Hyderabad, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Agriculture Lubricants Market Report (2023-2028)," the market volume is estimated at USD 1.52 million kilotons in 2023. It is expected to register a CAGR of 3.13% during the forecast period.
A few major purposes of agriculture-specific lubricants are to protect machinery from corrosion and oxidation, prevent contamination, prevent rusting, increase oil-drain intervals, and reduce overall oil usage. Using the correct lubricant boosts the upkeep of the equipment and its reliability, regardless of terrain or weather.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 1.52 million kilotons |
| Market Size (2028) | USD 1.77 million kilotons |
| CAGR (2023-2028) | 3.13% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Volume (million kilotons) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Provision of subsidies for farm machinery. |
| Rise in the prominence of biodegradable lubricants. |
Who are the Top Companies in the Global Agriculture Lubricants Market?
The agriculture lubricants market is partially consolidated in nature. It has both local and international players. A few notable players in the global agriculture lubricants market are,
- Amsoil Inc.
- Apar Industries Ltd
- Balmer Lawrie & Co. Ltd
- Bechem
- Bharat Petroleum Corporation Limited (BPCL)Blaser Swisslube India Pvt. Ltd
- Castrol Limited (BP)
- Continental Petroleums Limited
- Exxon Mobil Corporation
- Fuchs Lubricants Pvt. Ltd
- GP Petrolemus Ltd
- Gulf Oil Lubricants India
- Hardcastle Petrofer Pvt. Ltd
- Hindustan Petroleum Corporation Limited (HPCL)
- Idemitsu Lube India Pvt Ltd
- Indian Oil Corporation Ltd
- Kluber Lubrication
- Panama Petrochem Ltd
- Shell PLC
- Tide Water Oil Co. (India) Ltd (Veedol)
- TotalEnergies
Other Reports That Might Be of Your Interest:
- India Industrial Lubricants Market Report - The Indian industrial lubricants market is expected to register a CAGR of more than 4.00% during the forecast period (2023-2028).
- Morocco Lubricants Market Report - The Moroccan lubricants market is expected to register a CAGR of 4.88% during the forecast period (2023-2028).
Key Highlights from the Global Agriculture Lubricants Market Report:
The Engine Oil Segment Expected to Dominate the Market
- Engine or motor oils are used to keep the engine cool while running. They are also used to provide lubrication to internal combustion engines. These oils are composed of 10% to 25% additives and 75% to 90% base oils.
- Engine oils are generally used to provide smooth operation, wear reduction, and corrosion protection to vehicle engines.
Asia-Pacific is Predicted to Witness the Fastest Growth
- China is the biggest consumer of lubricants, both in the Asia-Pacific region and around the world. It feeds around 22% of the total global population and accounts for around 7% of the overall global agricultural acreage.
- In the year 2022, tractor exports in India saw an increase of around 6%, reaching around 131,850 units. India accounts for around 2.1% of global tractor sales.
What are the Latest Developments in the Global Agriculture Lubricants Market?
- In August 2022, Phillips 66 submitted a non-binding proposal to the board of directors of DCP Midstream’s general partner. The proposal was to purchase all publicly held common units of DCP Midstream in exchange for cash.
- In March 2022, HF Sinclair Corporation was created by the partnership of Holly Energy and HollyFrontier Corporation. This was followed by the acquisition of Sinclair Transportation Company and Sinclair Oil Corporation.
Mordor Intelligence has Segmented the Global Agriculture Lubricants Market Based on Product Type and Geography:
- By Product Type (Market Size and Forecast based on Volume (million kilotons), 2018-2028)
- Engine Oil
- Transmission and Hydraulic Fluid
- Grease
- Other Product Types
- By Geography (Market Size and Forecast based on Volume (million kilotons), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Rest of the World
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Agriculture Lubricants Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Qatar Automotive Lubricants Market Report - The Qatari automotive lubricants market volume is estimated at 31.83 million liters in 2023. It is expected to reach 36.71 million liters by 2028, registering a CAGR of 2.89% during the forecast period (2023-2028).
- Canada Lubricants Market Report - The Canadian lubricants market is expected to register a CAGR of more than 2.50% during the forecast period (2023-2028).
- Poland Lubricants Market Report - The Polish lubricants market is expected to register a CAGR of less than 3.00% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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