Agricultural Lubricants Market To Generate $4,332.8 Million Revenue by 2030

The global agricultural lubricants market sales value is predicted to generate $4,332.8 million revenue by 2030, advancing at a CAGR of 4.2% during 2021–2030. The market growth can be augmented by the increasing modern agriculture practices and the surging use of machines and large equipment for farming.

The efficiency, longevity, and dependability of agricultural equipment and engine components can be improved with the use of lubricants, as these have the superior property of decreasing friction. For instance, tractors perform heavy duties in fields, thus their engines frequently sustain wear and tear, which reduces the efficiency of the equipment. As a result, mineral-based oils are primarily utilized as lubricants for tractors used in the agriculture sector. Therefore, due to the rising farming activities, there is an increase in the need for agricultural lubricants in agriculture-based economies, including Brazil, India, Vietnam, and China.

Moreover, the surging demand for organic fruits and vegetables is expected to boost their farming, which, in turn, will substantially drive the need for agricultural lubricants in the forecast period.

Tractors, harvesters, power sprayers, and threshers are a few examples of agricultural machinery that are subsidized by government agencies in a number of countries. The rising adoption rate of farm mechanization in emerging markets is also a key driver of the agricultural lubricants market growth.

Engine Oils Account for Maximum Revenue in the Market

The market for engine oils was valued at around $1,254.4 million in 2021, and it is expected to grow at a significant CAGR over the forecast period. Also, the demand for engine oils is predicted to increase rapidly in the coming years. When engines are subjected to different temperatures and pressures, engine oils are primarily utilized to preserve them from deterioration. Choosing a high-quality lube should be important because engine lubrication is essential for protecting the engine and lowering the chances of damage and failure.

On the other hand, the demand for bio-based lubricants is expected to grow at the highest rate in the future. This can be because the farm mechanization rate is high in Europe and APAC, which is expected to drive the need for sustainable and biodegradable agricultural lubricants that are safe for the environment.

Online Sales Are Expected to Grow at a Higher Pace

In 2021, the offline distribution channel dominated the market, as it is the main sales channel for agricultural lubricants. On the other hand, the online category is projected to witness faster growth during the forecast period. This can be attributed to the benefits of online distribution channels, such as they are inexpensive to set up, so providers can sell their goods at low costs and get a competitive edge.

The key players operating in the agricultural lubricants market are Chevron Corporation, Phillips 66 Company, Rymax B.V., Exxon Mobil , TotalEnergies SE, BP plc, Petro-Canada Lubricants Inc., FUCHS PETROLUB SE, Exol Lubricants Limited, and Witham Group.