Agricultural Lubricants Market Top Key Players, Size, Share, Growth, Trend and Forecast report 2027
The market is primarily driven by growing adoption of advanced agricultural machinery to increase farm productivity. Increasing usage of high-performance engines in tractors, harvesters, grape-harvesting machines, and silage harvesters has driven utilization of agricultural lubricants in the agriculture sector. The global agricultural lubricants market size was USD 2.88 Billion in 2019 and it is anticipated to reach USD 4.28 Billion by 2027, at a CAGR of 5.4% during the forecast period.
The global agricultural lubricants market would reach value of USD 4.28 Billion by 2027, according to a current analysis by Emergen Research. This growth of the market can be attributed to increasing investments by major manufacturers of agricultural lubricants in the production of a wide range of durable, reliable, innovative, and cost-effective agricultural lubricants. Rising need to reduce maintenance and operating costs and extend the lifespan of machine parts of tractors and harvesters is likely to drive the market for agricultural lubricants during the forecast period. Increasing need for the agricultural lubricants to be effective under severe climatic conditions, such as humidity, extreme temperatures, and dust, has led to the increasing adoption of these lubricants in the agriculture sector. Moreover, usage of agricultural lubricants helps minimize carbon emissions and maximize the equipment uptime, especially in peak season.
Global Agricultural Lubricants market forecast has been provided following thorough study, focus, comparison, and analysis of a varying range of factors and past market forecast and present outcomes. Agricultural Lubricants Market forecast is made possible through, but has not been limited to, a study and analysis of a variety of factors and trends, and these are verified through interviews with industry experts and companies operating in the market. Rising focus by major companies on product/service expansion into new and untapped domestic markets, increasing investments in strategic agreements, favourable government policies and regulations, and growing competition in the market are some major trends observed in the Agricultural Lubricants market. Development of more advanced offerings is driving rising demand and deployment in respective sectors/industries, and this is expected to drive Agricultural Lubricants market revenue growth to a significant extent over the forecast period.
Key Highlights of Report
In September 2020, Royal Dutch Shell introduced a significant cost-cutting initiative to support the energy transition and invest more in renewable energy and power markets The latest cost-cutting analysis of Royal Dutch Shell, recognized internally as ‘Project Reshape’, is scheduled to be performed this year.
The engine segment held the largest market share of 45.3% in 2019. Rising necessity to reduce friction, prevent wear and tear, and provide cooling in order to support thermal control of the engine has driven the use of agricultural lubricants in the agriculture sector.
The bio-based agricultural lubricants segment is anticipated to expand at the most rapid CAGR of 6.4% during the forecast period. Advancements in R&D activities, emergence of green chemistry, and strict regulatory standards have led to growth of the bio-based agricultural lubricants segment.
The Asia Pacific region accounted for the largest market share of the global agricultural lubricants market in 2019. Increasing usage of technologically advanced agricultural machinery to increase farm productivity in order to meet the rising demand for food in developing economies is driving the market in the region.
Key market participants include Royal Dutch Shell, Total SE, ExxonMobil Corporation, Chevron Corporation, BP, Phillips 66, Fuchs Petrolub, Schaeffer Oil, Repsol, and Exol Lubricants Limited
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North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Chapter 1: Methodology & Scope
- Definition and forecast parameters
- Methodology and forecast parameters
- Data Sources
Chapter 2: Executive Summary
- Business trends
- Regional trends
- Product trends
- End-use trends
Chapter 3: Industry Insights
- Industry segmentation
- Industry landscape
- Vendor matrix
- Technological and innovation landscape
Chapter 4: Regional Landscape
Chapter 5: Company Profile
- Business Overview
- Financial Data
- Product Landscape
- Strategic Outlook
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