Agriculture Lubricants Market Expected to Reach USD 1.77 Million Kilotons by 2028

The global Agriculture Lubricants Market is projected to witness significant growth, with market volumes estimated to reach USD 1.77 million kilotons by 2028, according to a recent market research report titled “Agriculture Lubricants Market Report (2023-2028).”

The report predicts that the market volume, currently standing at USD 1.52 million kilotons in 2023, will experience a Compound Annual Growth Rate (CAGR) of 3.13% during the forecast period.

Agriculture-specific lubricants play a crucial role in safeguarding machinery used in the agricultural sector. They are designed to protect equipment from corrosion and oxidation, prevent contamination, and reduce overall oil usage. Additionally, these lubricants help extend the life of agricultural machinery, ensuring reliability and smooth operation regardless of terrain or weather conditions.

One of the key applications of agriculture lubricants is in engine or motor oils, which serve the dual purpose of keeping engines cool during operation and providing lubrication to internal combustion engines. Engine oils typically consist of 10% to 25% additives and 75% to 90% base oils. Their usage in agricultural machinery aims to promote smooth functioning, reduce wear and tear, and protect against corrosion.

The Asia-Pacific region is anticipated to witness the fastest growth in the agriculture lubricants market. China, the largest consumer of lubricants globally, is a significant contributor to the surge in market demand. The country’s vast population, accounting for approximately 22% of the world’s total, and extensive agricultural acreage covering around 7% of the global total, drive substantial lubricant consumption.

Furthermore, India, a prominent player in the Asia-Pacific agricultural landscape, has witnessed a rise in tractor exports. In 2022, tractor exports from India surged by approximately 6%, reaching an impressive figure of around 131,850 units. India’s thriving agricultural sector, responsible for around 2.1% of global tractor sales, indicates a robust demand for agriculture lubricants in the country.

The report underscores the pivotal role of agriculture lubricants in maintaining the efficiency and longevity of agricultural machinery. As the agricultural sector continues to expand, the demand for reliable and high-performing lubricants is expected to rise. Manufacturers and suppliers of agriculture lubricants are likely to witness a period of steady growth and increasing market opportunities.