Agriculture Lubricants Market Size, Share, Opportunities, And Trends By Type (Mineral oil, Synthetic-based, Bio-based), By Application (Engines, Greasing, Hydraulics, Implements, Gears & Transmission, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061615017
- Pages : 144
Agriculture lubricants are essential for ensuring the proper functioning of agricultural machinery and equipment, such as tractors, harvesters, and plows, which are critical for the smooth operation of farms. Agriculture lubricants are specially formulated to withstand the harsh operating conditions of farming equipment, which often operate in dusty and dirty environments, are exposed to extreme temperatures and humidity, and are subject to heavy loads and high stress. The use of lubricants in the agriculture sector helps to improve equipment performance, reduce wear and tear, extend machinery life, and reduce downtime and maintenance costs. The agriculture lubricants market is highly competitive, with numerous manufacturers and suppliers operating globally. These companies offer a wide range of products designed to meet the specific needs of the agriculture sector, from synthetic oils to grease and hydraulic fluids.
The agriculture lubricants market is driven by increasing mechanization in agriculture and growing demand for food.
Increasing mechanization in agriculture- As the agriculture industry becomes increasingly mechanized; the demand for high-performance lubricants that can withstand the rigors of heavy machinery and equipment is also increasing. Lubricants help to maintain the performance and longevity of these machines, making them more efficient and cost-effective in the long run. According to the United Nations Food and Agriculture Organization (FAO), the number of tractors in use worldwide has increased from 26 million in 2000 to over 34 million in 2018, with the majority of these tractors being used in high-income countries.
Growing demand for food- The increasing global population and changing dietary habits are driving up the demand for food. As a result, farmers are under pressure to increase their productivity and yield, which in turn is driving the demand for high-quality lubricants to keep their equipment running smoothly. The FAO estimates that global food production will need to increase by 70% by 2050 to meet the demands of a growing global population. This is putting pressure on farmers to increase their productivity, which in turn is driving the demand for high-quality lubricants to maintain their machinery.
Based on application, the agriculture lubricants market is expected to witness positive growth in the gears & transmission segment.
The agriculture lubricants market for gears and transmission applications is expected to experience significant growth during the projected period. Gears and transmission systems are an integral part of agricultural machinery and equipment, and require proper lubrication to operate efficiently and maintain performance. The use of suitable lubricants in gears and transmission systems can help reduce friction, wear and tear, and corrosion, resulting in longer equipment life, improved efficiency, and reduced downtime.
North America accounted for a significant share of the agricultural lubricants market.
Based on geography, the agriculture lubricants market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is expected to be a significant market for agriculture lubricants due to the growth in the agriculture industry, along with the increasing demand for sustainable farming practices. Additionally, stringent government regulations related to environmental protection are expected to drive the demand for bio-based and eco-friendly lubricants in the region. The growing population in North America has resulted in a surge in food demand, leading to increased agricultural activities. This has boosted the demand for agriculture machinery, which, in turn, is driving the demand for agriculture lubricants. According to the United States Census Bureau, the population in the United States was around 334.6 million in April 2023.
Recent developments:
In March 2021, Morris Lubricants, a UK-based manufacturer, launched a new range of multifunctional lubricants for agricultural equipment to drive its growth in the agricultural sector. The range covers a wide range of agricultural machinery applications, including engines, gearboxes, hydraulics, and brake systems. The product range is developed using additive technology and high-quality base oils, offering superior operational and protective performance in harsh operating conditions. The Agrimax series has attained a broad spectrum of Original Equipment Manufacturer (OEM) endorsements, enabling operators to achieve maximum rationalization and minimizing the possibility of incorrect usage. Morris Lubricants aims to help agricultural businesses consolidate their inventory and use fewer products by identifying incorrect lubricants, advising corrective action, and reducing stocking to provide cost savings.
In November 2022, Titan Global Wheel introduced a range of Goodyear Lubricants to complement its product offerings. The lubricants are designed specifically for the agricultural industry. According to the company, the new lubricants are part of their commitment to innovation and improvement of technologies in the agricultural industry. Titan Global Wheel works closely with major manufacturers to provide their customers with the latest technologies. In addition, the company offers Low Side Wall (LSW) tires, which are broader than most tires and provide lower ground pressure, improving traction and reducing fuel costs. The company aims to provide a one-stop shop for its customers, with a range of lubricants, tires, and rims.
Key Market Segments
- By Type
-
- Mineral oil
- Synthetic-based
- Bio-based
- By Application
-
- Engines
- Greasing
- Hydraulics
- Implements
- Gears & Transmission
- Others
- By Geography
- North America
-
- USA
- Canada
- Mexico
- South America
-
- Brazil
- Argentina
- Others
- Europe
-
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
-
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Indonesia
- Thailand
- Taiwan
- Others
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter’s Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. AGRICULTURE LUBRICANTS MARKET ANALYSIS, BY TYPE
5.1. Introduction
5.2. Mineral oil
5.3. Synthetic-based
5.4. Bio-based
6. AGRICULTURE LUBRICANTS MARKET ANALYSIS, BY APPLICATION
6.1. Introduction
6.2. Engines
6.3. Greasing
6.4. Hydraulics
6.5. Implements
6.6. Gears & Transmission
6.7. Others
7. AGRICULTURE LUBRICANTS MARKET ANALYSIS, BY GEOGRAPHY
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3.United Kingdom
7.4.4. Spain
7.4.5. Others
7.5. Middle East And Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Israel
7.5.4. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. Japan
7.6.3. India
7.6.4. South Korea
7.6.5. Indonesia
7.6.6. Thailand
7.6.7. Taiwan
7.6.8. Others
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Exxon Mobil Corporation
9.2. Rymax Lubricants
9.3. Schaeffer Manufacturing Co.
9.4. Frontier Performance Lubricants, Inc.
9.5. Chevron Corporation
9.6. Witham Group
9.7. Royal Dutch Shell Plc
9.8. Repsol SA
9.9. Cougar Lubricants
9.10. Total SA
Exxon Mobil Corporation
Schaeffer Manufacturing Co.
Frontier Performance Lubricants, Inc.
Chevron Corporation
Witham Group
Royal Dutch Shell Plc
Repsol SA
Cougar Lubricants
Total SA
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