Global Agricultural Lubricants Market projected to grow to $9.28 billion by 2033 due to increased use of advanced farming equipment and technology.

From GlobeNewswire: 2024-07-22 16:00:00

The Global Agricultural Lubricants Market is projected to grow from $6.2 billion in 2023 to $9.28 billion by 2033, with a CAGR of 4.12%. Agricultural lubricants improve machinery performance and longevity, while reducing fuel consumption. The market is driven by increased use of advanced farming equipment and technology. Bio-based lubricants, offering excellent lubrication and efficiency, are expected to dominate the market. The engine segment is anticipated to grow rapidly due to the expansion of the farm tractor market. Offline distribution channels, including specialty stores and convenience retailers, are expected to see significant growth. Asia Pacific is predicted to lead in revenue share, with China as the largest consumer. North America is expected to grow the fastest due to increased adoption of agricultural machinery. Competitive analysis shows key players like ExxonMobil Corporation and BP plc. Recent developments include a Memorandum of Understanding between Sinopec and BP. Market segments include type (mineral oil-based, synthetic oil-based, bio-based), application (engine, gear & transmission, implements, greasing), and distribution channel. Regional analysis covers North America, Europe, Asia Pacific, South America, Middle East, and Africa. Additional related reports cover the Global Blood Meal Market and Soil Treatment Market, offering insights into industry trends, projections, and analysis.



Read more at GlobeNewswire: Global Agricultural Lubricants Market Size To Worth USD