Agricultural Lubricants are the type of substances that are used on the agricultural equipment and other machinery and help in reducing the amount of wear that occurs during the operation of the machinery. Agricultural lubricants are used for effective maintenance of a multitude of agricultural equipment such as tractors, combine harvesters saws, agricultural machines pumps, compressors milking machines, and transport facilities. Agricultural lubricants help in reducing operating temperatures, minimizing corrosion of metal surfaces, and cut costs on replacement parts. Thus, they extend the lifespan of agricultural equipment and thereby improving crop production.

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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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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.

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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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.

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. Under this partnership, Mahindra and Shell would work together to offer high-performance lubricant products, including engine oils, transmission and axle oils under the ‘Maximile’ brand. These lubricants would be distributed through the Mahindra dealership network and bazar networks through the Mahindra spares business unit.
  • In 2019, Repsol S.A. formed a joint venture with United Global Limited after buying a 40% stake in its Singapore-based lubricants manufacturer and distributor United Oil Company. Under this joint venture United Oil Company will manufacture and supply Repsol’s brand of products in Singapore, Indonesia, Malaysia, and Vietnam. This joint venture will help in expanding the presence of Repsol S.A. in the Asia Pacific region.

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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Key questions answered in this research report:

• • At what pace is global agricultural lubricants market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in agricultural lubricants market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global agricultural lubricants market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various application areas of global agricultural lubricants market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
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)
    • North America Agricultural Lubricants Market by Type
    • North America Agricultural Lubricants Market by Application
    • US Agricultural Lubricants Market All-Up
    • Canada Agricultural Lubricants Market All-Up
  • Europe Agricultural Lubricants Market (Option 2: As a part of the free 25% customization)
    • Europe Agricultural Lubricants Market by Type
    • Europe Agricultural Lubricants Market by Application
    • UK Agricultural Lubricants Market All-Up
    • Germany Agricultural Lubricants Market All-Up
    • France Agricultural Lubricants Market All-Up
    • Spain Agricultural Lubricants Market All-Up
    • Rest of Europe Agricultural Lubricants Market All-Up
  • Asia-Pacific Agricultural Lubricants Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Agricultural Lubricants Market by Type
    • Asia-Pacific Agricultural Lubricants Market by Application
    • China Agricultural Lubricants Market All-Up
    • India Agricultural Lubricants Market All-Up
    • Japan Agricultural Lubricants Market All-Up
    • Rest of APAC Agricultural Lubricants Market All-Up
  • RoW Agricultural Lubricants Market (Option 4: As a part of the free 25% customization)
    • RoW Agricultural Lubricants Market by Type
    • RoW Agricultural Lubricants Market by Application
    • Brazil Agricultural Lubricants Market All-Up
    • South Africa Agricultural Lubricants Market All-Up
    • Saudi Arabia Agricultural Lubricants Market All-Up
    • UAE Agricultural Lubricants Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Agricultural Lubricants 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.