio for research on specialty
chemicals, “Synthetic esters, polyalphaolefin, phosphate esters,
glycols, and other silicate esters obtained from petroleum are the major
sources of petroleum-based lubricants. High-performance benefits,
biodegradability, and non-toxicity of biolubricants are the key reasons
for the preference of biolubricants over crude oil-based lubricants.”
Biolubricants market in the US: Segmentation
analysis
The biolubricants market in the US research report provides market
segmentation by product (plant-based and animal-based) and by end-user
(transportation and industrial). It provides an in-depth analysis of the
prominent factors influencing the market, including drivers,
opportunities, trends, and industry-specific challenges.
The plant-based segment held the largest market share in 2017,
accounting for nearly 78% of the market. This product segment is
expected to dominate the global market throughout the forecast period.
The transportation segment held the largest market share in 2017,
accounting for nearly 57% of the market. This end-user segment is
expected to dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market definition
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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