Agricultural Lubricant Market by Product Type (Engine Oil, UTTO, Coolant, Grease), Category (Mineral Oil-Based Lubricants, Synthetic Oil-Based Lubricants, Bio-Based), Sales Channel (Oems And Aftermarket), and Region - Global Forecast to 2028

Agricultural Lubricant Market by Product Type (Engine Oil, UTTO, Coolant, Grease), Category (Mineral Oil-Based Lubricants, Synthetic Oil-Based Lubricants, Bio-Based), Sales Channel (Oems And Aftermarket), and Region - Global Forecast to 2028

The Agriculture Lubricant market is projected to grow from USD 6.3 billion in 2023 to USD 7.7 billion by 2028, at a CAGR of 3.9% during the forecast period. The growing demand for lubricant in agricultural machinery, coupled with increased research and development in Agriculture Lubricant, is one of the key driver that is boosting the Agriculture Lubricant market.

“By Category , Synthetic oil-based lubricant segment, is estimated to account for the second largest share during the forecast period”

The Synthetic oil-based lubricant segment is projected to secure the second-largest share in the forecast period, primarily fueled by its extensive application in the automotive and mechanical industries. Synthetic oil-based lubricant play a crucial role in various industries and applications due to their superior mechanical and chemical properties compared to traditional mineral oil-based lubricants. The segment's significance is further underscored by the increasing demand for increasing modern agriculture practices, mechanization of agricultural processes, and the surging use of machines and large equipment. This broader utilization is expected to contribute to the sustained growth of the synthetic oil-based lubricant segment in the Agriculture Lubricant market.

“By Product type, UTTO segment is accounted for the second largest share during the forecast period”

UTTO are well-known for used in the agricultural industry to ensure the efficient operation of different farming machinery.These lubricants are used in various types of agricultural machinery, such as tractors, combine harvesters, corn-pickers, silage harvesters, round balers, and more .The anticipated surge in demand for UTTO is fueled by their ability to reduce friction, prevent wear, and protect the equipment from corrosion. Therefore, the ability to reduce friction, prevent wear, and protect the equipment from corrosion of UTTO oil are expected to drive the Agriculture Lubricant market.

“OEM, by sales-channel, is estimated to account for the second largest share during the forecast period”

The demand for agricultural lubricants in the Original Equipment Manufacturer (OEM) channel is driven by the need for specialized lubricants that meet the precise requirements of agricultural machinery. The demand in this channel is influenced by the overall growth in the agricultural machinery market, technological advancements in equipment design, and the emphasis on efficiency and sustainability. The OEM sales channel plays a pivotal role in product distribution, accessibility, and in shaping consumer preferences in the agricultural lubricant market. Thus, the growing agricultural lubricant oil in various OEM is expected to propel the demand for Agriculture Lubricant market.

“Asia-Pacific region is estimated to account for the second largest share during the forecast period”

Asia-Pacific is expected to be the second-largest market for Agriculture Lubricant. China and India is among the key player in the region, which is driven by Modern Farming Practices, with a rise in the demand for lubricants. As a major contributor to the Modern Farming industry, both India and China emerges as a favorable market for various type of lubricant, particularly those of mineral oil-based lubricant. Additionally, the ongoing transition to rising farm mechanization in the country is expected to boost the market further, contributing to the overall growth of the Asia-Pacific agriculture lubricant market.

Profile break-up of primary participants for the report:

By Company Type: Tier 1 – 69%, Tier 2 – 23%, and Tier 3 – 8%

By Designation: C-level– 23%, Director Level– 37%, and Others – 40%

By Region: North America – 32%, Europe – 21%, Asia Pacific – 28%, Middle East & Africa – 12%, South America – 7%

Shell plc (UK), Exxon Mobil Corporation (US),TotalEnergies (France),BP p.l.c (UK) ,Chevron Corporation (US) are some of the major players operating in the Agriculture Lubricant market. These players have adopted strategies such as acquisitions, expansions, and partnerships, and expansions in order to increase their market share business revenue.

Research Coverage:

The report defines, segments, and projects the Agriculture Lubricant market based on material, battery type, end-use, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, Agriculture Lubricant manufacturers and comprehensively analyses their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, joint ventures, agreements, and acquisitions, undertaken by them in the market.

Reasons to Buy the Report:

The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the Agriculture Lubricant market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (increasing mechanization in agriculture and decreasing agricultural labor,growth in agricultural sector,improved efficiency of farm equipment), restraints (Volatile crude prices, Climate Change Impact), opportunities (rising demand for bio-based agricultural lubricants,extended drain intervals of high performance lubricants), and challenges (emergence of electric tractor) influencing the growth of the Agriculture Lubricant market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the Agriculture Lubricant market.

Market Development: Comprehensive information about lucrative markets – the report analyses the Agriculture Lubricant market across varied regions.

Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the Agriculture Lubricant market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as Shell plc (UK), Exxon Mobil Corporation (US),TotalEnergies (France),BP p.l.c (UK) ,Chevron Corporation (US) ,Phillips 66 (US) , FUCHS (Germany), Sinopec Lubricant Company (Singapore) ,Petronas Lubricants International (Malaysia),Gulf Oil Lubricants India Limited (India),Valvoline (Kentucky),Bharat Petroleum Corporation Limited (India),Indian Oil Corporation Ltd (India),Hindustan Petroleum Corporation Limited (India) ,Claas KGaa mbH (Germany),ENI(Italy) ,Repsol S.A. (Spain),Eneos corporation (Japan),Kyoto Japan Tire Corporation Ltd (Japan),Rymax Lubricants (Neitherlands),Schaeffer Manufacturing Co.(US),Lukoil Lubricants Company (Russia) ,Rosneft (Russia),Exol Lubricants Limited (UK) and other players in the Agriculture Lubricant market.