The agricultural lubricants market is projected to grow at a CAGR of 5.5% from 2020 to 2025, in terms of value.
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.
Profile break-up of primary participants for the report
- By Company Type: Tier 1 – 25%, Tier 2 – 35%, and Tier 3 – 40%
- By Designation: C-level Executives – 25%, Directors – 40%, and Others – 35%
- By Region: Asia Pacific – 45%, Europe – 30%, North America – 20%, Middle East & Africa – 2%, and South America – 3%
Furthermore, as part of the qualitative analysis of the agricultural lubricants market, the report provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market 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).
The report defines, segments, and projects the size of the agricultural lubricants market based on type, end use, function, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, acquisitions, divestments, collaborations, new product launches, partnerships, contracts, and joint ventures undertaken in the market.
Reasons To Buy the Report
- The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the agricultural lubricants market and its segments.
- This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies.
- It also enables stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.