The agricultural lubricants market was valued at USD 3,011.3 million in 2021, and it is set to reach USD 4,332.8 million by 2030, growing at a CAGR of 4.1% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.
This growth can be credited to the snowballing of contemporary farming practices, the modernization of agricultural processes, and the growing need to improve crop production. Furthermore, farming practices and related items will continue to develop at a speedy pace in the years to come, because of the increasing expanse of farm labor.
For example, in India, the government provides grants to farmers of around 30–50% to buy farming machinery. Which ultimately will increase the usage of contemporary equipment for the farming of crops, which, indeed, will increase the demand for lubricants.
The demand for bio-based lubricants is estimated to grow at the fastest rate in the years to come. This can be credited to the rising acceptance of biodegradable oils are expected to offer profitable opportunities to industry key players. Bio-based items offer better lubricating abilities than mineral-based ones, with biodegradability and renewability being their main assets.
In 2021, APAC held the largest revenue share of the agricultural lubricants market at around 46%. The market of this region is witnessing massive development in the terms of technology, trade, and investments. Mainly because of the surge in the rate of industrialization and urbanization. Furthermore, technological advancements, economic conditions, demographics, environmental conditions, and appropriate landscapes are motivating the agriculture industry in the region, which indeed is growing the demand for farming gear and products, like agricultural lubricants.
Hence, the snowballing of contemporary farming practices, the modernization of agricultural processes, and the growing need to improve crop production will drive the agricultural lubricants industry in the years to come.
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