| Source: Straits Research
Pune, INDIA
New York, United States, Sept. 06, 2023 (GLOBE NEWSWIRE) — Lubricants used to increase the efficiency of agricultural machinery are an indispensable component of the farming industry. Using agricultural lubricants is a cost-effective tactic since it extends machinery life by preventing wear and tear, lowers repair costs, and avoids needing to replace products too soon. Agriculture productivity and yield are increased by using modern equipment. A superior lubricating system for agricultural equipment ensures that the machinery requires less maintenance, has lower operating costs, and has a longer lifespan.
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Soaring Demand for Farm Mechanization Drives the Global Market
Mechanized agriculture employs agricultural machinery to automate agricultural chores, resulting in a substantial increase in farm labor productivity. The relevance of farm mechanization has increased in recent years. This broad term includes the production, distribution, and use of diverse agricultural instruments, machinery, and equipment for land development, planting, harvesting, and primary processing. Due to innovative and contemporary products, powered farm equipment is replacing traditional methods. The tractor is the most frequent farm mechanization tool. Modern mechanized agriculture uses tractors, trucks, combine harvesters, and other vehicles to increase crop yields. Consequently, better investments and strategies are executed in accordance with the demand of the farm sector, which will spur growth in the agriculture sector, machinery, and lubricants over the projection period.
Advancements in Agricultural Technology Creates Tremendous Opportunities
Farmers have become aware of innovative ideas and strategies, such as using inorganic compost, that improves agricultural yields, increase energy efficiency, and reduces expenses. A growing understanding of the importance of technology in agriculture has prompted technological innovation. This technological advancement is the result of a growth in the usage of farm tractors and other agricultural machinery, which has improved the market productivity of lubricants. Tractors are one of the many types of agricultural machinery. They are utilized on farms for various purposes, including the carriage of heavy gear and the movement of trailers for tilling, plowing, harrowing, and planting. Integrating modern technology, such as telematics systems and GPS, into farm tractors is anticipated to increase the need for agricultural machinery. These factors increase the demand for lubricants in agricultural tractors, offering growth prospects for the market.
Report Scope
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Regional Analysis
Asia-Pacific is the most significant shareholder in the global agricultural lubricants market and is anticipated to grow at a CAGR of 3.40% during the forecast period. Due to urbanization and industrialization, the region has experienced a tremendous expansion in investments, trade, and technology. Consequently, the industry’s enablers will be demography, economic conditions, environmental conditions, and technological advances. The automation of landscapes will continue to increase the demand for agriculture and agricultural equipment. China dominates the Asia-Pacific agricultural lubricants market due to increased government initiatives to manufacture sustainable agricultural machinery in the region, hence driving the demand for agricultural lubricants.
North America is anticipated to develop at a CAGR of 2.09% over the forecast period. The growing demand for organic products is expected to raise the demand for agriculture, resulting in a significant increase in the need for agricultural lubricants. The United States dominates the agricultural lubricants market in North America due to the increasing adoption of agricultural machinery to reduce total production costs and boost productivity in the region, hence driving the market. At the onset of the pandemic, the demand for fresh and organic foods in North America increased, producing a need for organic farms and, concurrently, for agriculture. People now choose organic foods, which should offer chances for organic farming, agricultural equipment, and lubricants.
Key Highlights
Competitive Players
The key players in the global agricultural lubricants market are Fuchs, Repsol, Exxon Mobil Corporation, Morris Lubricants, Unil Lubrication, TotalEnergies, Condat, Exol Lubricants Ltd., Cougar Lubricants, Dyade Lubricants, Shell, Valvoline, BP, Petro-Canada Lubricants, Phillips 66, Chevron Corporation, and Panolin AG.
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Global Agricultural Lubricants Market: Segmentation
By Type
By Product
By Distribution Channels
By Regions
TABLE OF CONTENT
Table of Content and Figure @ https://straitsresearch.com/report/agricultural-lubricants-market/toc
Market News
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