In 2021, the agricultural lubricants industry contributes $3,011.3 million, and it is projected to rise at a rate of 4.1% from 2021 to 2030, to capture $4,332.8 million revenue. It is due to the rising adoption of modern farming practices, agricultural process mechanization, and the growing need to increase yield production.
In addition, farming activities and related products are projected to rise in the near future, led by the increasing cost of farm labor. Moreover, the rising rate of farm mechanization and high-performance synthetic grease appeal are projected to cause industry proliferation.
Moreover, significant technological advancements in the agronomical sector are resulting in increased consumption of agricultural lubricants. Numerous innovative approaches and strategies, such as the usage of inorganic compost have enhanced yield production, with increased efficiency, and a decline in operational cost. Therefore, modern machinery and technology are utilized on the farm for reducing operational time, and effort, and increase production.
APAC generates a significant revenue share in the agricultural lubricants industry, and it is projected to experience rapid growth in the near future, due to the rising establishment of manufacturing facilities in the region. It is led by economic labor and high consumer demand. Thus, the industry players are increasingly concentrating on better investments, and plans for catering to the growing demand for agricultural lubricants.
Over 56% of the global population depends on APAC for agricultural production for sustenance. The massive size of the farm causes high equipment sales, which results in increasing demand for agricultural lubricants.
The major companies operating in the industry are Rymax B.V., BP plc, TotalEnergies SE, Phillips 66 Company, Chevron Corporation, Exol Lubricants Limited, Witham Group, and Petro-Canada Lubricants Inc.
Therefore, the rising requirement to increase crop yield production results in the growing demand for agricultural lubricants.
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