Newark, NJ, May 31, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global Agricultural Lubricant market is expected to grow from USD 2.7 billion in 2019 to USD 4.1 billion by 2027, at a CAGR of 5.5% during the forecast period 2019-2027. The largest contributor to the global agricultural lubricant market is Asia-Pacific region, as the countries in this region has agriculture as their prime occupation. China being the largest producer of tomato, cotton and rice. India, in the coming years will have the highest growth due to agricultural regulations by the government. North America is the second largest in this market, followed by Europe.
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The major players of agricultural lubricants market include, Exol Lubricants, ExxonMobil, Schaeffer Manufacturing Co., Philips 66, Gulf Oil Lubricants India, shell, Norman Oils, Chevron Corporation. These players use various strategies like acquisition, joint venture or merger to sustain in the competitive market.
Gulf oil in partnership with pitstop has come in a contract to start doorstep repairs and car services in many cities. This alliance also aims to launch 250 vans.
Due to COVID-19 pandemic and decrease in commodity price, ExxonMobil has decided to reduce spending.
The type segment includes Synthetic lubricants, Bio-based lubricants and Mineral oil. Mineral oil segment has the largest share in the agricultural lubricant market. As it’s easily available and of low cost. Though there has been a shift to bio-based and synthetic lubricants from mineral oil, but the agriculture sector continues to utilize mineral oil because of its low cost and easy availability.
The application segment includes, hydraulics, implements, greasing, gear & transmission and engines. Engine segment dominates the market in terms of volume and value, followed by gears and transmission. The large share is by the farm tractor, as the tractor has at least one engine and consumes some amount of lubricant which is more than other parts of the tractor. The fastest growth is witness by the hydraulics segment.
The increasing population demand for food is rising which in turn demands high productivity of agricultural products which is the main factor of driving the market. Also, adapting new agricultural practices and providing monetary support by government to farmers, also helps the market to grow. But with all these drivers, the high cost of agricultural lubricants and weak performances of some many restrain the growth of the agricultural lubricant market. Encouraging small-scale farmers to use lubricants is a very tough challenge. So, small-scale farmers with low capital also hinder the growth of this market.
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About the report:
The global Agricultural Lubricant market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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