New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Agricultural Lubricants Market Size is to Grow from USD 6.2 Billion in 2023 to USD 9.28 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.12% during the projected period.
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Agriculture-specific lubricants are designed to deliver exceptional performance from farming machines, avoid depletion, ensure high energy economy, and operate admirably even under the most demanding operating conditions. To extend the life of machinery and equipment, such as harvesters, tractors, and verge cutters, agricultural lubricants are used in agricultural machinery. In addition, they are inexpensive and help reduce fuel consumption. An increase in the use of sophisticated farming equipment is fueling the need for agricultural lubricants and enabling businesses to expand their global production. The agricultural lubricants industry is also experiencing outstanding growth due to global farm technology. Furthermore, the need for lubricants to successfully manage and run agricultural machinery is being driven by the growing use of modern agricultural operations and technology. It is projected that the need for high-performance lubricants, including engine oils, will increase as the agriculture industry continues to modernize and embrace industrialization. The market need for these lubricants has increased significantly as a result of the farming equipment's continued innovation. Furthermore, it is anticipated that the strong growth of the farming industry and the growing use of contemporary farming equipment will be major factors in driving up demand for agricultural lubricants, most commonly engine oils. These lubricants are crucial for ensuring engines last a long time and run smoothly due to they reduce heat dissipation and protect against wear and tear. They are designed to withstand the demanding conditions of agricultural work, such as exposure to dust, debris, and heavy loads. The industries' growing lubricant preferences are projected to have a significant impact on the agricultural lubricant industry. However, the agricultural lubricant sector is susceptible to fluctuations in crude oil prices since a significant portion of its products are derived from petroleum-based sources.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Agricultural Lubricants Market Size, Share, and COVID-19 Impact Analysis, By Type (Mineral Oil-Based, Synthetic Oil-Based, and Bio-Based), By Application (Engine, Gear & Transmission, Implements, and Greasing), By Distribution Channel (Online & Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The bio-based segment is anticipated to hold the greatest share of the global agricultural lubricants market during the projected timeframe.
Based on the type, the global agricultural lubricants market is divided into mineral oil-based, synthetic oil-based, and bio-based. Among these, the bio-based segment is anticipated to hold the greatest share of the global agricultural lubricants market during the projected timeframe. This expansion can be attributed to their lubrication, which eliminates wear and friction on machinery parts. Furthermore, the low-friction attachment they have helps to improve agricultural operations' efficiency. Bio-based lubricants reduce the need for frequent top-ups by providing consistent lubrication with a low rate of evaporation. The need for agricultural lubricants that offer strong prevention and operational precision is also driven by advancements in agricultural equipment and operations, which further supports the steady rise of bio-based lubricants in the worldwide agricultural lubricants market.
The engine segment is expected to grow at the fastest pace in the global agricultural lubricants market during the projected timeframe.
Based on the application, the global agricultural lubricants market is divided into engine, gear & transmission, implements, and greasing. Among these, the engine segment is expected to grow at the fastest pace in the global agricultural lubricants market during the projected timeframe. This significant percentage can be attributed to the global expansion of the farm tractor market. There is always at least one engine on a tractor, and each engine might hold two to three liters of oil. This component uses the most oil out of all the parts on the tractor. As a result, the engine application segment dominates the agricultural lubricant market.
The offline segment is predicted to grow at the highest pace in the global agricultural lubricants market during the estimated period.
Based on the distribution channel, the global agricultural lubricants market is divided into online and offline. Among these, the offline segment is predicted to grow at the highest pace in the global agricultural lubricants market during the estimated period. The offline market is home to producers, distributors, and dealers of lubricants for agricultural machinery. are mostly distributed through retail channels, which include specialty shops, hypermarkets, dealers, distributors, wholesalers, and hardware and electronics stores with a specific focus. The offline distribution channels used by lubricant players in the market are specialty and convenience retailers. A company might use branded establishments known as specialty stores to sell its products.
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Asia Pacific is expected for the greatest revenue share global agricultural lubricants market over the forecast period.
Asia Pacific is expected for the greatest revenue share global agricultural lubricants market over the forecast period. Major producers of agricultural lubricants are actively marketing their products in the market due to there is a localized rise in consumer knowledge of bio-based products. The world's and the region's largest lubricant consumer is China. Agricultural machinery laid the foundation for agricultural modernization, despite the region's minimal economic growth. The country leads the globe in the production of several products, including cotton, rice, and potatoes, therefore agricultural machinery was crucial to the advancement of agricultural modernity.
North America is predicted to grow at the fastest pace in the global agricultural lubricants market during the projected timeframe. The increasing usage of agricultural machinery to boost output and lower overall production costs in the region is driving the market for agricultural lubricants. North America, which stretches from the icy Arctic to the jungles of Central America, may have more variety than any other location. This difference is evident in the North American agriculture industries. Moreover, it is anticipated that throughout the anticipated period, the growing demand for organic products will increase the requirement for agriculture, which will result in a noticeable growth in the demand for agricultural lubricants.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agricultural Lubricants Market include ExxonMobil Corporation, Quaker Chemical Corporation, Fuchs Petrolub SE, BP plc, TotalEnergies SE, Apar Industries Ltd., Chevron Corporation, Repsol SA, Philips 66, Raj Petro Specialities Pvt. Ltd., Nynas AB, Valvoline, Inc., Shell plc., and Others.
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Recent Developments
- In January 2024, Sinopec and BP signed a Memorandum of Understanding (MoU) to enhance cooperation in several areas, such as upstream operations, selling lubricants and marine fuel, trading in oil and gas, and retailing fuel.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agricultural Lubricants Market based on the below-mentioned segments:
Global Agricultural Lubricants Market, By Type
- Mineral Oil-Based
- Synthetic Oil-Based
- Bio-Based
Global Agricultural Lubricants Market, By Application
- Engine
- Gear & Transmission
- Implements
- Greasing
Global Agricultural Lubricants Market, By Distribution Channel
- Online
- Offline
Global Agricultural Lubricants Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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