Chicago, April 01, 2024 (GLOBE NEWSWIRE) -- The Global Agricultural Lubricant Market is projected to grow from USD 6.3 billion in 2023 to USD 7.7 billion by 2028, at a CAGR of 3.9% during the forecast period, as per the recent study by MarketsandMarkets™. The market is experiencing expansion, propelled by the increasing modern agriculture practices, mechanization of agricultural processes, and the surging use of machines and large equipment. The industry's emphasis on sustainability and environmental responsibility is propelling the growth of biodegradable lubricants.
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Browse in-depth TOC on “Agricultural Lubricant Market”.
263 - Market Data Tables
60 - Figures
295 - Pages
List of Key Players in Agricultural Lubricant Market:
- Shell PLC (UK)
- Exxon Mobil Corporation (US)
- TotalEnergies (France)
- BP p.l.c (UK)
- Chevron Corporation (US)
- Phillips 66 (US)
- FUCHS (Germany)
- Sinopec Lubricant Company (Singapore)
Drivers, Restraints, and Opportunities in Agricultural Lubricant Market:
- Driver: Increasing mechanization in agriculture
- Restrain: Volatile crude oil prices
- Opportunity: Rising demand of bio-based lubricant
- Challenge: Emergence of electric tractor
Key Findings of the Study:
- The mineral oil-based lubricant is expected to account for the largest share of the Agricultural lubricant market, by category, during the forecast period, in terms of value.
- By product type, the engine oil is expected to account for the largest market share during the forecast period in terms of value. Aftermarket, by sales channel, is expected to account for the largest segment during the forecast period.
- North America is projected to register the largest market share during the forecast period.
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Based on agricultural lubricant type, the mineral oil lubricant accounted for the largest share during 2023 to 2028.Mineral Oil lubricant are widely used to maintain and protect various types of machinery and equipment. Their interest emerges from wide operating temperature range, better solubility with additives and cost effective. Surging demand for mineral oil lubricant drives market growth, increasingly pivotal in the agricultural lubricant market. As technology evolves, these mineral oil lubricants remain adaptable, maintaining relevance in traditional and emerging applications.
Based on sales channel value, the aftermarket accounted for the largest share, in terms of value, of the overall agricultural lubricant market during the forecast period. The aftermarket for agricultural lubricants is thriving as farmers and equipment owners increasingly buy these products directly from suppliers instead of original equipment manufacturers. This trend is fuelled by the adoption of modern agriculture practices, the mechanization of farming processes, and the growing use of machinery. As the demand modern agriculture practices and mechanization of agricultural processes this is further expected to drive the agricultural lubricant market.
Based on product type, the engine oil segment accounted for the largest share, in terms of value, of the overall agricultural lubricant market during the forecast period. The rise of engine oil, powered by the increasing modern agriculture practices, mechanization of agricultural processes, and the surging use of machines and large equipment, has been a major factor. With increasing precision farming practices and the use of advanced machinery, the demand for lubricant is expected to grow and drive up the need for engine oil and, consequently, agricultural lubricant. This has resulted in a significant growth in demand for engine oil, which in turn has boosted the demand for the agricultural lubricant market.
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Based on region, North America is the largest market for agricultural lubricant, in terms of value, during the forecast period. The region includes developed nations like US, Cannada and Mexico. North America has become a focus for lubricant manufacturing, benefiting from recent infrastructure development and industrialization in its developed nations. These factors have created new opportunities in increasing modern agriculture practices, mechanization of agricultural processes, and the surging use of machines and large equipment contributing to the continued growth of this region for the agricultural lubricant market.
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