Agricultural Lubricant Market Size Analysis and Regional Analysis Forecast to (2024-2031)
Agricultural lubricants are crucial for maintaining the smooth operation and upkeep of farm equipment. They play a vital role in ensuring the ease and comfort of using agricultural machinery and equipment, particularly in challenging terrain and varying weather conditions. These lubricants offer numerous advantages, including equipment protection, temperature control enhancement, extended machinery lifespan, improved efficiency and reliability, and decreased downtime and associated maintenance and repair costs.
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Market Dynamics :
The global agricultural lubricant market is being propelled by the escalating demand for eco-friendly chemicals, spurred by increased investments in the chemical industry.
Growing Need for Efficient Farming Equipment
The market's growth is driven by the rising demand for machinery and equipment in the agriculture sector to facilitate farming operations. These farming implements require lubrication to ensure optimal performance, high efficiency, and reduced labor costs, while also protecting surfaces against rust, corrosion, and other corrosive substances. According to the European Agricultural Machinery Association (CEMA), European countries like Germany, Italy, France, the United Kingdom, and the Netherlands are among the largest producers of agricultural machinery. In 2017, total agricultural machinery production in Europe was valued at approximately US$ 45 billion, marking a 6.4% increase compared to 2016.
Increasing Demand for Food to Sustain Growing Global Population
The rising global population's demand for food is driving the agricultural lubricant market forward. With the global population reaching around 7.2 billion in 2018 and projected to reach 9 billion by 2050, there is a pressing need for increased cultivation to meet food requirements. This necessitates the use of efficient farming equipment, which in turn boosts the demand for agricultural lubricants to ensure smooth and efficient operations.
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Market Segmentation :
By Type : Greases, Engine Oil, Round-Baler Chain Oils, HM/HV Hydraulic Fluids, Gardening Oils, Mineral Oil, Synthetic Oil, Gearbox Oil.
By Viscosity Grade : 10W-30, 10W-40, 15W-40, 20W-50.
By Application : Engines, Hydraulics, Gears & Transmission, Grease, Implements.
End-User : Tractors, Harvesters, Shedders, Balers, Verge cutters, Heavy-duty vehicles, Fodder mixers, Farm Equipments & Machinery.
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Competitive Landscape
Pennine Lubricant Limited, Cougar Lubricant International Ltd, Frontier Performance Lubricant, Inc, Exxon Mobil Corporation, Exol Lubricant Limited, Witham Oil & Paint Ltd Rymax Lubricant, Repsol SA, Royal Dutch Shell Plc, Chevron Corporation, Total SA, BP plc, FUCHS PETROLUB SE, Phillips 66, Unil Lubricant, Schaeffer Manufacturing Co. and among others.
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