Global Agricultural Lubricant Market - Segmented by Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global agricultural lubricant market is expected to witness a CAGR of 4.8% during the forecast period of 2018–2023, driven by the provision of subsidy for agricultural machinery, such as tractors by the Indian and Chinese governments. Increasing mechanization in the agricultural industry is also likely to stimulate the agricultural lubricant market in the coming years.
Machinery Subsidy Driving the Market
The governments of various countries, such as India and China, are providing subsidy on the purchase of agricultural equipment and encouraging farmers to employ modern farming practices at different levels to increase food production. The government of India has announced a Tractor Subsidy Scheme to give 25% subsidy to farmers for tractors, which is likely to drive the agricultural lubricants market.
Heavy Duty Vehicles Making Engines as the Dominating Application
The global agricultural lubricant market, based on the end-user application, can be broadly segmented into engines, gear and transmission, hydraulics, greasing and others. Engines are expected to dominate the agricultural lubricant market, followed by the gear and transmission segment. Engine oils are used to protect against wear in agricultural equipment and to enhance performance at extreme temperatures. The demand for engine application is expected to increase during the forecast period, owing to the increasing use of lubricants in heavy-duty vehicles such as tractors in agriculture and growing mechanization in the agricultural industry in the Asia-Pacific region.
Agricultural Dependency Making Asia-Pacific a Major Market
In terms of consumption, Asia-Pacific held a significant market share in 2017, with around 60% of the country’s people primarily dependent on agriculture for a living. Asia-Pacific is also expected to be an emerging market during the forecast period with the increasing provision of subsidies by the Indian and Chinese governments to help in food sustainability
In May 2017, Total announced to extend its partnership with CLAAS, which is a major player in agricultural machinery and has a presence in more than 35 countries across the globe.
Major players include Exxon Mobil Corporation, Shell, Chevron Corporation, Total, and Fuchs Petrolub SE, amongst others.
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