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Agriculture lubricants offers high productivity along with good wear & tear resistance in agricultural equipment including tractors, harvesters, cutters and sprayers. Growth in population has led to rise in demand for food and increase in emphasis on productivity and high yield which will rise need for effective equipment to cater the demand, thus escalating product demand. These lubricants increase machinery productivity thus improving efficiency and saving cost, thereby propelling market growth.
Decreasing productivity of agriculture supported by loss of arable land available for farming has compelled the farmers to increase yields in available lands with same efficiency will boost use of modern equipment in agriculture. Less availability of labour due to rise in economically active population shifting to other sources of income has reduced share of labour working in agriculture sector, thus driving demand for equipment, these factors will surge agriculture lubricants growth. These lubricants offer increased productivity along with less operational cost on wear and tear along with low down time which has led to improve agriculture activities, thus propelling industry growth.
The report analyses the global agriculture lubricants market based on type, application and geography
Various type studied are segmented into mineral oil, synthetic lubricants, bio based lubricants. Bio based lubricants are obtained from renewable sources such as vegetable oils including soybean, sunflower, palm, coconut and rapeseed. Agriculture machinery releases oils directly into environment causing pollution and emissions, thereby promoting use of bio lubricants owing to less toxicity; fewer skin health issues in workers along with less oil mist and vapour emission. Better functionality and less wear & tear on using bio based lubricants will reduce overall operation cost which will further drive industry growth.
Furthermore, the major application considered in the study is hydraulics, engines, gear & transmission, greasing and implements.
The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. Asia Pacific observes high growth in agriculture lubricants market over the forecasted timeframe. Rapid technical advancements in agriculture mainly in India and China has led to increase in mechanization in agriculture will positively affect market growth. Easy availability of finances supported by government subsidies is likely to further enhance market size. Recent amendments in agricultural policies declares 80% subsidy on agriculture equipment. Rise in population has led to increase in need for food security with increase in agriculture yields will further escalate regional industry growth.
The key players in the agriculture lubricants market share are Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell Plc, Total S.A., Fuchs Petrolub Se, Bp P.L.C.,Exol Lubricants Limited, Phillips 66, Witham Oil & Paint Ltd, Rymax Lubricants, Repsol S.A., Cougar Lubricants International ltd, Schaeffer Manufacturing Co., Pennine Lubricants Limited, Morris Lubricants, Wise Solutions, Klondike Lubricants. Many manufacturers are engaged in developing bio based product range to curb rising demand for biodegradable lubricants which may increase product offering.
The report analyses the global agriculture lubricants market based on type, application and geography. Various type studied are segmented into mineral oil, synthetic lubricants, bio based lubricants. Furthermore, the major application considered in the study is hydraulics, engines, gear & transmission, greasing, implements.
The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world include Latin America and Middle East & Africa.
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