Global Agricultural Lubricants Market 2018-2022
About Agricultural Lubricants Market
Lubricants are fluids that reduce friction in machines. As a result, they reduce the wear and tear caused by the prolonged use of machines. They optimize the high operating temperatures and minimize corrosion of metal surfaces.
Technavio’s analysts forecast the global agricultural lubricants market to grow at a CAGR of 4.53% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global agricultural lubricants market for 2018-2022. To calculate the market size, the report considers the revenue generated from the use of different type of agricultural lubricants.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Agricultural Lubricants Market 2018-2022
Technavio recognizes the following companies as the key players in the global agricultural lubricants market: BP, Chevron, Exxon Mobil, FUCHS, Shell International, Total.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the adoption of precision farming techniques. These techniques provide higher or equal yields with lower production cost than conventional practices.
According to the report, one of the major drivers for this market is the high adoption of agricultural machines which will eventually reduce human workforce.
Further, the report states that one of the major factors hindering the growth of this market is the vitality in raw material prices. The fluctuation in the raw material prices will eventually affect the costs of agricultural lubricants.