CHICAGO, Feb. 19, 2024 /PRNewswire/ — The report “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″, 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. High demand from the increasing adoption of modern farming techniques and equipment is expected to drive the Agricultural lubricant market.
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263 – Tables 60 – Figures 295 – Pages
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The mineral oil-based lubricant is expected to account for the largest share of the Agricultural lubricant market, by category, during the forecast period, in terms of value.
By category, the mineral oil-based lubricant is estimated to have the largest market share by value. Mineral oil-based lubricant is expected to hold the largest market share due to their wide usage in heavy-duty applications within the agriculture sector, such as transmissions, hydraulic systems, and gearboxes. The increasing demand for mineral oil-based lubricants is driven by the growing awareness of environmental concerns and the need for sustainable practices. With low cost and easy availability, outstanding lubricating qualities capacity, mineral oil-based lubricants are undergoing continuous advancements, contributing to the growth of agricultural lubricant market.
By product type, the engine oil is expected to account for the largest market share during the forecast period in terms of value.
Based on product type, the engine oil is estimated to account for the largest share of the market during the forecast period. This is primarily due to increase in use of heavy machines in agriculture work. The robust growth of the agricultural sector, coupled with the rising adoption of advanced farming machinery, is expected to play a key role in driving the demand for engine oils The surge in engine oil, is anticipated to significantly contribute to the overall growth of the global agricultural lubricant market, further propel the growth of this automotive segment in this market.
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Aftermarket, by sales channel, is expected to account for the largest segment during the forecast period.
The largest share in the agricultural lubricant market, based on sales channel value, is attributed to the aftermarket during the forecast period. The aftermarket is experiencing significant growth as farmers and equipment owners prefer purchasing these products directly from suppliers rather than original equipment manufacturers. This trend is propelled by the increasing adoption of modern agricultural practices, the mechanization of farming processes, and the rising utilization of machinery. The continued demand for modern agricultural practices and the mechanization of farming processes are anticipated to further boost the agricultural lubricant market.
North America is projected to register the largest market share during the forecast period.
North America is estimated to lead the market during the forecast period, driven by robust economic growth and substantial investments in the agriculture and petrochemical sectors. This region comprises developed nations such as the United States, Canada, and Mexico. North America has gained prominence in lubricant manufacturing, capitalizing on recent infrastructure development and industrialization within its developed countries. Additionally, government support is likely to propel Agricultural lubricant market.
Key Players:
Some of the leading players in this market include Shell PLC (UK), Exxon Mobil Corporation (US),Total Energies (France),BP p.l.c (UK) ,Chevron Corporation (US) ,Phillips 66 (US) , FUCHS (Germany) and Sinopec Lubricant Company (Singapore). among others.
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Related Reports:
Lubricants Market – Global Forecast to 2027
Synthetic Lubricants Market – Global Forecast to 2023
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