Agricultural Lubricants Market Size Worth $9.03 Billion By 2032 | CAGR: 3.6%

The global Agricultural Lubricants market size is expected to reach USD 9.03 billion by 2032, according to a new study by Polaris Market Research. The report “Agricultural Lubricants Market Share, Size, Trends, Industry Analysis Report, By Lubricant Category (Bio-Based, Mineral Oil-Based and Synthetic Oil-Based); By Product Type; By Sales Channel; By Agricultural Equipment; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Superior qualities of agricultural lubricants include lowering friction, preserving equipment longevity, and controlling temperature. They also help increase the tractor's and other agricultural equipment engines' dependability, efficiency, and lifespan. Tractors used for agricultural purposes typically utilize mineral-based transmission oils for lubrication because their engines require heavy lifting and frequent wear and tear, which reduces the machines' efficiency. Due to the growing use of farm tractors, rising economies such as China, India, Vietnam, and Brazil will see a surge in demand for agricultural lubricants.

The market for agricultural lubricants is facing competition from the rise of e-tractors. Electric-powered tractors, or "E-tractors," are gaining popularity in the agriculture industry since they are economical and environmentally friendly. Because e-tractors don't need conventional lubricants, there may be less of a need for them, which could have a detrimental effect on the market. Thus, it is expected that the introduction of electric tractors will present a hurdle to the market's growth for agricultural lubricants.

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The rising need for bio-based lubricants is a major opportunity for the agricultural lubricant market. With a greater focus on sustainable practices, bio-based lubricants are in line with current trends. Agriculture, an industry where environmental factors are crucial, stands to benefit from these lubricants due to their eco-friendliness, biodegradability, and lower carbon footprint. This expected increase in demand presents a chance for growth in the agricultural lubricant market. Moreover, the future growth of the agricultural lubricants market will be enhanced by the rising adoption of diverse market strategies by manufacturers, including business expansion, joint ventures, and acquisitions.

Agricultural Lubricant Market Report Highlights

• The bio-based segment dominated the market in 2023, driven by superior lubrication effect and reducing friction preventing wear on machinery parts.
• The aftermarkets segment led the market in 2023 and is expected to maintain its dominance due to the offline distribution channel and increased demand for lubricants for machinery equipment.
• Asia Pacific holds a significant revenue share in the global Agricultural Lubricants market, driven by high demand for food and government initiatives.
• The global key market players include Bharat Petroleum Corporation Limited, BP Plc, Chevron Corporation, ExxonMobil Corporation, FUCHS, Gulf Oil Lubricants India Limited, Indian Oil Corporation Ltd, Petronas Lubricants International, Phillips, Shell Plc and Sinopec Lubricant Company.

Polaris Market Research has segmented the Agricultural Lubricants market report based on lubricant category, product type, sales channel, agricultural equipment and region:

Agricultural Lubricants, Lubricant Category Outlook (Revenue - USD Billion, 2019 - 2032)

• Bio-Based Lubricants
• Mineral Oil-Based Lubricants
• Synthetic Oil-Based Lubricants

Agricultural Lubricants, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Coolant
• UTTO ( hydraulic oil & transmission)
• Engine Oil
• Grease

Agricultural Lubricants, Sales Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• OEM’s
• Aftermarket

Agricultural Lubricants, Agricultural Equipment Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Implements
• Tractors
• Combines

Agricultural Lubricants, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Agricultural Lubricants Market Report Scope