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Type: PDF
Status: Syndicate
Categories: Agriculture
Report Code : AG23
No. of Pages : 150
Lubricant is the component which is used to minimize abrasion or friction amidst two surfaces those are in contact with each other. It helps in elimination of heat and transition of power and is available in liquid, solid and gaseous form. Greases are one of the general examples of lubricants in semisolid form. Lubricants are used in agricultural machinery to increase the productivity.
The global Agricultural lubricants market in 2023 was approximately USD 2.9 billion. The market is expected to grow at a CAGR of 5.6% and is anticipated to reach around USD 3.8 Billion by 2030. The capability of lubricants to minimize maintenance, optimize operating costs, and improve the lifetime of the equipment is propelling the growth of the agricultural lubricants market.
The robust demand for food due to the rising population rate is another factor which is surging the market growth. The reduction in the availability of agricultural workers has resulted in an increase in labor costs. This factor is increased the use of farm machinery, such as sprayers, tractors, silage harvesters, combines and other equipment, thereby escalating the demand for lubricants used in agricultural machinery. Besides that, the huge cost of synthetic and bio-based lubricants is limiting the market growth.
The market for Agricultural lubricants is intensely competitive and is highly fragmented. The vendors in the Agricultural lubricants market compete based on product portfolio, product differentiation, applications, and the pricing of products. The rise in technological innovations in designing the products for better quality, ease of use and better performance is expected to continue to intensify the level of competition among the companies to expand their product portfolios by incorporating innovative features, into their product.
Key players in the market are Exxonmobil, Shell, Chevron, BP P.L.C., Fuchs Petrolub, Phillips 66, Exol Lubricants, Witham Oil and Paint, Rymax Lubricants, Cougar Lubricants International, Schaeffer Manufacturing Co., Pennine Lubricants, Frontier Performance Lubricants, Unil Lubricants.
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