The Agricultural Lubricants Market is expected to be valued at USD 4.28 Billion in 2027 from USD 2.88 Billion in 2019, registering a CAGR of 5.4% through the forecast period. The industry’s steady growth can be accredited to the soaring investments by prominent manufacturers of agricultural lubricants to develop a broad range of reliable, durable, innovative, and cost-efficient lubricants. The growing need to minimize the maintenance costs and operating expenses coupled with the need to boost the lifespan of the tractor and harvesters’ machine parts is expected to propel the industry’s growth in the projected timeframe.
Augmenting the requirement of agricultural lubricants to be efficient in severe climate settings such as humidity, harsh temperatures, dust, and other extreme environmental factors has boosted the adoption of agricultural lubricants in the sector. Additionally, the application of agricultural lubricants enables the minimization of emissions of carbon and maximizes the equipment working, especially in the prime season. Moreover, the increasing requirement for enhanced safety for wear and corrosion coupled with improved efficiency of fuel is further adding to the demand of the market.
Green chemistry, also referred to as sustainable chemistry, was introduced with the intent to prevent pollution by employing efficient procedures. Green chemistry aims to develop a minimally toxic chemical synthesis process, minimize the use of chemical substitutes, and enhance energy efficiency. This has further augmented the need for bio-based agricultural lubricants in farming machinery.
Key Highlights from the Report:
- The engine sub-segment occupied a significant share of the global industry in 2019, accounting for a 45.3% market share. The growing requirement to minimise friction, avoid wear and tear, and confer cooling to bolster the engine’s thermal control is driving the application of lubricants in the farming sector.
- The bio-based agricultural lubricants sub-segment is projected to proliferate at a significantly high CAGR of 6.4% throughout the estimated period. Progress in R&D activities, the advent of green chemistry, and stringent environmental policies are bolstering the application of bio-based agricultural lubricants in the agriculture industry.
- The Asia Pacific region dominated with an enormous share of the global market in 2019 and is foreseen to retain its leading position in the estimated years. The escalating adoption of technologically upgraded farm machinery to boost the productivity of farms in order to cater to the augmenting demand for food from developing nations is bolstering the market growth in the region.
- Major companies operating in the industry include Schaeffer Oil, Exol Lubricants Limited, Royal Dutch Shell, Chevron Corporation, ExxonMobil Corporation, BP, Fuchs Petrolub, Phillips 66, Repsol, and Total SE.
- Royal Dutch Shell, Plc, an oil and gas supermajor, in September 2020, introduced an efficient cost-reducing plan to back the energy transition and increasingly invest in the markets of power and renewable energy. This latest cost-cutting initiative of Royal Dutch Shell, which is known as “Project Reshape” within the company, was set to go on the floors in 2020.
For the purpose of this report, Emergen Research has segmented the Global Agricultural Lubricants Market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2017–2027)
- Mineral Oil
Application Outlook (Revenue, USD Billion; 2017–2027)
- Gears & Transmission
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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