What is the global market size of Agricultural Lubricants Market?

Agricultural Lubricants Market size was valued at USD 3.04 billion in 2021 and is poised to grow from USD 3.18 billion in 2022 to USD 4.81 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).

Agricultural Lubricants Market Size, Share, Growth Analysis, By Category (Mineral Oil-based Lubricants, Synthetic Oil-based Lubricants), By Farm Equipment (Tractors, Combines), By Product Type (Engine Oil, Coolant), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15C2014 | Region: Global | Published Date: November, 2024
Pages: 268 | Tables: 65 | Figures: 75

Agricultural Lubricants Market Regional Insights

North America is expected to demonstrate profitable growth owing to rising automation in the agriculture sector and the creation of new and creative goods for use within the area.

The agricultural lubricants market, on the other hand, is dominated by Asia-Pacific due to the presence of major agricultural lubricants manufacturers pushing their goods in the market, as well as increased awareness of bio-based products in the area. China is the world's and the region's largest lubricant user. Agricultural machinery laid the foundation for agricultural modernization in the country, despite the economy's slow growth. The country is the largest producer of various crops, including rice, cotton, and potatoes, and thus, agricultural machinery laid the foundation for agricultural modernization.

Agricultural Lubricants Market Report Snapshots

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Asia Pacific holds the highest share due to the presence of major agricultural lubricant manufacturers pushing their goods in the market, as well as increased awareness of bio-based products in the area.

Global Agricultural Lubricants Market size was valued at USD 5.60 billion in 2022 and is poised to grow from USD 5.83 billion in 2023 to USD 8.04 billion by 2031, growing at a CAGR of 4.10% during the forecast period (2024-2031).

The Global Agricultural Lubricants market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. 'Shell plc', 'Exxon Mobil Corporation', 'TotalEnergies', 'BP p.l.c.', 'Chevron Corporation', 'Phillips 66', 'Valvoline', 'Sinopec Lubricant Company', 'Bharat Petroleum Corporation Limited', 'Eneos Corporation', 'Fuchs', 'Repsol S.A.', 'Exol Lubricants Limited', 'Indian Oil Corporation Ltd', 'Lukoil Lubricants Company', 'Hindustan Petroleum Corporation Limited', 'Gulf Oil Lubricants India Limited', 'Petronas Lubricants International', 'Witham Oil & Paint Ltd', 'Rymax Lubricants', 'Schaeffer Manufacturing Co.'

Subsidies for farmers are being implemented by government agencies in several countries. Agricultural equipment like harvesters, power sprayers, paddy transplanters, threshers, tractors, and other similar products are eligible for these incentives. As a result, more modern agricultural equipment is being used, resulting in an increase in the need for agricultural lubricants.

Engine oils are needed to keep the engine running smoothly and to prevent corrosion. As a result, engine oil is used as a lubricant in tractors and harvesters, and it is in great demand to prevent corrosion and ensure the engines' durability.

North America is expected to demonstrate profitable growth owing to rising automation in the agriculture sector and the creation of new and creative goods for use within the area.

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Agricultural Lubricants Market Size, Share, Growth Analysis, By Category (Mineral Oil-based Lubricants, Synthetic Oil-based Lubricants), By Farm Equipment (Tractors, Combines), By Product Type (Engine Oil, Coolant), By Region - Industry Forecast 2024-2031

Agricultural Lubricants Market Regional Insights

Agricultural Lubricants Market Report Snapshots

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