Global Agricultural Lubricants Market: Rising Mechanization in Agriculture Industry Enhances the Market Growth

Global Agricultural Lubricants Market

Agricultural lubricants are substances used to lubricate farm equipment and other machinery including tractors, harvesters and others. Lubricants are mainly used to decrease the ability to decrease the friction between the two surfaces which are in contact with each other. The main function of the agricultural lubricant is to make sure that this equipment should work smoothly by improving their service life. They are very important as they have the ability to increase the efficiency of the agriculture instrument. It is also cost saving as they eliminate the money spend on the repairing, wear and tear and decrease the chances of early replacement. Some of the common types of agriculture lubricants types are bio- based lubricant, mineral oil lubricant and synthetic lubricants. They are widely used in applications such as gear & transmission, greasing, engines, implements among others.

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Some of the factors responsible for the growth of this market:

  • Increasing mechanization in the agricultural industry: Mechanized farming is the method of using agricultural equipment to mechanize agricultural work, which significantly increases the efficiency of farm workers. Mechanization is one of the most important parts of the agriculture. Sustainable agricultural mechanization can also contribute significantly to the growth of value chains and food systems as it has the ability to make post-farm, production and commercial operations and tasks more effective, reliable and environmentally friendly. Using mechanization has the ability to enhance the land productivity, has ability to reduce environment footprints of agriculture when integrated with conservative agriculture practices and provide better opportunities to the farmer which will decrease the their burdens
  • Subsidies for agricultural equipment: Government provides subsidy to the farmers through different farmers so that they can encourage them to buy different agriculture equipment and machinery. Providing these subsidies on agricultural equipment will enhance the agriculture production and productivity and improve the effectiveness of use of expensive inputs such as plants, fertilizers and irrigation water, in addition to decreasing human tedium and cultivation costs. The main aim of these subsidies to help the farmers so they can adopt these hi- tech equipment

The global agricultural lubricants market is segmented on the basis of type as mineral oil lubricants, synthetic lubricants, and bio-based lubricants and application is segmented on the basis of engines, gear & transmission, hydraulics, greasing, and implements

Some of the launches and acquisition in the market are:

  • In September 2017, Rock Oil announced the launch of their new AGRI-GUARD which is a lubricant product which is specially designed for professional agricultural and horticultural markets. This new range consists of transmission fluids, engine oils and different types of ancillary products. They also include some high performance support products such as HVI, HLP, & BIO hydraulic products and some cleaning & greases products
  • In March 2017, Brenntag announced the acquisition of Mayes CountyPetroleum Products, Inc. so they can enhance their lubricants business in North America. This acquisition will help them to solidify their position in the market and expand their business in worldwide

“According to Data Bridge Market Research, global agriculture lubricants market is set to witness a steady CAGR of 4.6% in the forecast period 2018- 2025”

Some of the major players in agricultural lubricants market ExxonMobil Corporation, Shell, Chevron, INEOS, Total, Chevron BP P.L.C., The Lubrizol Corporation, Fuchs Petrolub, Phillips 66 Company, Exol Lubricants, Witham Oil and Paint, Rymax Lubricants, Cougar Lubricants International, Schaeffer Manufacturing Co., Pennine Lubricants, Frontier Performance Lubricants, Unil Lubricants, Repsol, Lubitec, Callow Oils, Dyade Lubricants, Normac Oils and many more.

Increasing population has increased the demand for food which eventually has enhanced the productivity of agricultural products. Government is also encouraging the adoption of new agricultural practices and is also supporting the farmers with new schemes and policies which are further enhancing the demand for agriculture lubricants. Increased labor cost due to unavailability of agriculture labor is also driving the market growth. These are some of the factors which are creating new opportunities for this market to grow.