Agricultural Lubricants Market Touched USD 3.3 billion in 2021 and is predicted to reach USD 4.7 billion in 2029, increasing at a CAGR of 4.6% during the forecast from 2022-2029

The factors driving growth of Agricultural Lubricants Market includes Government subsidies on the purchase of machines such as harvesters, tractors, and verge cutters, growing popularity of high-performance synthetic lubricant, rising cost of farm labors and improvements in the living standards. Moreover, growing adoption of advanced technologies, emerging trend of consuming bio-based products in the developing countries, superior properties of lubricants, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Agricultural Lubricants Market share. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Agricultural Lubricants Market is hindered due to inadequate knowledge amongst farmers about benefits of using agricultural lubricants.

The prominent players operating in the market are Cougar Lubricants International Ltd, Repsol S.A., Schaeffer Manufacturing Co., Chevron Corporation, Exol Lubricants Limited, Bp plc, Exxon Mobil Corporation, Phillips 66 Company, Royal Dutch Shell Plc, The Witham Group, Rymax Lubricants, and Frontier Performance Lubricants, Inc., among others.

Based on Type, the Bio-Based segment is predicted to grow at a significant CAGR during the forecast period

Higher flash point, low evaporation rate and high viscosity index of bio-based agricultural lubricants and rising focus on reducing the dependency of petroleum oils, are some of the factors pushing Agricultural Lubricants Market size.

Based on Application, the Engines segment is projected to expand at a robust CAGR over the forecast period

Increasing consumption of oil in tractor engines worldwide, is the major factor propelling growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period

Growing demand for food across India, Sri Lanka and China, Government subsidies on the purchase of agricultural machines, rapid urbanization, rising adoption of advanced technologies, increasing per capita incomes and high population growth rates, are some of the important factors augmenting he market growth in the Asia-Pacific region.

Key Developments

• In 2020, Rymax Lubricants introduced the Apollo ECO line that offers a variety of full synthetic engine oils for gasoline, diesel, and hybrid engines. The ECO line consists of low viscous, fuel-saving engine oils with maximum protection against Low-Speed Pre-Ignition (LSPI) and particularly suitable for modern hybrid engines.
• In 2019, Royal Dutch Shell partnered with Mahindra & Mahindra Ltd, a part of the Mahindra Group. Through this partnership, Mahindra and Shell would work together to offer high-performance lubricant products, including engine oils, transmission, and axle oils under the ‘Maximile’ brand.

Market Segmentation

Segmentation by Type

• Mineral Oil
• Synthetic
• Bio-based

Segmentation by Application

• Engines
• Gears & Transmission
• Hydraulics
• Greasing
• Implements

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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