NEWARK, Del, Jan. 18, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global agricultural lubricant market value is expected to increase from US$ 484.1 Million in 2023 to US$ 826.7 Million by 2033. Over the forecast period, global agricultural lubricant demand is poised to surge at a CAGR of 5.5%.
Several factors are expected to drive the growth of the agricultural lubricant market during the assessment period. These include:
- Rapid expansion of the agriculture sector
- Growing trend toward mechanized farming practices
- Favorable government policies and initiatives for supporting farmers
- Increasing need for regular maintenance of agricultural equipment
- Rising popularity of bio-based agricultural lubricants
Agricultural lubricants are essential for improving the efficiency and longevity of farming equipment, ranging from tractors to harvesters. They have the ability to reduce friction and wear & tear of machine components.
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The growing adoption of advanced agricultural equipment due to the rise in farm mechanization is expected to drive demand for agricultural lubricants. These lubricants have several uses, including keeping machinery from wearing out, lowering friction, and guaranteeing peak performance under a variety of demanding farming circumstances.
Farmers are realizing how crucial premium lubricants are for protecting their equipment as well as enhancing their performance. As a result, they are spending rigorously on agricultural lubricants like gear oils, hydraulic fluids, and engine oils.
Agricultural lubricant demand will also rise steadily due to precision farming methods and the development of modern farming technologies. This is because precision farming operations place an even greater demand on reliable and efficient lubrication.
The agricultural lubricant business is now significantly influenced by sustainability and environmental concerns. The need for bio-based lubricants made from renewable resources is rising as farmers and other agricultural enterprises work to lessen their environmental effects.
Key Takeaways from the Report:
- The global market for agricultural lubricants is projected to expand at a 5.5% CAGR through 2033.
- By base oil, the mineral oil segment is expected to total a valuation of US$ 226.9 Million by 2033.
- By application, the tractor segment is set to hold a market share of 26.7% in 2023.
- East Asia is expected to account for a significant share of about 30.9% in 2033.
- Sales in the United States are projected to total US$ 94.9 Million by 2033.
- China is projected to attain a valuation of US$ 152.7 Million by 2033.
- Demand in India is predicted to rise at 5.0% CAGR through 2033.
“Growing need for high-performance lubricants and adoption of farming mechanization is expected to boost the global agricultural lubricant industry. Farmers are using increasingly sophisticated agricultural machinery, which highlights the need for specialized lubricants to maximize equipment performance. Strict environmental laws are also pushing the sector toward eco-friendly formulas,” - opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Who is Winning?
Top agricultural lubricant manufacturers profiled in the report include –
- ExxonMobil Corporation
- Quaker Chemical Corporation
- Fuchs Petrolub SE
- BP plc
- TotalEnergies SE
- Apar Industries Ltd.
- Calumet Specialty Products Partners, L.P.
- Chevron Corporation
- China Petroleum & Chemical Corp (Sinopec Corporation)
- Repsol SA
- Philips 66
- Raj Petro Specialities Pvt. Ltd
- Nynas AB
- Valvoline, Inc
- Shell plc.
- Savita Oil Technologies Ltd.
Key players are focusing on introducing new high-performance lubricants for agricultural applications. They also use strategies like mergers, acquisitions, partnerships, facility expansions, etc.
Recent Developments:
- In February 2021, Shell Global introduced a new range of carbon-neutral lubricant products.
More Insights into the Report:
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global agricultural lubricant market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type, base oil, application, and region.
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Agricultural Lubricant Market Segmentation Analysis:
By Product Type:
- Engine Oil
- Transmission Fluids
- Hydraulic Fluid
- Gear Oil
- Grease
- Other Lubricants
By Application:
- Tractor
- Harvester
- Combine
- Irrigation Systems
- Tillage Equipment
- Seeders and planters
- Other Equipment
By Base Oil:
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About the Chemicals and Materials Division at Future Market Insights (FMI):
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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