Agricultural Lubricants Market Latest Report and Growth Opportunities Analysis Study 2023-2030
Agricultural Lubricants Market Overview:
According to the USD Analytics published latest research report, the global “Agricultural Lubricants Market” is expected to grow at a tremendous CAGR of 5.84% during the forecast period 2023-2030.
Agricultural lubricants are used in agricultural machinery to help machines and equipment last longer. They are used in various equipment, including harvesters, tractors, and verge cutters. They are also cost-effective and contribute to lower gasoline usage. They guarantee that different gadgets and equipment operate properly since it is critical to productivity.
Market Drivers:
Farmer’s subsidies are being implemented by government agencies in several countries. These subsidies help farmers buy agricultural equipment like harvesters, power sprayers, paddy transplanters, threshers, tractors, and other similar things. Consequently, more modern agricultural equipment is being used, raising the need for agricultural lubricants.
The rising cost of farm labor will accelerate the expansion of the agricultural lubricants industry. Furthermore, the growing popularity of high-performance synthetic lubricants and rising agricultural mechanization rates are expected to drive market expansion.
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Market Opportunities:
Moreover, the growing trend of bio-based products, particularly in developed countries, expands the lucrative potential for market participants from 2022 to 2029. Furthermore, the rising number of distinct market tactics manufacturers use, such as company development, joint ventures, and acquisition, will contribute to the agricultural lubricants market’s future growth.
Market Trends:
- Engine oils are used to prevent corrosion and to keep engines running smoothly. As a result, engine oil serves as a lubricant in tractors and harvesters, and it is in great demand to decrease corrosion and preserve engine durability.
- The growing popularity of bio-based agricultural lubricants, particularly in developed nations, is driving the market forward. On the contrary, bio-based agricultural lubricants are less popular in developing countries.
- R&D for bio-based lubricants has increased significantly. The goal of R&D is to match the performance level of bio-based lubricants with that of synthetic agricultural lubricants.
- The price of agricultural lubricants has risen significantly due to the rise in crude oil prices. The cost of crude oil grew as the amount of crude oil produced by oil and gas-producing nations decreased. Production volume is lower due to demand uncertainties in several countries due to COVID-19.
Market Restraints:
High Cost
The high cost of synthetic and bio-based lubricants is expected to hamper the agricultural lubricants market’s expansion throughout the anticipated period.
Inadequate Awareness
Furthermore, lower agricultural marketing investment leads to lower knowledge of agricultural goods such as bio-based agricultural lubricants, which is detrimental to the market throughout the anticipated period. As a result, the agricultural lubricants market growth rate would be challenged.
Covid-19 Impact Analysis:
The recent coronavirus epidemic negatively influenced the agricultural lubricants market because, owing to the deployment of lockdowns in raw material-supplying nations such as China, the COVID-19 pandemic disrupted the supply chain in the first half of 2020. COVID-19 had minimal impact on agricultural lubricant demand since most nations regarded agriculture and agricultural-related activities as essential services. In the first half of 2020, raw material procurement was one of the market rivals’ problems. The factors mentioned above will affect the market’s revenue trajectory over the projected period.
On the other side, the market is expected to recover when different regulatory authorities begin to lift these imposed restrictions. The halted and canceled activities will continue, and the market will likely increase.
Recent Industry Developments:
- Chevron Products Firm, a division of Chevron U.S.A. Inc and Noria, a lubrication consulting services and training provider, have announced the ISO CLEAN Calculator. This first-of-its-kind tool assists enterprises in calculating prospective appliance life based on lubricant cleanliness levels.
- Fuchs Group bought high-performance specialized synthetic lubricant producer Nye Lubricants Inc. in the United States in October 2019. This allowed Nye’s Scan to partner with innovative firms and deliver high-performance lubricants employing Fuchs’s cutting-edge engineering and technical experience.
- ExxonMobil launched an aviation lubricants factory in Port Allen, Louisiana, in January 2017. ExxonMobil had reached full production for the whole Mobil JetTM engine lubricants portfolio and was shipping commodities globally.
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Segmentation Analysis:
Types
- Mineral Oil Lubricants
- Synthetic Lubricants
- Bio-Based Lubricants
Applications
- Engines
- Gears & Transmission
- Hydraulics
- Greasing
- Implements
The engine accounted for the highest share of the Agriculture Lubricants Market and is expected to expand at a CAGR of 5.76% during the forecast period. Lubricants minimize friction, heat, and fatigue in mechanical components that come into contact. Lubricating oil is usually known as motor oil and transmission fluid in the engines of motorized vehicles.
Lubricant is critical to the operation of automobiles. When the pistons float fast in a well-lubricated machine, less effort is required to move the pistons. This guarantees that the car can function and run at a lower temperature while using less gasoline in the long run. In general, utilizing lubricants correctly in the engine improves performance and lowers wear and tear. Hence the demand for farm lubricants market is predicted to rise throughout the forecast period.
Geographical Analysis:
The global agricultural lubricants market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Agricultural Lubricants Market:
Asia Pacific accounted for 37% of the Agriculture Lubricants Market in 2022. China is the world’s leading producer of rice. Agriculture is one of the most important contributions to most nations’ GDP in the Asia Pacific. Until recently, agriculture was a major source of revenue and employment for the residents of most Asia Pacific nations. The Asia Pacific, agricultural lubricant industry is predicted to grow substantially. Agriculture is the major source of income for over 58% of India’s population, according to the India Brand Equity Foundation. The Agriculture Export Facility has set a goal of increasing agricultural exports to more than $60 billion by 2022.
The Indian food sector is primed for massive expansion, with its contribution to global food commerce increasing yearly due to its great value-added potential, notably in the food processing business. Furthermore, the government has launched several projects, including NABARD established a US$100 million venture capital fund investment in agricultural and rural-focused start-ups in May 2019. According to the Department of Agricultural, Water, and the Environment, the value of agricultural, fishery, and forestry output in Australia has grown by 34% in real terms over the last 20 years, from roughly $49 billion in 1998-99 to around $66 billion in 2017-18.
Competitive Landscape:
The major companies included in the global agricultural lubricants market are BP P.L.C., Chevron, Cougar Lubricants International, Exol Lubricants, ExxonMobil, Frontier Performance Lubricants, Fuchs, Bapco Lubricants, Bardahl Manufacturing Corporation, Dyade Lubricants.
Related Reports:
Synthetic Lubricants Market Report 2023-2030
Bio-Based Lubricants Market Report 2023-2030
Mineral Oil Lubricants Market Report 2023-2030
Hydraulics Market Report 2023-2030
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