Biolubricants Market in the US 2018-2022 | Reduction in Crude Oil Dependence to Drive Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 3, 2018-- 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 . 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.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Technavio Research
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PUB: 10/03/2018 03:13 PM/DISC: 10/03/2018 03:13 PM