Agricultural Lubricants Market to Surpass $4,333 Million Revenue by 2030, Says P&S Intelligence

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Government agencies have implemented numerous farmer funding schemes in emerging economies, such as Mexico and India, to help farmers purchase tractors, power sprayers, harvesters, threshers, paddy transplanters, and other similar equipment. Because of this, more urbane machinery is being utilized by farmers, which increases the demand for oiling products.

APAC had the largest revenue share in the agricultural lubricants market in 2021. This region witnesses a rapid expansion in investments, trade, and technology because of the surge in the rate of industrial development. Furthermore, economic and ecological conditions, demographics, and scientific progressions are leading to the growth of the agriculture sector in the region, which, in line, drives the requirement for farm equipment and related lubricants.

The requirement for bio-based lubricants will witness the fastest agricultural lubricants market growth, at a CAGR of around 5%, due to the increasing acceptance of biodegradable chemicals. Additionally, bio-based products offer greater lubricating qualities than those produced from mineral oils, with biodegradability and renewability being their main assets. Furthermore, the necessity for them is snowballing as agricultural corporations and farmers are demanding heavy-duty machinery.

Browse detailed report on Agricultural Lubricants Market Growth, Development and Demand Forecast to 2030

Bio-based lubricating products are extensively utilized in Europe owing to regional nations' strict laws pertaining to environmentally harmful substances. For example, European rules make it obligatory to consume oils meeting the Ecolabel specifications, which are characterized by a weaker effect on water and soil resources, lower CO₂ emissions, high concentration of renewable raw materials, and only trace amounts or a complete absence of unsafe compounds.

Furthermore, agricultural lubricants market stakeholders are attentive to the R&D of novel manufacturing techniques and procedures, with the snowballing interest in monetary gains and a healthier environment. There is an ominous necessity to replace conformist polyalphaolefin- and mineral-oil-based greasing products, which will inspire the upstreaming of bio-based lubricating resources.

Agricultural Lubricants Market Report Coverage

By Type

By Distribution Channel

By Application

Regional Analysis

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