Agricultural Lubricants Market
The global agricultural lubricants market is expanding due to increased farm mechanization throughout the world. In addition, the market is likely to be driven by acquisitions, joint ventures, and expansions by several major companies in the sector.
Governing authorities in developing regions such as Asia Pacific region are putting in place a variety of farmer support schemes. In India, for example, the National Agricultural Development Program (NADP) offers farmers rebates anywhere from 30% to 50% off the cost of various agricultural equipment like power tillers, tractors, threshers, paddy transplanters, power sprayers, harvesters, and other small machinery. This is likely to contribute to a rise in the usage of sophisticated agricultural machinery, which is likely to boost demand for agricultural lubricants and provide possibilities for its producers, allowing them to expand globally.
Agricultural lubricants also find utilization in farm machinery and equipment, such as fringe cutters, combine harvesters, and tractors to ensure that the equipment operates correctly and is maintained. Lubricants are able to prolong the service life of equipment. In addition to that, the usage of agricultural lubricants has proven to be cost-effective because it increases the performance of machinery and equipment, resulting in lower consumption of fuel. These factors are likely to accelerate the development of the global agricultural lubricants market in the years to come.
Agriculture has been one of the major contributors to the GDP of countries such as India, China, the U.S., and Brazil. Over the last few decades, the agricultural scenario has transformed. Agriculture entails the usage of modern technologies, equipment, and techniques in order to enhance productivity. At the same time, loss of arable land, reduction in size of total cultivable land, etc. are some of the challenges facing the agriculture sector. As a result, the productivity of agriculture is decreasing. Increase in population has led to a rise in demand for food. Thus, there exists the need to increase crop productivity and yield with the existing arable and cultivable land area. Machineries, technologies, and modern equipment help in improving agricultural productivity and yield. Machinery and equipment employed for various agricultural practices help reduce the time and effort invested in the complete process of producing agricultural products. Thus, the smooth working of these equipment and machinery is of utmost importance in order to maintain the agricultural productivity. Agricultural lubricants are used in farm equipment and machineries such as tractors, combine harvesters, and verge cutters. They ensure the smooth working and maintenance of the equipment. Agricultural lubricants bring about ease and comfort in the use of farm equipment and machinery. Lubricants help improve the service life of the equipment. Furthermore, usage of agricultural lubricants has proved to be cost effective, as it improves the efficiency of machines, equipment, thereby reducing fuel consumption. Agricultural lubricants also help in lowering the cost arising from repairs or replacement, and losses and downtime due to breakdown of the equipment. However, synthetic lubricants, which give better results than their counterparts, are costly and hazardous, and require special attention while handling. Thus, there always remains a need for cheaper substitutes with similar performance as that of synthetic lubricants.
Based on product type, the agricultural lubricants market can be segmented into mineral oil based, synthetic lubricants, and bio-based. Currently, the market is dominated by the synthetic lubricants segment, due to improved efficiency of the equipment; better oxidation resistance, which can translate into longer life; and higher flash or fire points. The synthetic lubricants segment is anticipated to continue its dominance during the forecast period. It is projected to expand at a steady pace during the forecast period. Furthermore, bio-based lubricants are being used in developed regions of the world such as Europe, and North America to avoid hazards associated with the use of synthetic lubricants. The bio-based segment is likely to expand at a significant pace during the forecast period.
In terms of application, the agricultural lubricants market can be segregated into engine, hydraulics, gear & transmission, and others. The market is currently dominated by the engine segment, followed by the gear & transmission segment. Both the segments are expected to hold major share of the market during the forecast period. These segments are also anticipated to expand at a steady pace in the near future.
Geographically, the market is dominated by Asia Pacific, owing to the presence of major producers of corn, wheat, and rice such as China, India, and the ASEAN countries. China is the global leader in terms of production of rice. Agriculture is one of the key contributors to the GDP of most of countries in Asia Pacific. Agriculture has been one of the prominent sources of income and employment for the people of most countries in Asia Pacific until last few decades. The market for agricultural lubricants in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Countries in Europe and North America are switching to bio-based lubricants owing to the hazards associated with the use of synthetic lubricants.
Key players operating in the agricultural lubricants market include FUCHS Lubricants, Crown Oil, Morris Lubricants, Total, Shell, and Lubrication Engineers Inc.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
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- Latin America
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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