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(MoneyNewsWire.Net, March 28, 2018 ) The global agricultural lubricants market is projected to grow from an estimated USD 1.96 Billion in 2017 to USD 2.48 Billion by 2022, at a CAGR of 4.8% from 2017 to 2022. Governments of various countries grant support to farmers by providing subsidized agricultural equipment.
Regional governments are encouraging farmers to adopt modern farming practices by providing guidance and monetary support at different levels to increase food production. This is a major driver of the agricultural lubricants market. Also, increasing mechanization in the agricultural industry is leading to the high demand for agricultural lubricants.
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The mineral oil lubricants segment is projected to be the largest type segment of the agricultural lubricants market from 2017 to 2022. Mineral oil lubricants are light mixtures of alkanes and cyclic paraffins, and are available in light and heavy grades depending on the usage and requirement. The low cost and versatility of these lubricants is expected to drive the mineral oil lubricants type segment during the forecast period.
The engines segment is estimated to be the largest application segment of the agricultural lubricants market in 2017. The use of agricultural lubricants in engines helps protect against sludge and harmful deposits. In addition, the use of lubricants improves the fuel economy of agricultural equipment. Thus, heavy-duty engine oils in agricultural equipment improve engine life apart from delivering long drain capability to engines operating in severe applications.
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Asia Pacific is expected to be the fastest-growing market for agricultural lubricants during the forecast period. For people in 57% of the countries in the Asia Pacific, agriculture is the prime occupation and source of living. India is the fastest growing market in this region as subsidies are provided by the Indian government to farmers to help them increase their agricultural output, and thus enable higher profits. This helps farmers in buying agricultural equipment, such as tractors and implements. India is the world’s largest producer of spices, jute, millets, and castor oil seed. It is also the second largest producer of wheat and rice, the main food staples in the world.
High cost of synthetic and bio-based lubricants is a restraint in the agricultural lubricants market. These can be significantly expensive than mineral oil lubricants. Attracting small-scale farmers to use advanced agricultural equipment to increase farm yield is a challenge in the market. There is low awareness and less capital with small farmers who still follow the older farming methods.
Key players operating in the agricultural lubricants market include Chevron (US), ExxonMobil (US), Fuchs Petrolub (Germany), Shell (The Netherlands), Total (France), BP p.l.c. (UK), and Phillips 66 (US), among others. These companies focus on investing in capacity expansions of plants to achieve growth in the agricultural lubricants market.
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