Global Agricultural Lubricants Market was valued at USD 2.18 Billion in 2018 and is expected to reach USD 3.27 Billion by 2026, at a CAGR of 5.20%.
Global Agricultural Lubricants Market, By Geography
Governments of different countries are helping farmers by providing subsidy on the agricultural equipment. The regional administration is encouraging farmers to choose modern farming practices by providing counselling and financial support at different levels to increase food production at over globe. These factors, in turn, are driving the market for agriculture lubricant market.
Mineral oil lubricant is light mixtures of cyclic paraffin and alkenes and is available in heavy grades or light depending on its requirement and usage. Mineral oil lubricants segment holds the largest market share in Agricultural Lubricants Market. Adaptability and low cost of these lubricants are expected to further drive the mineral oil lubricant market.
The engine is a leading application segment in agriculture lubricant market. Growing mechanization of farms in the is driving the growth of engine lubricant market.
The Asia Pacific is expected to be the fastest-growing market for Agricultural Lubricants Market. India is the fastest-growing economy in this region as subsidies are provided by the Indian government to farmers to help them increase their agricultural output and profit. Due to these subsidies, farmers are able to buy agricultural equipment, such as tractors etc. India is the world’s largest producer of jute, millets, spices, and castor oil seed. Also the second-largest producer of rice and wheat, in the world. All these drivers are about to have a positive impact on the overall market growth.
Global Agricultural Lubricants Market, By Type:
• Synthetic Lubricants
• Bio-based Lubricants
• Mineral Oil Lubricants
Global Agricultural Lubricants Market, By Application:
• Gear & Transmission
Global Agricultural Lubricants Market, By Geography:
• North America
• Middle East & Africa
• Asia Pacific
• Latin America
Key Players Operating in the Global Agricultural Lubricants Market:
• Chevron (US)
• ExxonMobil (US)
• Fuchs Petrolub (Germany)
• Shell (The Netherlands)
• Total (France), BP p.l.c. (UK)
• Phillips 66 (US) among others
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