Machinery and equipment employed in agriculture practices includes tractor, harvest and verge cutters which are used to reduce time and effort invested in agricultural production. Agricultural lubricants are meant to assist machine operations and improve efficiency, lowering cost of repair and maintenance along with providing longer service life. Rising population has created high demand for food which has led to increase in need for higher productivity through agriculture sector, thus promoting use of equipment in farming, driving lubricants demand.
Agriculture Lubricants Market Trends
- Positive indicator towards demand for biodegradable lubricants owing to stringent emission standards will positively favour product demand. Bio based lubricants are produced from plant derived materials and possess low friction coefficient, higher flash point, high viscosity index, and low evaporation rate, thus propelling industry growth.
- Growth in labour cost along with unavailability of efficient labor owing to availability of other occupational opportunities has led to rise in use of advance equipment in agriculture, which is likely to boost lubricants market growth
- Increase in adoption of sustainable farming practices to boost yield along with financial support provided to the farmers has led to rise in product demand to offer operational assistance to the farmers
Agriculture Lubricants Market COVID-19 Impact
COVID 19 has led to quarantines, closures, and trade & supply disruption as led to restricting people’s access to diverse and nutritious food, thus affecting agricultural activities. Financial crises and economic losses have led to decrease in new equipment purchase, thus affecting agriculture lubricants demand. COVID 19 sudden outbreak has substantially worsened the already sluggish demand for lubricants, thereby restricting industry growth. Axiom MRC report helps in 3600 analysis of economic impact of COVID 19 on agriculture lubricants demand and supply side. The report also offers future impact assessment of macro and micro economic factors, GDP, international trade on agriculture lubricants market.
Agriculture Lubricants Market Regional Highlights
The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world includes Latin America and Middle East & Africa.
Asia Pacific led by India, Japan and China agriculture lubricants market dominated in 2019. Asia Pacific accounted for largest share and would continue its dominance over the foreseeable timeframe. Presence of agro based economies like India in this region where people are adopting technically advance equipment for farming supported by financial assistance in the form of loans in low interest rates along with government subsidies providing subsidy up to 50% to purchase agriculture equipment will promote regional industry growth.
Agriculture Lubricants Market Segmental Overview
- The report analyses the global agriculture lubricants market based on type, application and geography
- Various type studied are segmented into mineral oil, synthetic lubricants, bio based lubricants
- Furthermore, the major application considered in the study is Hydraulics, Engines, Gear & transmission, Greasing, Implements. Engine application may show significant gains over the forecast timeframe owing to lubricants use in smooth operation, corrosion protection, wear reduction, thus increasing productivity and lifespan of the equipment. The lubricants for engines consist of 75% to 80% base oils and 10% to 25% additives and are employed in tractors, forage and harvesters, thus driving industry growth.
Agriculture Lubricants Market Competitor Analysis
The key players in the agriculture lubricants market share are Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell Plc, Total S.A., Fuchs Petrolub Se, Bp P.L.C.,Exol Lubricants Limited, Phillips 66, Witham Oil & Paint Ltd, Rymax Lubricants, Repsol S.A., Cougar Lubricants International ltd, Schaeffer Manufacturing Co., Pennine Lubricants Limited, Morris Lubricants, Wise Solutions, Klondike Lubricants. Many manufacturers are engaged in developing bio based product range to curb rising demand for biodegradable lubricants which may increase product offering.
The report analyses the global agriculture lubricants market based on type, application and geography. Various type studied are segmented into mineral oil, synthetic lubricants, bio based lubricants. Furthermore, the major application considered in the study is hydraulics, engines, gear & transmission, greasing, implements.
The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world include Latin America and Middle East & Africa.
Why to buy this report:
- The report offers changing market dynamics in the agriculture lubricants market, presenting historical, current and projected market size in terms of value (USD Million)
- The research study provides an in-depth analysis of the industry value chain focusing on the peer and parent markets of agriculture lubricants
- It presents a comprehensive assessment of geographical regions exhibiting promising growth, potential and niche segments, and a neutral perspective on the agriculture lubricants market performance
- The report also offers strategic recommendations in key business segments based on the market estimations and competitive landscape, mapping the key common trends of agriculture lubricants market
