The global agricultural lubricants market is expected to post a CAGR of nearly 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing demand for high-quality lubricants. Proper lubrication of agricultural equipment helps farmers significantly increase productivity and reduce the total cost of ownership. Selecting the right lubricant or grease and effective lubrication management ensure smooth functioning of the agricultural equipment. The maintenance of the farm machinery and selection of the right lubricant are the major costs associated with the farming equipment. Low-quality lubricants offer short-term profits, but long-term use of these lubricants can increase costs.
This market research report on the global agricultural lubricants market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the adoption of precision farming techniques as one of the key emerging trends in the global agricultural lubricants market:
Global agricultural lubricants market: Adoption of precision farming techniques
The PA technique relies on information and is a technology-based farm management system that estimates crop condition, soil and air conditions, local weather, and labor costs. The collected data is analyzed, and output related to crop rotation, the appropriate time for planting seeds, harvesting times, and soil management is provided to the farmers. This technique helps improve the profitability of farmers and the productivity of the cultivated land.
Precision farming techniques and innovations are fundamental for increasing agricultural productivity. Precision technologies, such as tractor guidance systems, use the global positioning system, soil and yield mapping, and variable-rate input applications that provide information on changing field conditions provide higher or equal yields with lower production cost than conventional practices. These techniques reduce the overall cost of production and improve the economic and environmental sustainability of crop production, says a senior analyst at Technavio for research on specialty chemicals.
Global agricultural lubricants market: Segmentation analysis
This market research report segments the global agricultural lubricants market by type (mineral oil-based lubricants, synthetic-based lubricants, and bio-based lubricants) and geographical regions (APAC, EMEA, and the Americas).
The mineral oil-based lubricants segment held the largest market share in 2017, accounting for nearly 72% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 39%. This region is expected to dominate the market through 2022, with an increase in its market share by over 1%.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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