CHICAGO, March 19, 2020
CHICAGO, March 19, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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 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.
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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 in terms of both, value and volume. Low costs and easy availability of mineral oil lubricants are driving the growth of this segment. These lubricants are produced in large quantities due to high demand for different types of agricultural equipment. Despite the gradual shift from mineral oil lubricants to synthetic and bio-based lubricants, the agricultural sector is expected to continue to utilize high volumes of mineral oil lubricants because of their low cost.
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 application segment led the agricultural lubricants market in 2019 in terms of both value and volume. The growth of this segment is majorly driven by the Asia Pacific and Europe regions. Asian countries such as China and India are increasing mechanization on farms to speed up agricultural processes and meet the rapidly rising demand for food. For instance, according to data provided by the National Institution for Transforming India (NITI) Aayog in 2018, half of the Indian population will become urban by 2050, and the agricultural workforce is estimated to decline from 54.6% in 2011 to 25.7 % by 2050. This declining agricultural workforce supports the cause of farm mechanization, thereby contributing to the growth of the agricultural lubricants market.
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Engines of farm tractors require lubrication as part of their routine maintenance. These diesel engines need to be lubricated with engine oils once or twice a year to ensure smooth functioning, provide wear protection, and enhance performance at extremely high or low temperatures.
The agricultural lubricants market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume during the forecast period.
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. China, India, and Japan are the key countries contributing to the increased demand for agricultural lubricants in this region. Factors such as expanding agribusinesses and growing farm mechanization have increased the demand for agricultural lubricants in this region.
Key players such as Exxon Mobil Corporation (US), Royal Dutch Shell Plc (Netherlands), Chevron Corporation (US), Total SA (France), BP plc (UK), FUCHS PETROLUB SE (Germany), Phillips 66 (US), Exol Lubricants Limited (UK), Witham Oil & Paint Ltd (UK), Rymax Lubricants (Netherlands), Repsol SA (Spain), Cougar Lubricants International Ltd (UK), Schaeffer Manufacturing Co. (US), Pennine Lubricants Limited (UK), Frontier Performance Lubricants, Inc. (US), and Unil Lubricants (Belgium) have adopted expansions, joint ventures, acquisitions, new product launches, agreements, partnerships, contracts, and divestments as their strategies.
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