USD 3.04 billion
Report ID: SQMIG15C2014 | Region: Global | Published Date: October, 2022 | Pages: 268 | Tables: 65 | Figures: 75
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 are lubricants used in agricultural equipment to extend the life of the machinery and equipment. Harvesters, tractors, and verge cutters, among other devices, use them. They are also cost-effective and aid in the reduction of fuel use. The use of modern agricultural equipment is increasing, which is boosting the demand for agricultural lubricants and allowing enterprises to develop internationally. Furthermore, because of rising farm mechanization throughout the world, the agricultural lubricants sector is booming.
Growing adoption of modern agricultural machinery to boost farm productivity is the main factor driving the market. Utilization of agricultural lubricants in the agriculture sector has been boosted by the rising use of high-performance engines in tractors, harvesters, grape-harvesting equipment, and silage harvesters. Additionally, during the forecast period, there will likely be an increase in the demand for agricultural lubricants due to the growing need to reduce operating costs, minimize maintenance, and extend the lifespan of equipment. The demand for agricultural lubricants is increasing as there is a growing need for protection against wear and corrosion as well as for improved fuel efficiency. The agricultural lubricants used in transmission and gearboxes minimize friction while providing the best possible protection for the parts. They perform well at high pressures and temperatures, lowering the likelihood of heat-related failure and damage.
US Agricultural Lubricants Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.04 billion
Mineral Oil Lubricants
Mineral Oil Lubricants
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The Global Agricultural Lubricants Market is segmented based on the Type, Application, and Region. Based on the Type, the Global Agricultural Lubricants Market is segmented into Mineral Oil Lubricants, Synthetic Lubricants, and Bio-Based Lubricants. Based on the Application, the Global Agricultural Lubricants Market is segmented as Engines, Gear & Transmission, Implements, Greasing, and Hydraulics. Based on Region Agricultural Lubricants Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Agricultural Lubricants Market Analysis by Type
The bio-based agricultural lubricants segment is anticipated to grow the fastest during the forecast period. The segment is being driven by bio-based agricultural lubricants' long fluid lifetime and biodegradability. The use of bio-based agricultural lubricants has increased as a result of strict regulations regarding environmental degradation and a growing need to protect the environment from unintentional oil spills. Moreover, the demand for bio-based agricultural lubricants has increased as a result of developments in R&D activities and the emergence of green chemistry. Vegetable oils have become more popular as agricultural lubricants than mineral oil because of their superior lubricity, higher viscosity index, and higher flashpoint. Vegetable oils are also less harmful to the environment and less dependent on petroleum imports.
Agricultural Lubricants Market Analysis by Application
In terms of both value and volume, the engines sector led the agricultural lubricants market in 2019, followed by the gears & transmission segment. This significant proportion can be attributable to the global expansion of the farm tractor market. Each tractor has at least one engine, with each engine's oil consumption capacity ranging from two to three liters. This much lubrication is consumed by no other section of the tractor. As a result, the engine application category dominates the agricultural lubricants market.
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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.
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Agricultural Lubricants Market Driver
Government subsidies coupled with equipment advancement
Agricultural Lubricants Market Restraint
High cost coupled with unawareness among consumers
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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.
Agricultural Lubricants Market Top Players Company Profiles
Agricultural Lubricants Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Agricultural Lubricants Market Analysis, the supply of farm machinery subsidies by the Indian and Chinese governments, as well as growing agricultural mechanisation rates in emerging nations, are major drivers driving the market research. The high cost of synthetic and bio-based lubricants is projected to stifle the market's expansion. The rising popularity of biodegradable lubricants is projected to provide future development opportunities for the industry. With a market share of more than 45%, motor oil was the most popular. It is also predicted to grow at a high rate throughout the projection period.
|Market size value in 2021||USD 3.04 billion|
|Market size value in 2030||USD 3.18 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Agricultural Lubricants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Agricultural Lubricants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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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.
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