The agricultural lubricants market is projected to grow from USD 2.9 billion in 2020 to USD 3.9 billion by 2025, at a CAGR of 5.5% from 2020 to 2025. Rising farm mechanization around the world is driving the growth of the agricultural lubricants market. Expansions, joint ventures, and acquisitions, undertaken by many prominent players in the agricultural lubricants industry, are the key factors driving the growth of the agricultural lubricants market.
The agricultural lubricants market in Asia Pacific is projected to grow at the highest CAGR in terms of both, value and volume from 2020 to 2025. China, India, and Japan are the key countries contributing to the increased demand for agricultural lubricants in this region. Factors such as expanding agribusinesses and growing farm mechanization have increased the demand for agricultural lubricants in this region.
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Key players, such as Exxon Mobil Corporation (US), Royal Dutch Shell Plc (Netherlands), Chevron Corporation (US), Total SA (France), BP plc (UK), FUCHS PETROLUB SE (Germany), Phillips 66 (US), Exol Lubricants Limited (UK), Witham Oil & Paint Ltd (UK), Rymax Lubricants (Netherlands), Repsol SA (Spain), Cougar Lubricants International Ltd (UK), Schaeffer Manufacturing Co. (US), Pennine Lubricants Limited (UK), Frontier Performance Lubricants, Inc. (US), and Unil Lubricants (Belgium), have adopted expansions, joint ventures, acquisitions, new product launches, agreements, partnerships, contracts, and divestments as their strategies.
In September 2019, FUCHS PETROLUB SE (Germany) established a new lubricant manufacturing plant with an investment of USD 27 million via its joint venture company, OPET FUCHS. The new plant is located in Izmir, Turkey, and has a production capacity of 60,000 tons of lubricants in one shift per year. This expansion is expected to help the company fulfill the high demand for engine oils, industrial oils, and special products globally.
In September 2019, Repsol SA (Spain) established a joint venture with United Global Limited (Singapore) after buying a 40% stake in the company. The purpose of this joint venture is to manufacture and supply Repsol’s brand of products in Singapore, Indonesia, Malaysia, and Vietnam. The joint venture will also help strengthen the company’s position in the agricultural lubricants sector in these regions.
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