Agricultural Lubricants Market by Type (Mineral Oil Lubricants, Synthetic Lubricants, Bio-Based Lubricants), Application (Engines, Gear & Transmission, Hydraulics, Greasing, Implements), and Region - Global Forecast to 2022
The agricultural lubricants market is projected to grow at a CAGR of 4.8% from 2017 to 2022
The global agricultural lubricants market is projected to grow from an estimated USD 1.96 billion in 2017 to USD 2.48 billion by 2022, at a CAGR of 4.8% from 2017 to 2022. Decrease in the agricultural labor force in both, developed and emerging nations has led to an increase in the use of farm machinery, such as tractors and combines, thereby increasing the demand for lubricants used for such machinery. Government subsidies on farm equipment in countries such as China, India, and the US have encouraged farmers to buy agricultural equipment, which, in turn, is leading to an increase in the demand for agricultural lubricants in these countries.
The engines segment is expected to be the fastest-growing application segment of the agricultural lubricants market during the forecast period
Tractors require diesel engines to pull large and heavy loads, and these engines require to be lubricated with engine oils once or twice a year to enable smooth functioning. Engine oils are used in agricultural equipment to provide wear protection to engines, and provide enhanced performance at extremely high or low temperatures.
Asia Pacific to account for the largest market share and is expected to be the fastest-growing market for agricultural lubricants during the forecast period
China is the largest market for agricultural lubricants in the Asia Pacific region, in terms of value and volume. It is the world leader in farm output, with its produce comprising rice, wheat, tomato, peanuts, tea, cotton, and soybean. Improved agricultural regulations and policies and use of advanced machinery have helped China in becoming an independent and self-supporting country in terms of agricultural produce.
The Asia Pacific is expected to be the fastest-growing market for agricultural lubricants during the forecast period. Implementation of agricultural policies, such as providing subsidies for agricultural equipment in the region is resulting in an increasing demand for agricultural lubricants.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 42 %, Tier 2 – 25%, Tier 3 – 33%
• By Designation: C level – 33%, Director level – 25%, Others – 42%
• By Region: North America – 44%, Europe – 25%, Asia Pacific – 19%, Middle East & Africa – 6%, South America – 6%
As a part of qualitative analysis, the research provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by market players, such as Chevron (US), ExxonMobil (US), Fuchs Petrolub (Germany), Shell (The Netherlands), Total (France), BP p.l.c. (UK), and Phillips 66 (US).
The report defines, segments, and projects the agricultural lubricants market based on type, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, opportunities, and industry-specific challenges. It also strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report analyzes competitive developments, such as partnerships, contracts, and joint ventures; mergers & acquisitions; expansions; new product launches; and research & development activities undertaken by key players to achieve growth in the market.
Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of revenue numbers for the overall agricultural lubricants market and its subsegments. This report will help stakeholders to better understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, challenges, and opportunities.