Agricultural Lubricants Market thrives with the increasing investments in automobile industry

Agricultural Lubricants are major constituents of any lubrication product that helps them obtain different specifications such as thermal stability, viscosity, additive solubility, seal compatibility, etc. The final product generally goes through a series of refinements. Growing demand for hydraulic fluids, thermal oils, and metalworking fluids has increased the market capacity for the Agricultural Lubricants.

Recent Developments

In September 2020, ExxonMobil confirmed the expansion of its agreement with Global thermostat to enhance the implementation of direct air capture technology. This is a 12-month agreement for technical evaluation that will determine the feasibility and potential scale of Global Thermostat tech that captures carbon dioxide directly from the air.

Shell gas B.V, a division of Royal Dutch Shell plc., published about its plans for FID. This is likely to result in the creation of a new LNG processing unit in Nigeria, Africa, with an expected capacity of about 8 million tonnes.

Market Segmentation:

The global Agricultural Lubricants market is segmented into the following categories:

On the basis of Type:

1. Mineral

2. Synthetic

3. Bio-Based

On the basis of Application:

1. Engines

2. Gears and Transmission

3. Hydraulic oil

4. Grease

5. Metalworking fluid

Based on the application, engine oil has half of the total demand as compared to other applications. This is primarily credited to the increasing interest in technology in the automobile industry. New engines can augment the overall efficiency of the machine that led to a rising call for high-performing lubricants. Farm tractors are used on a larger scale which bolsters the lubricant market.

Bio-based lubricants are also gaining popularity as there is a global shift towards sustainability and stringent regulations regarding the use of carbon emission causing oils.
These lubricants are produced from plant-based materials such as soybean, coconut, palm, sunflower, etc. In addition to being eco-friendly, these lubricants possess excellent properties such as low friction coefficient and low evaporation rate.

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Market Drivers:

The global agricultural lubricants market is driven by the growth in the automotive sector and industrial lubrication sector. The surge in investments in the automobile industry to increase the efficiency of the vehicles is resulting in an increased demand for high performing fluids and lubricants for better-synchronized performance.

Regional Analysis:

Asia Pacific region is expected to dominate the market in the coming years due to the fact that major companies operating in the Agricultural Lubricants market have shifted their production activities to the Asia Pacific region owing to the uncapped market and cheap availability in the mentioned region. In particular, China is considered as the fast-growing market in the APAC that is accredited to the rich presence of natural resources. It is experiencing a high demand for production activities and while being home to a giant proportion of the global population. India, primarily being an agricultural economy is also investing a lot in the mechanization of the farming process. This has increased the demand for agricultural lubricants.

Impact of Covid-19 on the Agricultural Lubricants market:

The Covid-19 pandemic has had its severity in almost all the economies of the world. Oil industries also had a deep impact with crude oil prices falling to almost negative values at a particular stage. Agricultural activities completely stopped because of various reasons including the non-availability of the workforce. Lately, the market is recovering from the morbid impact of the novel coronavirus. Financial experts posit that the market will start to get on track by late 2020.

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