Market Research Report
Global Agricultural Lubricant Market - 2020-2027
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|Global Agricultural Lubricant Market - 2020-2027|
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The global agricultural lubricant market size was worth US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
Agricultural lubricant is used to ensure the smooth working & maintenance of the equipments. It helps to bring ease and comfort in the use of farm equipment and machinery. The agriculture lubricant is an essential for equipment that works on demanding terrain in changing weather. Agriculture lubricant has several benefits such as it protects equipments, enhances temperature control, improves the life span of the machineries, enhances efficiency and reliability of machinery, reduces the downtime and costs associated with maintenance and repairing.
The global agricultural lubricant is driven by rising demand for growing eco-friendly chemicals with surge in the investment chemical industry.
The market is driven by rising demand for agriculture sector machineries and equipments for performing farming operations. As these farming equipments needs lubrication for better performance high efficiency reducing labor cost, protects surfaces against rust & corrosion from water or other corrosive substances etc. According to the European Agricultural Machinery Association (CEMA), the European countries such as Germany, Italy, France, the United Kingdom and the Netherlands has the largest production of agricultural machinery whereas total Europe's production of the agricultural machineries worth around US $ 45 billion in 2017 increased by 6.4% as compare to 2016.
Increasing demand for the food around the globe with surge in the global population, As per the Food and Agriculral Organization of United Nations in 2018, the global population reached to around 7.2 billion and is projected to reache 9 billion by 2050 which require huge amount of the cultivatation. It can be fulfilled by using efficient farming equipments which ulemately boost the demand for agriculture lubricant for efficient working and operations.
Growing launching of the advanced technology equipments for farming with stricter requirements and relegations for CO2 emissions may create huge opportunity and challenge for this market
Growing adoption and launching of the advanced technology farming equipments to avoid the heavy agricultural operations by the leading players may create huge opportunity for the growth of the agricultural lubricant market. For instance on 6th July 2020, John Deere, the world one of the leading Agriculture equipment manufacturer launched a brand-new range of technology-powered tractors, harvesters and implements in India. These new equipments are launched with improved farm efficiency by catering to a wide variety of agro-climatic zones, crop types and implement usage practices. It created massive demand for the agricultural lubricant around the globe.
The global agricultural lubricant market has been slightly down during the Covid-19 pandemic due to several manufacturing facilities were closed. The agricultural lubricant demand has been increased from the June 2020, due to several leading countries have opened manufacturing facilities and retail outlets.
The demand is contiuosly growing due to government initiatives schemes and fundings for the development of the agricultural sector. For instance in India, on 15th May 2020, Government has launched Covid-19 economic package for agricultural and allied sectors aimed at strengthening infrastructure, logistics and capacity building. It created massive demand for the agicultural equipments in this region. Further market may increase as soon as the pandemic will over.
The global agricultural lubricant market is segmented based on type, viscocity grade, application, end-user and region.
In terms of type, the global agricultural lubricant market is grease, engine oil, round-baler chain oils, HM/HV hydraulic fluids, gardening oils, mineral oil, synthetic oil, gearbox oil, hydraulic oil and others. Among this, engine oils has the highest market share in 2019, owing to its properties cold start-up temperatures down as low as -35o C, high temerature upto 1850 C and low temperature pumping viscosity. For instance on 11th Nov 2018, Exol Lubricant launched Dexos2 approved Optima LSGM 5W-30 multigrade next generation of fully synthetic engine oil which reduces fuel consumption while ensuring maximum engine protection.
Similalry, grease, round-baler chain oils, HM/HV hydraulic fluids, gardening oils, mineral oil, synthetic oil, gearbox oil, hydraulic oil oil segments are also growing due to increasing adoption of the oil for efficient performance of the farming equipments as well as several leading players are launching biodegradable an sythetic oil for beter performance. For instance on 23rd October 2020, Alhamrani-Fuchs Petroleum Saudi Arabia Ltd (AFPSAL) launched innovative and advanced super GT Oil for greater engine efficiency. It has several properties like oxidation sedimentation, it facilitate protection for valve-moving units and improves fuel consumption.
In terms viscosity grades, the global agricultural lubricant market is classified as 10W-30, 10W-40, 15W-40 20W-50 and others. Among this, 10W-40 viscocity grade has the highest market share in 2019, this is primarily due to launching of this grade synthetic engine oil by the leading players. For instance on 7th May 2019, Shell India has launched Rimula R5 LE 10W40 and R5 LE 10W30 synthetic engine oils designed for heavy duty trucks in India. It provides enhanced engine protection and oxidation control as it is developed with CK4 technology as per the latest BS-VI emission norms.
Based on application, the global agricultural lubricant market is divided into engines, hydraulics, gears & transmission, grease, implements and others. Among this, engine segment has the highest contribution owing to rising production and sale of the heavy duty farming equipments and vehicles around the globe.
Based on the end-user, the global agricultural lubricant segmented into Tractors, Harvesters, Shedders, Balers, Verge cutters, Heavy-duty vehicles, Fodder mixers and others. Among this, tractors segment has the highest market share in 2019, due to rising sale of tractors for land cultivation around the globe and several leading players are launching small and copact size tractors which ultimately propelled the demand for the agricultural lubricant market. For instance on 17th August 2017, Mahindra launched'JIVO' new small tractor with engine power of 24HP and power of 22HP. It created massive demand for agriculture lubricant oil require for mini tractors.
Asia-Pacific region holds the largest market share global Agricultural Lubricant market
Asia-Pacific region is dominating the global Agricultural Lubricant market and accounted for the largest market share in 2019, due to presence of agriculture land and rising government support and initiative funding for farmers followed by North America and Europe. As of 2019, India and China accounted for the highest share for the agriculture lubricant market.
Similarly, North America is also growing at faster pace owing presence of the advanced technology devices adoption and rising utilization of heavy farming machineries followed by Europe. As per the National Renewable Energy Laboratory (NREL), the United States has around 75% of domestic agricultural equipment manufactures which contributed nearly US$ 40 billion in total value added the gross domestic product.
The Agricultural Lubricant market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Pennine Lubricant Limited, Cougar Lubricant International Ltd, Frontier Performance Lubricant, Inc, Exxon Mobil Corporation, Exol Lubricant Limited, Witham Oil & Paint Ltd Rymax Lubricant, Repsol SA, Royal Dutch Shell Plc, Chevron Corporation, Total SA, BP plc, FUCHS PETROLUB SE, Phillips 66, Unil Lubricant, Schaeffer Manufacturing Co. and among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, which are contributing to the growth of the Agricultural Lubricant market globally. For instance, on 23rd October 2020 Fuchs and BASF have partnered to develop a holistic real fact-based sustainability assessment of hydraulic fluids. This hydraulic oil specially designed with multigrade high viscosity index (VI) with cradle-to-grave analysis.
Overview: Phillips 66 founded in 2012 and based in Houston, Texas, United States. The Company manufactures energy products such as gasoline, diesel, jet fuel and lubricant, natural gas and natural gas liquids (NGL) for powering businesses, heating homes, cooking and electricity; and manufacture petrochemicals, polymers and plastics found in cars, electronics and other everyday goods.
The global Agricultural Lubricant market report would provide an access to an approx. 65 market data table, 79 figures and 244 pages.
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