The global Agricultural
Lubricants Market is projected to grow from
an estimated USD 1.96 Billion in 2017 to USD 2.48 Billion by 2022, at a CAGR of
4.8% from 2017 to 2022.
Key players operating in the agricultural lubricants market
include Chevron (US), ExxonMobil (US), Fuchs Petrolub (Germany), Shell (The
Netherlands), Total (France), BP p.l.c. (UK), and Phillips 66 (US), among others.
These companies focus on investing in capacity expansions of plants to achieve
growth in the agricultural lubricants market.
Governments of various countries grant support to farmers by
providing subsidized agricultural equipment. Regional governments are
encouraging farmers to adopt modern farming practices by providing guidance and
monetary support at different levels to increase food production. This is a
major driver of the agricultural lubricants market. Also, increasing
mechanization in the agricultural industry is leading to the high demand for
agricultural lubricants.
The mineral oil lubricants segment is projected to be the
largest type segment of the agricultural lubricants market from 2017 to 2022.
Mineral oil lubricants are light mixtures of alkanes and cyclic paraffins, and
are available in light and heavy grades depending on the usage and requirement.
The low cost and versatility of these lubricants is expected to drive the
mineral oil lubricants type segment during the forecast period.
The engines segment is estimated to be the largest
application segment of the agricultural lubricants market in 2017. The use of
agricultural lubricants in engines helps protect against sludge and harmful
deposits. In addition, the use of lubricants improves the fuel economy of
agricultural equipment. Thus, heavy-duty engine oils in agricultural equipment
improve engine life apart from delivering long drain capability to engines
operating in severe applications.
Asia Pacific is expected to be the fastest-growing market
for agricultural lubricants during the forecast period. For people in 57% of
the countries in the Asia Pacific, agriculture is the prime occupation and
source of living. India is the fastest growing market in this region as
subsidies are provided by the Indian government to farmers to help them
increase their agricultural output, and thus enable higher profits. This helps
farmers in buying agricultural equipment, such as tractors and implements.
India is the world’s largest producer of spices, jute, millets, and castor oil
seed. It is also the second largest producer of wheat and rice, the main food
staples in the world.
High cost of synthetic and bio-based lubricants is a
restraint in the agricultural lubricants market. These can be significantly
expensive than mineral oil lubricants. Attracting small-scale farmers to use
advanced agricultural equipment to increase farm yield is a challenge in the
market. There is low awareness and less capital with small farmers who still
follow the older farming methods.
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