Agricultural Lubricants Market Analysis
Agriculture plays an important role in contributing to the GDP of many countries such as India, the Vietnam, China and others. Agriculture now uses modern technology and equipment to increase productivity. By the use machinery and equipment, the time and effort invested in agricultural practices reduce and gives a good productivity. Also, the smooth working of these machines and equipment is important. To ensure the smooth working lubricants are used. Agricultural lubricants are used for the equipment and machineries such as harvester, tractor and verge cutter. Lubricants improve the life of the machine and equipment. They are also cost effective and reduce the fuel consumption. Also, the need of inclusion of modern equipment in developing economies is expected to boost the market.
- The outbreak of the COVID-19 pandemic affected the supply chain in first half of 2020, due to lockdown in raw material supplying countries such as China.
- The demand for agricultural lubricant was not weakened because of COVID-19 as agriculture and agricultural related activities were under essential services in majority of the countries.
- In the first half of 2020 raw material procurement was one of the challenges faced by the market players.
Top Impacting Factors
Governing bodies in some of the countries are implementing subsidies for farmers. The aim of these subsidies is to provide financial support to farmers for buying agricultural equipment, such as harvesters, power sprayer, paddy transplanters, threshers, tractors and others. This increases the adoption of modern agricultural equipment, which correspondingly upsurges the demand for agricultural lubricants. Furthermore, the increase in popularity of high-performance synthetic lubricant is also propelling the market. In addition, industrial participants are enhancing their business by adopting various strategies such as business expansion, joint ventures, acquisition and others, to enter in the developing regions. Moreover, the established agricultural sectors such as China and India, have the major market for industrial participants. However, the high cost of synthetic and bio-based lubricants is restraining the agricultural lubricants market. In addition, the less spending of farmers in Asia-Pacific and LAMEA region has resulted in decreased demand for agricultural equipment and machinery. This correspondingly decreased the demand for agricultural lubricants. The agricultural sector in countries such as India, is facing several challenges such as less spending on agricultural marketing, which results in lack of awareness regarding agricultural products such as bio-based agricultural lubricants. On the contrary, the rising trend of bio-based product especially in Europe is expected to offer lucrative opportunities for the market players.
- Engine oils are used to reduce corrosion and to help the engine operate smoothly. Hence, engine oil acts as a lubricant in tractors and harvesters and is in high demand to reduce the corrosion and also maintain the engines reliability.
- The rise in popularity of bio-based agricultural lubricants, especially in developed regions is propelling the market. On the contrary, the popularity of bio-based agricultural lubricants is less in poor countries.
- There is significant increase in R&D of bio-based lubricants. The aim of research and development is to match the performance level of bio-based lubricants with the synthetic agricultural lubricant.
- There is significant increase in the price of agricultural lubricants owing to increase in prices of crude oil. The price of crude oil increased owing to decrease in crude oil production volume from oil and gas production countries. Production volume is less because of demand uncertainty in many countries owing to COVID-19.
- Joint ventures, expansion and acquisition were the strategies adopted by the market players in the agricultural lubricant industry, which is driving the growth of the agricultural lubricant market.
- The rising climate change is creating problems such as uneven rainfall, drought, and others, which is negatively affecting the agriculture sector. This is affecting the agriculture sector by decreasing the spending power of farmers. This might consequently decrease the demand for agricultural lubricants.
Key Benefits of the Report
- This study presents the analytical depiction of the agricultural lubricants industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the agricultural lubricants market share.
- The current market is quantitatively analysed to highlight the agricultural lubricants market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed agricultural lubricants market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Agricultural Lubricants Market Report
- Who are the leading market players active in the agricultural lubricants market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What are the challenges faced in the agricultural lubricants market?
- What are the key benefits of the agricultural lubricants market report?
- What will be the anticipated growth rates for your own agricultural lubricants market economy altogether and also for every segment inside?
- What are the driving factors and opportunities in the market?
Agricultural Lubricants Market Report Highlights
Key Market Players
Total SA, Witham Oil & Paint Ltd, Pennine Lubricants Limited, Frontier Performance Lubricants, Inc., and Unil Lubricants, Repsol SA, Schaeffer Manufacturing Co., Rymax Lubricants, Exol Lubricants Limited,, Cougar Lubricants International Ltd, Chevron Corporation, Exxon Mobil Corporation, FUCHS PETROLUB SE, BP plc.,, Royal Dutch Shell, Phillips 66