Market Size of Agriculture Lubricants Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 1.56 Million tons |
| Market Volume (2029) | 1.83 Million tons |
| CAGR (2024 - 2029) | 3.26 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Agricultural Lubricants Market Analysis
The Agriculture Lubricants Market size is estimated at 1.56 Million tons in 2024, and is expected to reach 1.83 Million tons by 2029, growing at a CAGR of 3.26% during the forecast period (2024-2029).
In 2020, the agricultural lubricants market was affected negatively due to the outbreak of the COVID-19 virus, which resulted in lockdowns and different government restrictions worldwide. As a result, the agriculture equipment industry witnessed challenges as several companies struggled to remain operational because of the pandemic. However, in 2021 and 2022, the increased number of vaccinations helped the countries to gradually uplift restrictions like lockdowns. This also marked the recovery of the agriculture equipment industry and, thus, of the agricultural lubricants.
Factors such as the provision of subsidies for farm machinery by the Indian and Chinese governments, increasing farm mechanization rates in developing countries, and increasing cost of farm labor are projected to be the prominent drivers of the market.
However, the high cost of synthetic and bio-based lubricants will likely hinder market growth during the forecast period.
The growing prominence of biodegradable lubricants will likely act as an opportunity for market growth during the forecast period.
Asia-Pacific is expected to dominate the global agricultural lubricants market during the forecast period.
Agricultural Lubricants Industry Segmentation
Agriculture-specific lubricants are designed to avoid contamination, protect machinery from oxidation, corrosion, and rust, and provide longer oil drain intervals, resulting in lower oil usage. Using the proper lubricants boosts equipment uptime and ensures operational reliability regardless of weather or terrain.
The global agricultural lubricants market is segmented by product type and geography (Asia-Pacific, North America, Europe, and the rest of the world). By product type, the market is segmented into engine oil, transmission, hydraulic fluid, and grease. The report also covers the market size and forecasts for the agricultural lubricants market in 12 countries across major regions.
The market size and forecasts for agriculture lubricants are provided in terms of volume (tons) for all the above segments.
| Product Type | |
| Engine Oil | |
| Transmission and Hydraulic Fluid | |
| Grease | |
| Other Product Types |
| Geography | ||||||||
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| Rest of the World |
Agriculture Lubricants Market Size Summary
The agricultural lubricants market is poised for steady growth over the forecast period, driven by factors such as increased farm mechanization and government subsidies in countries like India and China. The market experienced a downturn in 2020 due to the COVID-19 pandemic, which disrupted the agriculture equipment industry. However, the subsequent recovery in 2021 and 2022, aided by vaccination rollouts, revitalized the sector. The demand for agricultural lubricants is expected to rise as automation in farming practices increases and the need for efficient machinery maintenance grows. Engine oils, a significant segment of this market, are crucial for lubricating tractors, harvesters, and other equipment, enhancing their performance and longevity.
Asia-Pacific is anticipated to lead the global agricultural lubricants market, with China and India being major consumers due to their extensive agricultural activities. The region's growth is supported by rising agricultural production and the expansion of farmland. Despite the high cost of synthetic and bio-based lubricants posing a challenge, the increasing focus on biodegradable options presents a growth opportunity. The market is partially consolidated, with key players like Shell, Exxon Mobil, and TotalEnergies actively investing in research and development to innovate and maintain their market positions. These companies are also expanding their operations, as seen in recent acquisitions and investments in new manufacturing facilities.
Agriculture Lubricants Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Provision of Subsidy for Farm Machinery by the Indian and Chinese Governments
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1.1.2 Increasing Farm Mechanization Rates in Developing Countries
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1.1.3 Increasing Cost of Farm Labor
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1.2 Restraints
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1.2.1 High Cost of Synthetic and Bio-based Lubricants
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Product Type
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2.1.1 Engine Oil
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2.1.2 Transmission and Hydraulic Fluid
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2.1.3 Grease
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2.1.4 Other Product Types
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 France
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2.2.3.4 Italy
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2.2.3.5 Spain
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2.2.3.6 Rest of Europe
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2.2.4 Rest of the World
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Agriculture Lubricants Market Size FAQs
How big is the Agriculture Lubricants Market?
The Agriculture Lubricants Market size is expected to reach 1.56 million tons in 2024 and grow at a CAGR of 3.26% to reach 1.83 million tons by 2029.
What is the current Agriculture Lubricants Market size?
In 2024, the Agriculture Lubricants Market size is expected to reach 1.56 million tons.
