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The report “Agricultural Lubricants Market by Type, Application, and Region – Global Forecast to 2022” has published by MarketsandMarkets™. According to its findings, the global market is projected to grow from an estimated USD 1.96 Billion in 2017 to USD 2.48 Billion by 2022, at a CAGR of 4.8% from 2017 to 2022.
For this market research, the types are categorized in mineral oil lubricants, synthetic lubricants, bio-based lubricants. And the applications have followed the categories; engines, gear & transmission, hydraulics, greasing, implements.
The growth of the agricultural lubricants market is driven by the rising mechanization of farms. Farm equipment is being employed to sow, till, and harvest farms, which has resulted in increased yields. Rising population in the Asia Pacific region has necessitated the increase in farm production, which in turn, is leading to an increasing demand for agricultural lubricants.
The bio-based lubricants segment is estimated to be the fastest-growing type segment of the agricultural lubricants market in 2017.
Based on the type, the bio-based lubricants segment is estimated to account for the largest share of the agricultural lubricants market in 2017. Use of bio-based lubricants can help control pollution as these are bio-degradable and, hence, can be directly released into the environment. The environment-friendly nature of these lubricants is expected to drive the bio-based lubricants market during the forecast period.
The engines segment is estimated to be the fastest-growing application segment of the agricultural lubricants market in 2017
Based on application, the engines segment is estimated to be the largest application segment of the agricultural lubricants market in 2017.
Engine oils are used in agricultural equipment to provide wear protection to engines and provide enhanced performance at extremely high or low temperatures. The reason for the growth of this application segment is the growing mechanization of farms in the Asia Pacific region.
The Asia Pacific is expected to witness the highest growth in the agricultural lubricants market during the forecast period.
China and India are large consumers of farm tractors, and therefore, agricultural lubricants. Increasing support from governments, combined with increasing labor costs are encouraging farmers to adopt mechanization on a high scale.
This, in turn, is expected to lead to the growth of the agricultural lubricants market in the region.