Agricultural Lubricants Market

Global Agricultural Lubricants Market Size (2024 to 2029)

The Global Agricultural Lubricants market is predicted to reach USD 5.02 billion in 2024 and USD 7.38 billion by 2029, growing at a CAGR of 8.0% during the forecast period.

MARKT OVERVIEW

Agricultural lubricants are materials that are employed for lubricating farm appliances and other machinery are tractors, verge cutters, harvesters, and others. Agricultural lubricants are a very significant part of the agricultural segment as they are employed to escalate the efficiency of the agricultural appliance. Utilizing agricultural appliances is a very price-effective technique as it enhances the life of the machine by putting a stop to its wear and tear, lessens the repair expense, and assists in keeping away the probability of early replacement. Broadly employed artificial lubricants are very expensive and need careful handling owing to their dangerous property. Machinery, technologies, and modern appliance assists in enhancing agricultural productivity and yield. Machinery and appliance employed for different agricultural practices assist in decreasing the time and effort funded in the total procedure of producing agricultural products. Hence, the smooth working of this appliance and machinery is of high significance in order to maintain agricultural productivity.

A lubricant is a substance that is employed to decrease abrasion or friction between two surfaces that are in touch with each other. It assists in the elimination of heat, and change of power and is present in liquid, solid, and gaseous forms. They are also present in semisolid states. Greases are one of the most general instances of lubricants in semisolid states. Additives (5-30%) are added to lubricants to improve their performance. Lubricants are employed in agricultural appliances to escalate productivity.

MARKET DRIVERS

The agricultural lubricants assist in the better functioning of the machinery and decrease the wear and tear caused owing to friction. There is a surge in the need for agricultural lubricants in engines, gear & transmission, greasing and others have been among the notable drivers of the industry in the coming years. Agricultural lubricants also assist in decreasing the price arising from repairs or replacement, and losses and downtime owing to the breakdown of the appliance.

The rise in population calls for food has skyrocketed that in turn calls for high productivity of agricultural products, which is the key factor boosting the expansion of the global agricultural lubricant industry. Motivation from the government to hold the latest agricultural practices as well as the monetary support offered to the farmers is also driving the expansion of the agricultural lubricants market. Reduction in the presence of agricultural workers, resulting in escalated labor expenses is the crucial driving factor for the agricultural lubricant industry. Furthermore, the growing focus on mechanization in the agricultural segment is also one of the factors boosting the expansion of the agricultural lubricants industry. Also, the allocation offered by the government for agricultural appliances fuels the expansion of the global agricultural lubricant industry.

The high price of lubricants and their less performance are key factors restraining the expansion of the industry. Coaxing small-scale farmers to employ agricultural lubricants is very challenging work. Less capital with the small-scale farmers is also a hindrance in their way to embracing agricultural lubricants as they choose to stick to conventional price-friendly methods. Also, high expenses related to bio-based lubricants are a critical restraint for business expansion.

MARKET CHALLENGES

Nevertheless, artificial lubricants that give better output than their counterparts, are expensive and dangerous and need special attention while handling. Hence, there always remains a requirement for low-cost alternatives with the same performance as that artificial lubricants.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL AGRICULTURAL LUBRICANTS MARKET INCLUDED IN THIS REPORT

This research report on the global agricultural lubricants market has been segmented and sub-segmented based on type, application, and region.

Agricultural Lubricants Market By Type

• Mineral Oil Based
• Synthetic Lubricants
• Bio-Based

Presently, the global industry is led by the synthetic lubricants sector, owing to enhanced efficiency of the appliance, better oxidation resistance that can transfer into longer life, and higher flash or fire points. The synthetic lubricant segment is estimated to continue its lead during the foreseen period.

Agricultural Lubricants Market By Application

• Engine
• Hydraulics
• Gear & Transmission
• Others

The industry is presently led by the engine sector, followed by the gear & transmission sector. Both sectors are employed to hold a high share of the industry during the envisioned period. These sectors are also deemed to rise at a steady pace in the future. 

Agricultural Lubricants Market By Country

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

On the basis of region, the industry was led by the Asia Pacific, due to the availability of key producers of corn, wheat, and rice like China, India, and the ASEAN countries. China is the worldwide leader on the basis of the production of rice. Agriculture is one of the major contributors to the GDP of most of the regions in the Asia Pacific. Agriculture has been one of the major sources of income and employment for the individuals of most nations in the Asia Pacific until the past few decades. The industry for agricultural lubricants in the Asia Pacific is estimated to grow at a fast pace during the foreseen period. Nations in Europe and North America are converting to bio-based lubricants due to the dangers related to the employment of synthetic lubricants. Asia-Pacific was the most significant contributor to the global agricultural lubricants market in the previous years, with China recorded as the largest producer of rice, tomato, and cotton. The area is also employed to register the largest expansion during the foreseen period, as 57% of the nations in the vicinity have agriculture as their major occupation. North America has been registered as the second leading industry after APAC, which is followed by Europe. 

KEY MARKET PLAYERS

Exxon Mobil Corporation (US), Royal Dutch Shell Plc (Netherlands), Chevron Corporation (US), Total SA (France), BP plc (UK), FUCHS PETROLUB SE (Germany), Phillips 66 (US), Exol Lubricants Limited (UK), Witham Oil & Paint Ltd (UK), Rymax Lubricants (Netherlands), Repsol SA (Spain), Cougar Lubricants International Ltd (UK), Schaeffer Manufacturing Co. (US), Pennine Lubricants Limited (UK), Frontier Performance Lubricants, Inc. (US), Unil Lubricants (Belgium) are some of the notable companies in the global Agricultural lubricants market.

RECENT HAPPENINGS IN THE MARKET

• Chevron Products Firm, a Chevron U.S.A. Inc. division, and Noria, a provider of lubrication consulting services and training, declared the introduction of the ISO CLEAN Calculator, a first-of-its-kind tool that assists firms to calculate possible appliance life based on lubricant cleanliness levels.
• Shell declares the introduction of ‘Scale Track’ under its E⁴ program – Shell’s flagship start-up incubation program. The Scale Track is constructed for mature, energy-related start-ups that have gained a product-market fit with their commercial products.