Market Size of Agriculture Lubricants Industry
| Study Period | 2018 - 2028 |
| Market Volume (2023) | 1.52 Million tons |
| Market Volume (2028) | 1.77 Million tons |
| CAGR (2023 - 2028) | 3.13 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Agriculture Lubricants Market Analysis
The Agriculture Lubricants Market size is expected to grow from 1.52 million tons in 2023 to 1.77 million tons by 2028, at a CAGR of 3.13% during the forecast period (2023-2028).
In the year 2020, the market was affected negatively due to the breakdown of Covid-19. However, in 2021 and 2022, the opening up of economies helped the market to gain momentum and reach pre-pandemic levels.
- 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 driving the market.
- However, the high cost of synthetic and bio-based lubricants will likely hinder market growth during the forecast period.
- Asia-Pacific is expected to dominate the global market during the forecast period.
- The growing prominence of biodegradable lubricants will act as an opportunity for market growth during the forecast period.
