USD 3.04 billion
Agricultural Lubricants Market Size, Share, Growth Analysis, By Category (Mineral Oil-based Lubricants, Synthetic Oil-based Lubricants), By Farm Equipment (Tractors, Combines), By Product Type (Engine Oil, Coolant), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15C2014 |
Region:
Global |
Published Date: November, 2024
Pages:
268
|Tables:
65
|Figures:
75
Agricultural Lubricants Market Insights
Global Agricultural Lubricants Market size was valued at USD 5.60 billion in 2022 and is poised to grow from USD 5.83 billion in 2023 to USD 8.04 billion by 2031, growing at a CAGR of 4.10% during the forecast period (2024-2031).
Agricultural lubricants are lubricants used in agricultural equipment to extend the life of the machinery and equipment. Harvesters, tractors, and verge cutters, among other devices, use them. They are also cost-effective and aid in the reduction of fuel use. The use of modern agricultural equipment is increasing, which is boosting the demand for agricultural lubricants and allowing enterprises to develop internationally. Furthermore, because of rising farm mechanization throughout the world, the agricultural lubricants sector is booming.
Growing adoption of modern agricultural machinery to boost farm productivity is the main factor driving the market. Utilization of agricultural lubricants in the agriculture sector has been boosted by the rising use of high-performance engines in tractors, harvesters, grape-harvesting equipment, and silage harvesters. Additionally, during the forecast period, there will likely be an increase in the demand for agricultural lubricants due to the growing need to reduce operating costs, minimize maintenance, and extend the lifespan of equipment. The demand for agricultural lubricants is increasing as there is a growing need for protection against wear and corrosion as well as for improved fuel efficiency. The agricultural lubricants used in transmission and gearboxes minimize friction while providing the best possible protection for the parts. They perform well at high pressures and temperatures, lowering the likelihood of heat-related failure and damage.
US Agricultural Lubricants Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Mineral Oil Lubricants
Fastest Growth
Mineral Oil Lubricants
Growth Rate
4.7% CAGR
Global Agricultural Lubricants Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Agricultural Lubricants Market Segmental Analysis
Global Agricultural Lubricants Market is segmented by Category, Farm Equipment, Product Type, Sales Channel, and region. Based on Category, the market is segmented into Mineral Oil-based Lubricants, Synthetic Oil-based Lubricants, and Bio-based Lubricants. Based on Farm Equipment, the market is segmented into Tractors, Combines, and Implements. Based on Product Type, the market is segmented into Engine Oil, Utto, Coolant, and Grease. Based on Sales Channel, the market is segmented into OEMS, and Aftermarkets. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Agricultural Lubricants Market Analysis by Type
The bio-based agricultural lubricants segment is anticipated to grow the fastest during the forecast period. The segment is being driven by bio-based agricultural lubricants' long fluid lifetime and biodegradability. The use of bio-based agricultural lubricants has increased as a result of strict regulations regarding environmental degradation and a growing need to protect the environment from unintentional oil spills. Moreover, the demand for bio-based agricultural lubricants has increased as a result of developments in R&D activities and the emergence of green chemistry. Vegetable oils have become more popular as agricultural lubricants than mineral oil because of their superior lubricity, higher viscosity index, and higher flashpoint. Vegetable oils are also less harmful to the environment and less dependent on petroleum imports.
Agricultural Lubricants Market Analysis by Application
In terms of both value and volume, the engines sector led the agricultural lubricants market in 2019, followed by the gears & transmission segment. This significant proportion can be attributable to the global expansion of the farm tractor market. Each tractor has at least one engine, with each engine's oil consumption capacity ranging from two to three liters. This much lubrication is consumed by no other section of the tractor. As a result, the engine application category dominates the agricultural lubricants market.
Global Agricultural Lubricants Market Share By Type, 2021 (%)
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Agricultural Lubricants Market Regional Insights
North America is expected to demonstrate profitable growth owing to rising automation in the agriculture sector and the creation of new and creative goods for use within the area.
The agricultural lubricants market, on the other hand, is dominated by Asia-Pacific due to the presence of major agricultural lubricants manufacturers pushing their goods in the market, as well as increased awareness of bio-based products in the area. China is the world's and the region's largest lubricant user. Agricultural machinery laid the foundation for agricultural modernization in the country, despite the economy's slow growth. The country is the largest producer of various crops, including rice, cotton, and potatoes, and thus, agricultural machinery laid the foundation for agricultural modernization.
Global Agricultural Lubricants Market By Geography, 2022 - 2028
- Largest
- Fastest
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Agricultural Lubricants Market Dynamics
Agricultural Lubricants Market Driver
Government subsidies coupled with equipment advancement
- Subsidies for farmers are being implemented by government agencies in several countries. Agricultural equipment like harvesters, power sprayers, paddy transplanters, threshers, tractors, and other similar products are eligible for these incentives. As a result, more modern agricultural equipment is being used, resulting in an increase in the need for agricultural lubricants.
- Agricultural lubricants market growth will be accelerated by the rising cost of farm labor. Furthermore, the growing adoption of high-performance synthetic lubricants and rising farm mechanization rates are expected to boost the market growth.
Agricultural Lubricants Market Restraint
High cost coupled with unawareness among consumers
- Over the anticipated period, the high cost of synthetic and bio-based lubricants is expected to limit the growth of the agricultural lubricants market.
- Low knowledge of agricultural products such as bio-based agricultural lubricants is a result of lower agricultural marketing spending, which will be a disadvantage for the agricultural lubricants market throughout the anticipated period. As a result, the rate of expansion of the agricultural lubricants market would be challenged.
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Agricultural Lubricants Market Competitive Landscape
The Global Agricultural Lubricants market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Agricultural Lubricants Market Top Players Company Profiles
- Shell plc
- Exxon Mobil Corporation
- TotalEnergies
- BP p.l.c.
- Chevron Corporation
- Phillips 66
- Valvoline
- Sinopec Lubricant Company
- Bharat Petroleum Corporation Limited
- Eneos Corporation
- Fuchs
- Repsol S.A.
- Exol Lubricants Limited
- Indian Oil Corporation Ltd
- Lukoil Lubricants Company
- Hindustan Petroleum Corporation Limited
- Gulf Oil Lubricants India Limited
- Petronas Lubricants International
- Witham Oil & Paint Ltd
- Rymax Lubricants
- Schaeffer Manufacturing Co.
Agricultural Lubricants Market Recent Development
- The ISO CLEAN Calculator, a first-of-its-kind tool that supports enterprises in calculating prospective appliance life based on lubricant cleanliness levels, has been announced by Chevron Products Firm, a part of Chevron U.S.A. Inc, and Noria, a provider of lubrication consulting services and training.
- Shell announces the launch of 'Scale Track' as part of its E4 program, which is the company's flagship start-up incubation program. The Scale Track is designed for mature, energy-related start-ups with commercial products that have achieved product-market fit.
Agricultural Lubricants Key Market Trends
- Engine oils are needed to keep the engine running smoothly and to prevent corrosion. As a result, engine oil is used as a lubricant in tractors and harvesters, and it is in great demand to prevent corrosion and ensure the engines' durability.
- The market is being propelled by the growing popularity of bio-based agricultural lubricants, particularly in developed nations. Bio-based agricultural lubricants, on the other hand, are less popular in underdeveloped nations.
- Bio-based lubricants are seeing tremendous growth in R&D. The goal of research and development is to bring bio-based lubricants up to par with synthetic agricultural lubricants in terms of performance.
- Due to the rise in crude oil prices, agricultural lubricants have seen a major increase in price. The price of crude oil grew as the volume of crude oil produced by oil and gas-producing countries decreased. Due to COVID-19, many nations' demand is unclear, resulting in lower production volumes.
- Market companies in the agricultural lubricant industry used joint ventures, expansion, and acquisition as methods to drive the agricultural lubricant market's growth
Agricultural Lubricants Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Agricultural Lubricants Market Analysis, the supply of farm machinery subsidies by the Indian and Chinese governments, as well as growing agricultural mechanisation rates in emerging nations, are major drivers driving the market research. The high cost of synthetic and bio-based lubricants is projected to stifle the market's expansion. The rising popularity of biodegradable lubricants is projected to provide future development opportunities for the industry. With a market share of more than 45%, motor oil was the most popular. It is also predicted to grow at a high rate throughout the projection period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.60 billion |
| Market size value in 2031 | USD 8.04 billion |
| Growth Rate | 4.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Agricultural Lubricants Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Agricultural Lubricants Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Agricultural Lubricants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Agricultural Lubricants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Agricultural Lubricants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Agricultural Lubricants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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