NEWARK, Del, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The Global Agricultural Lubricants Market Size is estimated to reach revenues of US$ 3.6 billion in 2023. Over the assessment period 2023 to 2033, revenue is set to propel at 5.7% CAGR. It is expected to result in a sum of US$ 6.3 billion by the end of 2033.
During the historical period between 2018 and 2022, sales had escalated at 6.9% CAGR. In 2022, revenues from agricultural lubricants sales amounted to US$ 3.4 billion.
The global agricultural lubricants industry is expected to see immense popularity during the forecast period. This is due to increasing adoption of mechanized farming techniques that drive the demand for lubricants to maintain and operate agricultural machinery efficiently. Large farms require more machinery and equipment, leading to high lubricant consumption for maintenance and operation.
Advancements in agricultural machinery design now necessitate specialized lubricants to ensure optimal performance and durability. Farmers are focused on maximizing crop yields, which makes essential well-maintained machinery, and equipment using appropriate lubricants.
Growing environmental consciousness and legislation has driven the development of eco-friendly agricultural lubricants, resulting in the creation of a new market niche within the farm lubricants business.
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| Attributes | Key Insights | |
| Agricultural Lubricant Market Estimated Size (2023E) | US$ 3.6 billion | |
| Projected Market Valuation (2033F) | US$ 6.3 billion | |
| Value-based CAGR (2023 to 2033) | 5.7% | |
Strict environmental regulations drive the demand for eco-friendly and biodegradable lubricants in agriculture to minimize environmental impact. Increasing global food demand is pushing farmers to optimize their operations, creating a need for efficient machinery lubrication.
The trend towards precision farming requires accurate and consistent machinery operation, requiring high-quality lubricants. Developing countries are modernizing their agricultural practices, leading to increased machinery usage and lubricant consumption.
Modern agricultural methods, such as precision agriculture, rely largely on precise machinery performance. This necessitates a greater demand for lubricants to preserve the accuracy and efficiency of high-tech farming equipment. As emerging countries switched to more effective farming techniques, mechanization and modernization activities increased usage of agricultural machinery, driving need for lubricants.
Maintenance is critical in modern farming operations since reliable machinery performance is essential. Lubricants have been critical in preventing malfunctions and guaranteeing constant machine functioning, which has increased demand.
Farmers are recognizing the importance of regular machinery maintenance, boosting the demand for lubricants. Ongoing research and development in lubricant formulations enhance performance and extend machinery lifespan. These factors are anticipated to drive market growth during the forecast period.
Key Takeaways from Agricultural Lubricants Market Study:
- Sales of agricultural lubricants had escalated at 6.9% CAGR During the historical period between 2018 and 2022.
- By type, the mineral oil segment is set to witness at 5.6% CAGR over the forecast period from 2023 to 2033.
- Based on application, the engines division is projected to register at 5.5% CAGR between 2023 and 2033.
- The United States is estimated to account for significant shares in the global market at 88.6%.
- China is expected to register a sum of US$ 1.3 billion in 2033 in the global market.
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“The global agricultural lubricants industry is benefitted from the rising adoption of mechanized farming techniques. Manufacturers are incorporating IoT and sensor technologies to provide real-time monitoring. Product diversification and machinery-specific lubrication options are expected to create sizeable growth opportunities for vendors throughout the forecast period.”- Future Market Insights (FMI) analyst.
Top Key Players in Agricultural Lubricants and Their Marketing Strategy
Key manufacturers are investing in research and development to create advanced lubricants that can withstand the unique challenges of agricultural environments. It includes dust, moisture, and extreme temperatures. They are collaborating with equipment manufacturers and agricultural associations to create specialized lubricants that enhance machinery performance.
The key market players involved are:
- BP PLC
- Chevron Corporation
- Cougar Lubricants International Ltd.
- Exol Lubricants Ltd.
- ExxonMobil Chemical Company
For instance,
- In March 2021, Morris Lubricants introduces a revolutionary new line of superior multipurpose lubricants intended to meet a broad range of agricultural needs. This has been launched to propel the company's continuous expansion in the agriculture sector.
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Agricultural Lubricants Market Outlook by Category
By Type:
- Mineral Oil Lubricants
- Synthetic Lubricants
- Bio-Based Lubricants
By Application:
- Engines
- Gear & Transmission
- Hydraulics
- Greasing
- Implements
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Find More Valuable Insights into Agricultural Lubricants Market Report
The research report analyzes the demand for agricultural lubricants market. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors.
As per Future Market Insights (FMI), the market has been analyzed based on type (mineral oil lubricants, synthetic lubrications, and bio-based lubricants), application (engines, gear & transmission, hydraulics, greasing, implements) across various region.
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