Ongoing research and development activities to develop efficient and effective bio-based agricultural lubricants is driving the agricultural lubricants market.
Vancouver, British Columbia, Jan. 07, 2021 (GLOBE NEWSWIRE) — The global Agricultural Lubricants market is projected to reach a value of USD 4.28 Billion by 2027, according to a current analysis by Emergen Research. This growth of the market can be attributed to increased research and development activities to produce enhanced and effective bio-based agricultural lubricants per the stringent environmental standards. The long fluid lifetime and biodegradability of bio-based agricultural lubricants are driving the demand for the products.
Strict regulations regarding ecological degradation and a rising need to protect the environment from accidental oil spills have increased the utilization of bio-based agricultural lubricants. Superior lubricity, higher viscosity index, and higher flashpoint of bio-based agricultural lubricants compared to mineral oil have driven their demand in the agriculture sector. The vegetable oils used as bio-based agricultural lubricants have high pour points, and they lack oxidative stability, which is predicted to hinder the market during the projected period.
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Initiatives for improving production efficiency and increasing farm productivity are expected to offer lucrative opportunities for manufacturers of agricultural lubricants in the next few years. The declining agrarian workforce has resulted in rising labor wages, which has driven agricultural lubricants’ demand to protect the machines from harsh conditions. Extended durability and enhanced efficiency of agricultural lubricants have increased their adoption in the agriculture sector.
Key Highlights of Report
- ExxonMobil Corporation, in August 2020, signed a contract with Global Clean Energy Holdings. It states that, for five years, ExxonMobil Corporation is expected to purchase renewable diesel in an annual quantity of 2.5 million barrels. The renewable diesel should be purchased from a converted refinery in California from 2022.
- The engines segment held the largest market share of 45.3% in 2019. Rising need to maintain the engine’s cleanliness to ensure freedom of movement of engine parts and attain protection from corrosion has increased the usage of lubricants in tractors and harvesters.
- The bio-based agricultural lubricants segment is anticipated to expand at a notable CAGR of 6.4% during the estimated period. Vegetable oils are less toxic to the environment and reduce the dependency on imported petroleum oils, which is contributing to their increased use as agricultural lubricants.
- The Asia Pacific market is estimated to expand at the most rapid rate during the projected timeframe. Governments of countries in the region are providing financial aid to farmers in order to increase their adoption of advanced agricultural machinery, which is expected to offer lucrative opportunities for manufacturers of agricultural lubricants in the region.
- Key market participants include Royal Dutch Shell, Total SE, ExxonMobil Corporation, Chevron Corporation, BP, Phillips 66, Fuchs Petrolub, Schaeffer Oil, Repsol, and Exol Lubricants Limited.
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Emergen Research has segmented the global agricultural lubricants market on the basis of application, type, and region:
- Application Outlook (Revenue, USD Billion; 2017–2027)
- Gears & Transmission
- Type Outlook (Revenue, USD Billion; 2017–2027)
- Mineral Oil
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- Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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