Dublin, July 19, 2022 (GLOBE NEWSWIRE) -- The "Agricultural Lubricants Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Agricultural lubricants exhibit superior properties, including reducing friction, wear & tear, and temperature control, and help improve efficiency, the life span, and reliability of the tractor and other agriculture equipment engine components. The demand for agricultural lubricants in developing economies like India, Vietnam, China, and Brazil will expand due to the increased use of farm tractors.
China is the largest market for agriculture lubricant consumption in the Asia Pacific region in terms of volume and revenue. China is a key market leader in farm output; the country produces commodities such as rice, tomato, cotton, soybean, tea, and wheat. Improved regulation policies have helped China be an independent and self-supporting country in agriculture commodities production.
Government bodies across several nations provide subsidies to farm equipment such as tractors, harvesters, power sprayers, and threshers. Increasing farm mechanization adoption rates in developing economies is a significant factor driving the market growth.
KEY HIGHLIGHTS:
- Rising mechanization in the agricultural sector and the development of new & innovative products are expected to dominate the engine oil market
- In 2021, Canadian tractor sales increased by 19.4% compared to 2020. Surging sales of below 40 HP tractors increased by 42.1 percent in July 2020 compared to July 2019. These factors mentioned above have positively influenced the Canadian agriculture lubricants market.
- In 2020, the farmers and landlords managed 71% of the U.K.'s land to safeguard the environment, animals, and plants. The agriculture sector is highly affected by a change in temperature. Therefore, the government is focusing on adapting stringent measures for climate neutralization and net zero emissions by 2050 to initiate sustainability and agricultural activities.
The growing need for biobased lubricants is one of the emerging trends in the market
Bio-based lubricants offer various advantages such as non-toxicity, carbon-neutral, renewable, and environment-friendly, resulting in increased demand for bio-lubricants across the globe. Growth-inducing aspect is the rising demand for agriculture lubricants with superior product qualities, such as biodegradability, high flash points, constant viscosity, and lower emission levels. The global depletion of crude oil reserves and rising crude oil costs have significantly increased the demand for bio-based products. Other factors such as expanding R&D initiatives, technological innovation, growing environmental concerns, and stringent government regulations on synthetic lubricants will likely propel the bio-based lubricant market forward in the coming years.
Europe will dominate the bio-based oil market owing to stringent mandatory regulations on the consumption of this product. European regulations make it obligatory to consume oils with EOCLABEL specifications. The EU-Ecolabel products have certain advantages such as the reduced impact on the aquatic environment and soil, reduced carbon dioxide emission, high percentage of renewable raw materials, and limited use of hazardous substances.
Government subsidies for the agricultural industry to create growth opportunities
The global countries came up with several Government subsidies, which brought enormous growth to the agriculture industry. United States invested around the U.S. $48 billion in the agricultural sector; the law's primary goals include maintaining fair food prices for farmers and consumers, protecting & sustain the country's vital natural resources, and supporting adequate food commodities supply. These factors promote the consumption of agriculture equipment and lubricant market demand. The Chinese government subsidizes rural farmers while also boosting the production of specific crops to lessen dependency on imported goods like U.S. soybeans, increasing the massive cultivation of this crop field. These factors promote the consumption of agriculture machinery usage and the rise of demand for agriculture lubricants.
Volatility in crude oil prices impacts the industry
Crude oil prices are subject to periodic demand and supply fluctuations. The covid-19 pandemic, which resulted in a decline in demand, recently influenced crude oil prices. While the economy is improving, global uncertainties continue to affect oil prices. In 2020, the prices of greases and hydraulic fluids saw a considerable increase. The primary reason for the hike is that the massive demand for base oil supplies has simultaneously increased the costs of additives, packaging, and other resources. Because of the pandemic, the stakeholders, including lubricant manufacturers, face an acute shortage of base oils and additives. Disruptions in supply and value chains have adversely affected businesses with higher operating costs and have influenced the demand and supply of oils.
Mineral-based lubricants' market size crossed 1.3 billion in 2021
In 2021, Mineral based lubricants dominated the market with a value of USD 1.3 billion. Mineral-based lubricants are manufactured by crude distillation and cracking process. The Group I, Group II, and Group III base oils obtained from crude oil are used to manufacture mineral-based lubricants. This lubricant provides superior properties, including better solubility with additives, enhanced seal compatibility, and low production cost. This factor mentioned above has created a positive influence on the market.
The synthetic lubricant market is expected to be the second-largest segment, with a CAGR of 2.45% during the forecast period. Synthetic-based oils exhibit better viscosity index, better chemical & shear stability, and resistance to oxidation & thermal breakdown. In addition, this product provides better lubrication during extreme weather conditions. Synthetic lubricants have proper stability, enabling reduced wear and tear on machines due to oil breakdown. Synthetic oils are cost-efficient as they save costs spent on maintenance. These factors promote the consumption of synthetic-based-oil lubricants market.
Engine oil is the largest segment in the agriculture lubricant market
Engine oil is the dominant product type segment and is expected to witness exponential growth during the forecast period. Engine oils are primarily used to protect engines from wear and tear when subjected to varying temperatures and pressures. Engine lubrication is critical for safeguarding the engine and reducing the risk of damage and failure; therefore, selecting a high-quality lube should be significant.
Key Questions Answered
1. What is the Future Market Value of the Agricultural Lubricant Market?
2. What is the Growth Rate of the Agricultural Lubricants Market?
3. How Many Units of Agricultural Lubricants Will Be Sold in 2027?
4. What Was the Market Value of the Mineral-Based Lubricant Industry?
5. What is the Growth Rate of the Synthetic Agricultural Lubricant Industry?
6. Who Are the Major Vendors in the Global Agricultural Lubricants Industry?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Evolution of Lubricants
7.3 Types of Lubricants
7.4 Functions of Agricultural Lubricants
8 Value Chain Analysis
8.1 Raw Material
8.2 Manufacturers
8.2.1 Sedimentation
8.2.2 Fractionating
8.2.3 Filtering and Solvent Extraction
8.2.4 Additives, Inspection, and Packaging
8.3 Retail & Distribution
8.4 End-User
8.5 Impact of Covid-19
8.5.1 Supply Side
8.5.2 Demand Side
9 Market Opportunities & Trends
9.1 Growing Need for Bio-Based Lubricants
9.2 Advancements in Agricultural Technology
9.3 Packaging Insights of Lubricants
10 Market Growth Enablers
10.1 Soaring Demand for Farm Mechanization
10.2 Government Subsidies for the Agriculture Industry
10.3 Increasing Demand for Emission Reductions
11 Market Restraints
11.1 Volatility in Crude Oil Prices
11.2 Fluctuating Weather Conditions
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Type
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Snapshot & Growth Engine (Volume)
13.3 Market Overview
13.4 Mineral Oil Based
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
13.5 Synthetic Oil Based
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.6 Bio-Based
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Market by Geography
14 Product
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Market Overview
14.4 Engine Oil
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
14.5 Grease
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Market by Geography
14.6 Transmission & Gear Oil
14.6.1 Market Overview
14.6.2 Market Size & Forecast
14.6.3 Market by Geography
14.7 Hydraulic Oil
14.7.1 Market Overview
14.7.2 Market Size & Forecast
14.7.3 Market by Geography
14.8 Other Products
14.8.1 Market Overview
14.8.2 Market Size & Forecast
14.8.3 Market by Geography
15 Distribution Channel
15.1 Market Snapshot & Growth Engine (Value)
15.2 Market Snapshot & Growth Engine (Volume)
15.3 Market Overview
15.4 Online
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Market by Geography
15.5 Offline
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.5.3 Market by Geography
16 Geography
16.1 Market Snapshot & Growth Engine (Value)
16.2 Market Snapshot & Growth Engine (Volume)
16.3 Geographic Overview
17 North America
18 Europe
19 Apac
20 Latin America
21 Middle East & Africa
22 Competitive Landscape
22.1 Competition Overview
23 Key Company Profiles
23.1 Petro-Canada Lubricants
23.1.1 Business Overview
23.1.2 Product Offerings
23.1.3 Key Strategies
23.1.4 Key Strengths
23.1.5 Key Opportunities
23.2 Valvoline Inc
23.2.1 Business Overview
23.2.2 Product Offerings
23.2.3 Key Strategies
23.2.4 Key Strengths
23.2.5 Key Opportunities
23.3 Bp P.L.C
23.3.1 Business Overview
23.3.2 Product Offerings
23.3.3 Key Strategies
23.3.4 Key Strengths
23.3.5 Key Opportunities
23.4 Shell plc
23.4.1 Business Overview
23.4.2 Product Offerings
23.4.3 Key Strategies
23.4.4 Key Strengths
23.4.5 Key Opportunities
23.5 Fuchs
23.5.1 Business Overview
23.5.2 Product Offerings
23.5.3 Key Strategies
23.5.4 Key Strengths
23.5.5 Key Opportunities
23.6 Chevron Corporation
23.6.1 Business Overview
23.6.2 Product Offerings
23.6.3 Key Strategies
23.6.4 Key Strengths
23.6.5 Key Opportunities
23.7 Exxonmobil
23.7.1 Business Overview
23.7.2 Product Offerings
23.7.3 Key Strategies
23.7.4 Key Strengths
23.7.5 Key Opportunities
23.8 Totalenergies
23.8.1 Business Overview
23.8.2 Product Offerings
23.8.3 Key Strategies
23.8.4 Key Strengths
23.8.5 Key Opportunities
23.9 Phillips 66
23.9.1 Business Overview
23.9.2 Product Offerings
23.9.3 Key Strategies
23.9.4 Key Strengths
23.9.5 Key Opportunities
23.10 Condat
23.10.1 Business Overview
23.10.2 Product Offerings
23.10.3 Key Strategies
23.10.4 Key Strengths
23.10.5 Key Opportunities
24 Other Prominent Vendors
24.1 Exol Lubricants Limited
24.1.1 Business Overview
24.1.2 Product Offerings
24.2 Unil Lubricants
24.2.1 Business Overview
24.2.2 Product Offerings
24.3 Morris Lubricants
24.3.1 Business Overview
24.3.2 Product Offerings
24.4 Dyade Lubricants
24.4.1 Business Overview
24.4.2 Product Offerings
24.5 Cougar Lubricants
24.5.1 Business Overview
24.5.2 Product Offerings
24.6 Repsol
24.6.1 Business Overview
24.6.2 Product Offerings
25 Report Summary
26 Quantitative Summary
27 Appendix
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