Press release
Agricultural Lubricants Market is projected to reach from USD 3.3 billion to USD 4.7 billion in 2029, and exhibiting a CAGR of 4.6% | Size, Growth & Forecast
Agricultural Lubricants Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/agricultural-lubricants-market/
The factors driving growth of Agricultural Lubricants Market includes Government subsidies on the purchase of machines such as harvesters, tractors, and verge cutters, growing popularity of high-performance synthetic lubricant, rising cost of farm labors and improvements in the living standards. Moreover, growing adoption of advanced technologies, emerging trend of consuming bio-based products in the developing countries, superior properties of lubricants, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Agricultural Lubricants Market share. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Agricultural Lubricants Market is hindered due to inadequate knowledge amongst farmers about benefits of using agricultural lubricants.
The prominent players operating in the market are Cougar Lubricants International Ltd, Repsol S.A., Schaeffer Manufacturing Co., Chevron Corporation, Exol Lubricants Limited, Bp plc, Exxon Mobil Corporation, Phillips 66 Company, Royal Dutch Shell Plc, The Witham Group, Rymax Lubricants, and Frontier Performance Lubricants, Inc., among others.
Based on Type, the Bio-Based segment is predicted to grow at a significant CAGR during the forecast period
Higher flash point, low evaporation rate and high viscosity index of bio-based agricultural lubricants and rising focus on reducing the dependency of petroleum oils, are some of the factors pushing Agricultural Lubricants Market size.
Based on Application, the Engines segment is projected to expand at a robust CAGR over the forecast period
Increasing consumption of oil in tractor engines worldwide, is the major factor propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period
Growing demand for food across India, Sri Lanka and China, Government subsidies on the purchase of agricultural machines, rapid urbanization, rising adoption of advanced technologies, increasing per capita incomes and high population growth rates, are some of the important factors augmenting he market growth in the Asia-Pacific region.
Key Developments
In 2020, Rymax Lubricants introduced the Apollo ECO line that offers a variety of full synthetic engine oils for gasoline, diesel, and hybrid engines. The ECO line consists of low viscous, fuel-saving engine oils with maximum protection against Low-Speed Pre-Ignition (LSPI) and particularly suitable for modern hybrid engines.
In 2019, Royal Dutch Shell partnered with Mahindra & Mahindra Ltd, a part of the Mahindra Group. Through this partnership, Mahindra and Shell would work together to offer high-performance lubricant products, including engine oils, transmission, and axle oils under the 'Maximile' brand.
Market Segmentation
Segmentation by Type
Mineral Oil
Synthetic
Bio-based
Segmentation by Application
Engines
Gears & Transmission
Hydraulics
Greasing
Implements
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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