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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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

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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