Agricultural lubricants are specialized fluids designed for use in farm equipment to reduce friction, wear, and corrosion in machinery components. They enhance the performance and longevity of agricultural equipment, including tractors, harvesters, and other machinery used in farming operations. These lubricants provide effective protection against harsh environmental conditions encountered in agricultural settings, ensuring smooth and efficient operation of equipment. Proper lubrication also contributes to fuel efficiency and minimizes downtime, optimizing complete farm productivity.
Data Bridge Market Research analyses that the Global Agricultural Lubricants Market which was USD 3.17 billion in 2022, is expected to reach USD 4.59 billion by 2030, and is expected to undergo a CAGR of 4.72% during the forecast period of 2023 to 2030.
"Implementation of subsidies drive the market growth"
The agricultural lubricants market experiences growth driven by the implementation of subsidies by government agencies globally. Subsidies aim to support farmers in acquiring essential agricultural equipment, including harvesters, power sprayers, paddy transplanters, threshers, and tractors. This financial assistance encourages farmers to adopt more advanced and efficient machinery, subsequently boosting the demand for agricultural lubricants. As the agricultural sector modernizes with subsidized equipment purchases, the market for lubricants witnesses increased utilization, driven by the expanding adoption of advanced farming technologies.
What restraints the growth of the global agricultural lubricants market?
"High cost hamper the market growth"
The agricultural lubricants market faces impediments due to the elevated costs associated with synthetic and bio-based lubricants. The higher pricing of these lubricant variants poses a challenge for market growth, potentially limiting their widespread adoption in the agricultural sector. The financial burden on farmers and agricultural businesses deter them from investing in these lubricants, hindering the market expansion and adoption of advanced lubrication solutions in agricultural machinery.
Segmentation: Global Agricultural Lubricants Market
The global agricultural lubricants market is segmented on the basis of category, type, raw material, application and agricultural equipment.
- On the basis of category, the global agricultural lubricants market is segmented into mineral oil, synthetic, and bio-based
- On the basis of type, the global agricultural lubricants market is segmented into engine oil, grease, hydraulic oils, transformer oil, crankcase oils, bar and chain oil, and others
- On the basis of raw material, the global agricultural lubricants market is segmented into petroleum based lubricants and bio-based lubricants
- On the basis of application, the global agricultural lubricants market is segmented into engines, gear and transmission, hydraulics, greasing, chain, implements, and others
- On the basis of agricultural equipment, the global agricultural lubricants market is segmented into tractors, harvesters, corn-pickers, balers, verge cutters, circular spike harrows, stone grinders, fertilizer spreaders, slurry tankers, sprayers, fodder mixers, silage spreaders, straw blowers, mowers and mower-conditioners, hay tedders, hay rakes, bale wrappers, grape harvesting machines, and others
Regional Insights: Asia-Pacific dominates the Global Agricultural Lubricants Market
Asia-Pacific dominates the global agricultural lubricants market, driven by key manufacturers promoting their products and a rising awareness of bio-based products in the region. The concerted efforts of major players, coupled with the growing emphasis on environmentally friendly solutions, contribute to Asia-Pacific's leading position in shaping the dynamics and growth of the global agricultural lubricants market.
North America is expected to dominate the global agricultural lubricants market, exhibiting the highest growth rate from 2023 to 2030. This dominance is fueled by the rising mechanization in the agricultural sector within the region. Additionally, the development of new and innovative lubricant products designed for agricultural applications further accelerates market growth, highlighting North America's pivotal role in shaping the trajectory of the global agricultural lubricants market.
Recent Developments: Global Agricultural Lubricants Market
- In March 2023, ExxonMobil unveiled a significant investment of INR 900 crore (USD 110 million) for a lubricant manufacturing plant in Raigad, India. Operational by late 2025, the facility will produce 159,000 kiloliters of finished lubricants annually. Aligned with the "Make in India" initiative, it will source materials locally, generating approximately 1,200 jobs during construction. ExxonMobil's expansion in India reflects its commitment to providing high-performance lubricants for diverse sectors, including agriculture, supporting the nation's industrial and automotive needs
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-agricultural-lubricants-market
The Prominent Key Players Operating in the Global Agricultural Lubricants Market Include:
- Exxon Mobil Corporation (U.S.)
- Shell (Netherlands)
- Chevron Corporation (U.S.)
- Total Energies (France)
- BP plc (U.K.)
- FUCHS (Germany)
- Phillips 66 Company (U.S.)
- Exol Lubricants Limited (U.K.)
- Witham Group (U.K.)
- Rymax Lubricants (Netherlands)
- Repsol (Spain)
- Cougar Lubricants International Ltd (U.K.)
- Schaeffer Manufacturing Co. (U.S.)
- Pennine Lubricants (U.K.)
- Frontier Performance Lubricants, Inc. (U.S.)
- UNIL (Belgium)
Above are the key players covered in the report, to know about more and exhaustive list of global agricultural lubricants market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Agricultural Lubricants Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
