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 |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
