Agricultural lubricants are essential for the longevity and optimal performance of agricultural equipment. They are utilized in various machinery, including harvesters, tractors, and verge cutters. These lubricants offer cost-effective solutions by reducing fuel consumption and enhancing operational efficiency. Ensuring the proper functioning of agricultural machinery, these lubricants play a crucial role in maximizing productivity and minimizing downtime, benefiting the overall agricultural industry.
According to Data Bridge Market Research, the Agricultural Lubricants Market accounted for USD 457.23 million in 2021 and is expected to reach USD 645.27 million by 2029. The market is expected to grow with a CAGR of 4.4% in the forecast period of 2022 to 2029.
“Implementation of subsidies drives the market”
Government agencies in several countries are implementing farmer subsidies to support their agricultural activities, including purchasing essential equipment like harvesters, power sprayers, tractors, and more. This trend has led to increased adoption of advanced agricultural machinery, resulting in a higher demand for agricultural lubricants. Additionally, the escalating cost of farm labor has further accelerated the growth of the agricultural lubricants market.
What restraints the growth of the agricultural lubricants market?
“High cost associated with agricultural lubricants hampers the market”
The growth of the agricultural lubricants market is hindered by the significant expenses involved in acquiring these lubricants. Factors like raw material costs, manufacturing processes, and distribution expenses can impact the pricing of agricultural lubricants. The higher prices of these lubricants can pose challenges for farmers and agricultural businesses, making it difficult for them to afford and incorporate them into their operations. This cost barrier can limit the widespread adoption of agricultural lubricants and impede the market's overall growth.
Segmentation: Agricultural Lubricants Market
The agricultural lubricants market is segmented on the basis of category, type, raw material, application, and agricultural equipment.
- On the basis of category, the agricultural lubricants market has been segmented into mineral oil, synthetic, and bio-based.
- On the basis of type, the agricultural lubricants market has been segmented into engine oil, grease, hydraulic oils, transformer oil, crankcase oils, bar and chain oil, and others.
- On the basis of raw material, the agricultural lubricants market has been segmented into petroleum based lubricants, bio-based lubricants.
- On the basis of application, the agricultural lubricants market has been segmented into engines, gear and transmission, hydraulics, greasing, chain, implements, and others.
- On the basis of agricultural equipment, the agricultural lubricants market has been segmented into tractors, harvesters, corn-pickers, balers, verge cutters, circular spike harrows, stone grinders, fertilizer spreaders, slurry tankers, sprayers, fodder mixers, silage spreaders, straw blowers, mowers and mower-conditioners, hay tedders, hay rakes, bale wrappers, grape harvesting machines, others.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/europe-agricultural-lubricants-market
The Prominent Key Players Operating in the Agricultural Lubricants Market Include:
- Exxon Mobil Corporation (U.S.)
- Shell (Netherlands)
- Chevron Corporation (U.S.)
- Total Energies (France)
- B.P. plc (U.K.)
- FUCHS (Germany)
- Phillips 66 Company (U.S.)
- Exol Lubricants Limited (U.K.)
- Witham Group (U.K.)
- Rymax Lubricants (Netherlands)
- Repsol (Spain)
- Cougar Lubricants International Ltd (U.K.)
- Schaeffer Manufacturing Co. (U.S.)
- Pennine Lubricants (U.K.)
- Frontier Performance Lubricants, Inc. (U.S.)
- IL (Belgium)
Above are the key players covered in the report, to know about more and exhaustive list of agricultural lubricants market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Agricultural Lubricants Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Europe vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
