Agriculture Lubricants Market size is forecast to reach $2.34 million by 2025, after growing at a CAGR of 4.56% during 2020-2025. Agriculture includes the use of new technology machinery and techniques to improve production, hence agricultural lubricant is used in farm equipment and machinery such as tractors, harvesters combined and cutters on the fringes to make sure the equipment runs properly and is maintained. Lubricants help the equipment improve its service life. Also, the use of agricultural lubricants has shown to be cost-effective as it improves the efficiency of machines, equipment and thus reduces fuel consumption which will further accelerate the growth of the Agriculture Lubricants Industry in the forecast era.
By Type - Segment Analysis
Synthetic Lubricants are widely used in Agriculture Lubricants Market. Synthetic lubricant fluid provides the best lubricating properties of mineral oils. It offers advantages such as improved thermal and oxidative stability, more desirable viscosity-temperature characteristics, superior volatility characteristics, preferred frictional properties, better heat transfer properties, and higher flash point and auto ignition temperatures. Also, the synthetic lubricants segment is anticipated to continue its dominance owing to its economic benefits such as increased service life of the lubricant, less lubricant consumption due to its low volatility, reduced deposit formation as a result of good high-temperature oxidation stability, increased wear protection resulting in less frequent maintenance and reduced energy consumption because of increased lubricating efficiency. Also, synthetic lubricants are used with success in extremely high or low-temperature applications where fire safety is necessary or where very high velocities or high wear rates are encountered.
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By Application- Segment Analysis
The engine held the largest share in the Agriculture Lubricants Market in 2019 and is projected to grow at a CAGR of 5.76% during the forecast period 2020-2025. Lubricants reduce the friction, heat, and fatigue of mechanical components in contact with one another. Lubricating oil is used in the engines of motorized vehicles where it is commonly known as motor oil and fluid for transmission. Lubricant is vital to its function in vehicles. If the engine is well lubricated, when the pistons float quickly, it would need to put less effort into moving pistons. In the long run, this ensures the vehicle can work and run at a lower temperature while consuming less fuel. Generally, using lubricants properly in the engine increases performance and reduces wear and tear due to which the demand for agriculture lubricants market during the forecast period is expected to increase.
Geography- Segment Analysis
The Asia Pacific held the largest share with 37% in Agriculture Lubricants Market in 2019. China is the world market leader in rice production. Agriculture is one of Asia Pacific's biggest contributors to the GDP of most countries. Up until the last few decades, agriculture has been one of the prominent sources of income and jobs for the citizens of most Asia Pacific countries. The Asia Pacific market for agricultural lubricants is expected to expand rapidly. According to the India Brand Equity Foundation, agriculture is the primary source of livelihood for about 58% of India’s population. Agriculture export facility has set a target to increase agriculture exports to over US$ 60 billion by 2022. The Indian food industry is poised for enormous growth, growing its contribution to world food trade every year due to its immense value-added potential, particularly in the food processing industry. Also, the government has taken various initiatives such as In May 2019, NABARD announced an investment of US$ 100 million venture capital fund for equity investments in agriculture and rural-focused start-ups. According to Department of Agriculture, Water, and the Environment, even in Australia, the value of agriculture, fisheries, and forestry production has increased by 34% in the past 20 years in real terms from approximately $49 billion in 1998–99 to around $66 billion in 2017–18.
Drivers –Agriculture Lubricants Market
The growing need for bio-based lubricants
The bio-based lubricant has been found to exhibit superior lubricant properties over traditional mineral lubricants, such as renewability and biodegradability. Bio-based lubricant offers better safety due to higher flashpoints, constant viscosity, and less oil mist, vapor emissions and even produces fewer emissions due to higher boiling temperature ranges of esters. The best use for bio-lubricants is in machinery that loses oil directly into the atmosphere during operation, in Total Loss Lubricants (TLLs), and machinery used in any sensitive field, such as in or near water. Total Loss Lubricant (TLL) uses include two-stroke engines, chainsaw bars and chains, railroad flanges, wires, dust suppressants, and marine lubricants. Also, bio-based lubricants produce a cleaner, less toxic work environment and fewer skin problems for those working with engines and hydraulic systems. Hence, it is estimated that the use of bio-based lubricants will lead to the growth of the agriculture lubricants market in the forecast period.
Increasing use of lubricant in gears
Agricultural Gear is used extensively in the agro-industry. Agricultural automotive gear is used in processes such as tilling, seeding, irrigation, managing pests, and insects, etc. In its process the agricultural machine, tractor, also makes use of these agricultural gears. Spur Gears, Helical Gears, Worm Gears, and Sprockets are commonly used. Lubricant is used in gears for reduction of friction and wear of the gear tooth surfaces, removal of the heat generated by the operating gear, and corrosion protection of the gear parts. The high viscosity ensures lubricant movement all over the gear train. Also, Lubricant is combined with compressed air to create an oil mist that is sprayed onto the gear contact zone. This is especially suitable for high-velocity gearing which is likely to aid the market in the forecast period.
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Challenges –Agriculture Lubricants Market
Effects of lubricants emitted into the environment
Lubricating oil in the form of oil mist and micro-drops is released into the atmosphere, posing a significant threat to the environment. The intensity and effects of oil derivative interactions are closely related to the structure, the volume, and frequency of emissions in a given area and the properties of an open cutting tool. Mineral oil has very poor biodegradability. Oil of petroleum origin produces primary hazards in the natural environment for sawing operators, but also secondary hazards due to the accumulation of oils in plant, animal, and groundwater issues. Lubricants can also pose a very significant threat to aquatic ecosystems. Oil contamination also causes significant soil damage due to multi-stage physicochemical processes leading to changes in the form and distribution of organic matter in the spectrum of biomass, water, nitrogen, and phosphorus. Since soil is an environment for a variety of microorganisms and higher living organisms, its contamination with oil-based lubricants is dangerous and has a detrimental effect on biological life which can create hurdles for the agriculture lubricants market in the forecast period.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Coating Materials Market. In 2020, the market of Coating Materials Market has been consolidated by the top five players accounting for xx% of the share. Major players in the Coating Materials Market are BP P.L.C., Chevron, Cougar Lubricants International, Exol Lubricants, ExxonMobil, Frontier Performance Lubricants, Fuchs, Bapco Lubricants, Bardahl Manufacturing Corporation, Dyade Lubricants, among others.
Acquisitions/Technology Launches
In October 2019, Fuchs Group acquired high-performance specialty synthetic lubricant manufacturer Nye Lubricants Inc, in the US so that Nye’s scan collaborate with creative companies and offers high-performance lubricants leveraging Fuchs cutting-edge engineering and technology expertise.
In January 2017, ExxonMobil opened Aviation lubricants plant in Port Allen, Louisiana, ExxonMobil had achieved full production for the entire line of Mobil JetTM engine lubricants to ship commodity worldwide.
Key Takeaways
The Asia Pacific dominates the agriculture lubricants market as the increasing use of agricultural lubricants has established comfort and convenience in the use of farm equipment and machinery.
Increasing demand for biodegradable lubricants such as bio-based lubricants reduces pollution in stormwater from leaks in engines, hydraulic systems, and brake lines. Hence, it will propel the market growth for agriculture lubricants during the forecast period.
Due to COVID-19 palindrome, some of the agricultural and supply chain operations are disrupted as the non-availability of migrant labor is interrupting certain harvesting activities, particularly in countries where wheat and pulses are harvested.
Related Reports :
A. Lubricants Market
https://www.industryarc.com/Report/11709/lubricants-market-analysis.html
B. Biolubricants Market
https://www.industryarc.com/Report/17678/biolubricants-market.html
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