Agricultural Lubricants Market

Agricultural Lubricants Market registered a revenue of USD 3.3 billion in 2021 and is projected to reach USD 4.7 billion in 2029, growing at a CAGR of 4.6% during the forecast period from 2022-2029

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Key Drivers

The ability of lubricants to reduce maintenance, optimize operating costs, and extend the lifetime of the equipment is driving the growth of the agricultural lubricants market. The strong demand for food owing to the increasing population rate is another factor that is surging the market growth. The decline in the availability of agricultural workers has led to an increase in labor costs. This factor is rising the use of farm machinery, such as sprayers, silage harvesters, tractors, combines, and other equipment, thereby increasing the demand for lubricants used in agricultural machinery.

Increasing government subsidies on farm equipment in countries including China, India, and the U.S., have been encouraging farmers to buy agricultural equipment, which in turn is accelerating the demand for agricultural lubricants. Additionally, the growing focus towards mechanization, increasing adoption of new agricultural practices, and utilization of modern equipment in farming, including balers, combines, plough, mowers, automatic weeder, planters, and sprayers, are further augmenting the growth of the agricultural lubricants market. The high cost of synthetic and bio-based lubricants is one of the major factors restraining the growth of the agricultural lubricants market.

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Type – Segment Analysis

Based on the type, the market is segmented into mineral oil, synthetic, and bio-based. Bio-based segment is projected to grow at a higher CAGR during the forecast period owing to its beneficial properties, including low friction coefficients, higher flash point, low evaporation rate, high viscosity index, and high lubricity. Additionally, bio-base lubricants are manufactured from vegetable oils and animal fats and they are biodegradable, less toxic, renewable, and reduce dependency on petroleum oils. This factor is further supporting the growth of the market.

Application – Segment Analysis

Based on application, the market is segmented into engines, gears & transmission, hydraulics, greasing, and implements. The engine segment is expected to dominate the market during the forecast period. This is attributed to the increasing adoption of farm tractors in the agriculture industry across the globe. The hydraulics segment is projected to register a higher CAGR during the forecast period owing to the increasing mechanization in agriculture and the growing adoption of hydraulic machines in the agriculture industry. Hydraulic technology helps in heavy lifting and tedious digging to prepare the land for planting and reduces reliance on humans for ploughing land, weeding, and harvesting crops. This factor is expected to propel the growth of the hydraulics segment during the forecast period.

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Regional – Segment Analysis

Based on the region, Asia-Pacific region is anticipated to grow at a faster CAGR during the forecast period due to the growing population, rise in per capita disposable income, coupled with the increasing demand for food products in developing countries, including China, India, Sri Lanka, and Indonesia. Growing need to increase farm productivity, lack of labor, contract farming, and government incentives and subsidies to farmers are some other factors propelling the adoption of agricultural machinery in the region for better crop output and quality. North America is projected to dominate the agricultural lubricants market over the forecast period. This is primarily due to the increasing adoption of advanced farming machinery, including tractors, spraying equipment, harvesters, and irrigation and crop processing equipment in various processes to enhance crop productivity. In addition to this, the increasing adoption of advanced technology such as precision farming systems and GPS-controlled agricultural machinery are further supporting the growth of the agriculture sector, which in turn, is increasing the demand for agricultural lubricants in the region.

Top Market Players

Various notable players operating in the global agricultural lubricants market include Exxon Mobil Corporation, Phillips 66 Company, Chevron Corporation, Exol Lubricants Limited, Bp plc, Royal Dutch Shell Plc, The Witham Group, Rymax Lubricants, Cougar Lubricants International Ltd, Repsol S.A., Schaeffer Manufacturing Co., and Frontier Performance Lubricants, Inc., among others.

 Key Developments: 

• • In 2020, Rymax Lubricants launched the Apollo ECO line that offers a variety of full synthetic engine oils for gasoline, diesel and hybrid engines. The ECO line consists of low viscous, fuel-saving engine oils with maximum protection against Low Speed Pre-Ignition (LSPI) and particularly suitable for modern hybrid engines. Additionally, these ECO products are available in a 95% recycled plastic bottle.
  • In 2019, Royal Dutch Shell Plc entered into a partnership with Mahindra & Mahindra Ltd, a part of the Mahindra Group. Both the companies will work together to provide high-performance lubricant products under the Maximile brand such as engine oils and axle oils.
  • In 2019, Repsol signed a joint venture with United Global Limited and purchased 40% stake in its United Oil Company. Under this joint venture United Oil Company, will manufacture and sell Repsol’s brand products across countries like Indonesia, Vietnam, Malaysia, and Singapore. This joint venture will help in expanding the presence of Repsol S.A. in the Asia Pacific region.

Segments covered in the Report:

The global agricultural lubricants market has been segmented on the basis of type, application, and region. Based on type, the agricultural lubricants market is segmented into mineral oil, synthetic, and bio-based. Based on application, the agricultural lubricants market is segmented into engines, gears & transmission, hydraulics, greasing, and implements.

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Report Coverage	Details
Market Revenues (2021)	USD 3.3 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Type, By Application, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Exxon Mobil Corporation, Phillips 66 Company, Chevron Corporation, Exol Lubricants Limited, Bp plc, Royal Dutch Shell Plc, The Witham Group, Rymax Lubricants, Cougar Lubricants International Ltd, Repsol S.A., Schaeffer Manufacturing Co., and Frontier Performance Lubricants, Inc. among others; a total of 12 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

 

Market Segmentation

Global Agricultural Lubricants Market by Type

• • Mineral Oil
  • Synthetic
  • Bio-based

Global Agricultural Lubricants Market by Application

• • Engines
  • Gears & Transmission
  • Hydraulics
  • Greasing
  • Implements

Global Agricultural Lubricants Market by Region

• • North America Agricultural Lubricants Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Agricultural Lubricants Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Agricultural Lubricants Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Agricultural Lubricants Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Agricultural Lubricants Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Exxon Mobil Corporation
  • Phillips 66 Company
  • Chevron Corporation
  • Exol Lubricants Limited 
  • Bp plc 
  • Royal Dutch Shell Plc
  • The Witham Group
  • Rymax Lubricants
  • Cougar Lubricants International Ltd 
  • Repsol S.A. 
  • Schaeffer Manufacturing Co.
  • Frontier Performance Lubricants, Inc.