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Chicago, June 24, 2022 (GLOBE NEWSWIRE) -- According to Arizton latest research report, the global agriculture lubricants market is expected to grow at a CAGR of 2.57%. The market will likely witness the sale of 1.5 million tons of agricultural lubricants by 2027. The growing popularity of biodegradable lubricants is projected to provide future growth opportunities for the industry. The engine oil market holds a major share of over 40% in terms of volume and value during the forecast period. There are lucrative opportunities for manufacturers to move their manufacturing facilities to APAC owing to cheap labor and significant consumer demand across the region.
Europe, APAC, and North America are the fastest-growing regions in terms of farm mechanization and agriculture, which will significantly aid the market for agricultural lubricants. These regions have seen a rapid increase in sales of tractors. The growth of mechanization includes factors like rational use of resources, reduction in work time, and improvement in the lifestyle of the rural population. Agriculture companies, importers, and exporters are demanding heavy-duty machines.
Global Agricultural Lubricants Market Report Scope
| Report Attributes | Details |
| MARKET SIZE (2027) | $3.5 Billion |
| MARKET SIZE(2021) | $2.69Billion |
| CAGR (2022-2027) | 2.5% | |
| MARKET SIZE - VOLUME (2027) | 1.5 million Ton |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 |
| MARKET SEGMENTS | Types of Lubricants (Mineral Oil, Synthetic Oil, and Bio-based Oil)Types of Oil( Engine Oil, Transmission and Gear, Hydraulic Oil, Greases, and Others)Distribution Channels (Online ( Direct Sale, Third-Party Sale), Offline ( Specialty Stores and Convenience stores) |
| GEOGRAPHIC ANALYSIS | North America, Europe, APAC, Latin America, and Middle East & Africa |
| VENDORS PROFILED | Petro-Canada Lubricant Inc., Valvoline Inc., BP P.L.C, Royal Dutch Shell PLC, FUCHS Group, Chevron Corporation, Exxon Mobil, Total Energies, Philips 66, and Condat |
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Key Insights
- Recent advancements and benefits like increased productivity and cheaper prices of agriculture lubricants coupled with the penetration of battery-powered agricultural vehicles are expected to grow in the upcoming years.
- Agriculture lubricant manufacturers have huge opportunities in the APAC region owing to an increasing population boosting the agricultural sector, and government plans to invest in farming and agricultures facilities to encourage farming activities.
- Increasing supply of farm machinery subsidies by the US, Indian, and Chinese governments, as well as increasing farm mechanization adoption in developing countries, are major factors driving the market growth.
- Engine oils hold the highest revenue share of over 43.71% in the market and are expected to observe a CAGR of 2.14% during 2022-2027. Engine oils are primarily used to protect engines from wear and tear when they are subjected to varying temperatures and pressures.
- Bio-based lubricants are expected to observe one of the fastest growth rates at a CAGR of 3.77% (by value) during the forecast period. Bio-based lubricants are produced with the help of the esterification process, and the lubricants exhibit superior properties, including low flash point, low friction coefficient, low pour point, and high viscosity index.
- In 2020, owing to the covid-19 pandemic, stakeholders across the agriculture lubricants value chain such as manufacturers, raw material suppliers, distributors, and end-users have seen a significant impact, considering the slowdown in agriculture, industrial and transportation activity.
Major Vendors
- Petro Canada
- Valvoline
- B.P Plc
- Royal Dutch Shell
- Chevron
- Fuchs
- ExxonMobil
- Total Energies
- Philip 66
- Condat
Other Prominent vendors
- Exol Lubricants
- Unil Lubricants
- Morris Lubricant
- Dyade Lubricants
- Cougar Lubricants
- Repsol
The demand for agricultural lubricants in developed economies such as North America and Western Europe will continue with constant growth. Surging demand from developing economies and industrial output will drive the market. Although volume growth in these locations would be huge, lubricant suppliers will profit from increased demand for premium, high-value goods, including synthetic and bio-based lubricants.
The concept of agricultural lubricants has gained popularity in many Middle Eastern and African countries. However, vendors are strategizing to boost their sales in these regions. Improving investments in the farming sector and increasing agricultural lubricants in the UAE and other MEA countries are expected to fuel the market during the forecast period.
Types of Lubricants
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Products:
- Engine Oil
- Transmission and Gear
- Hydraulic Oil
- Greases
- Others
Distribution Channels:
- Online
- Direct Sale
- Third-Party Sale
- Offline
- Specialty Stores
- Convenience stores
Geography
- North America
- Europe
- APAC
- Latin America
- Middle East & Africa
Explore our chemicals materials profile to know more about the industry.
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We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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