DUBLIN--(BUSINESS WIRE)--The "Agricultural lubricants Market by Type (Mineral Oil, Synthetic, and Bio-based), Application (Engines, Gears & Transmission, Hydraulics, Greasing, and Implements), Region (Asia Pacific, North America, Europe, South America, and MEA) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The agricultural lubricants market is projected to grow from USD 2.9 billion in 2020 to USD 3.9 billion by 2025, at a CAGR of 5.5% from 2020 to 2025.
Rising farm mechanization around the world is driving the growth of the agricultural lubricants market. The complex production process of agricultural lubricants is restraining the growth of the agricultural lubricants market.
The mineral oil segment is projected to lead the agricultural lubricants market in terms of both, value and volume from 2020 to 2025.
Based on type, the mineral oil agricultural lubricants segment accounted for the largest share of the agricultural lubricants market in 2019. The mineral oil agricultural lubricants segment is projected to lead the market in terms of both, value and volume during the forecast period. The availability of mineral oil lubricants at lower prices, when compared to other lubricants, is driving the growth of mineral oil lubricants in the agricultural industry. In addition, mineral oil lubricants are produced in bulk quantities, increasing their availability. These factors are anticipated to further contribute to the growth of the mineral oil lubricants segment during the forecast period.
The engines application segment is projected to lead the agricultural lubricants market in terms of both, value and volume during the forecast period.
Based on application, the engines segment led the agricultural lubricants market in 2019 in terms of both, value and volume. Growing farm mechanization around the world is driving the demand for tractors, thereby propelling the consumption of agricultural lubricants as well. The engines of these farm tractors need to be well-lubricated in order to function properly. Further, subsidies provided by the government on the purchase of farm equipment are also promoting farm mechanization, contributing to the growth of the agricultural lubricants market.
Asia Pacific is projected to lead the agricultural lubricants market during the forecast period in terms of both, value and volume.
The agricultural lubricants market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume from 2020 to 2025. Factors such as expanding agribusinesses and growing farm mechanization have increased the demand for agricultural lubricants in this region. The high demand for agricultural lubricants in Asia Pacific is driven by countries such as China and India. The governments of these emerging economies are working to increase awareness about mechanization among farmers. Further, key industry players in the agricultural tractors market, such as John Deere & Company, are focusing on countries such as India with an aim to fulfill the rapidly increasing demand for tractors.
- Increasing Labor Cost And Decreasing Availability Of Agricultural Labor
- Increasing Mechanization In Agriculture
- Government Subsidies For Agricultural Equipment
- High Cost Of Synthetic And Bio-Based Lubricants
- Substantial Scope For Farm Mechanization In China And India
- Skepticism Among Small-Scale Farmers About The Use Of Advanced Agricultural Equipment
- Exxon Mobil Corporation
- Royal Dutch Shell Plc
- Chevron Corporation
- Total S.A.
- BP P.L.C.
- Fuchs Petrolub Se
- Phillips 66
- Exol Lubricants Limited
- Witham Oil & Paint Ltd
- Rymax Lubricants
- Repsol S.A.
- Cougar Lubricants International Ltd
- Schaeffer Manufacturing Co.
- Pennine Lubricants Limited
- Frontier Performance Lubricants, Inc.
- Unil Lubricants
- Bahrain Petroleum Company (BAPCO)
- Bardahl Manufacturing Corporation
- Dyade Lubricants
- Gulf Oil Lubricants India Limited
- Klondike Lubricants
- Lubitec Ltd
- Moorland Fuels
- Morris Lubricants
- Normac Oils Ltd
- Royal Precision Lubricants Pty Ltd
- Wise Solutions
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