As per the recently published report by MarketsandMarkets™, The “Agricultural Lubricant Market by Product Type (Engine Oil, UTTO, Coolant, Grease), Category (Mineral Oil-Based Lubricants, Synthetic Oil-Based Lubricants, Bio-Based), Sales Channel (Oems And Aftermarket), and Region – Global Forecast to 2028″, is projected to grow from USD 6.3 billion in 2023 to USD 7.7 billion by 2028, at a CAGR of 3.9 % during the forecast period. The primary function of agricultural lubricants is to reduce mechanical wear, prevent corrosion, and enhance the longevity of machinery. Agricultural lubricants are used in the agriculture industry to maintain and protect various types of machinery and equipment.
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- 263 Market data Tables
- 60 Figures
- 295 Pages and in-depth TOC on “Agricultural Lubricant Market – Global Forecast to 2028”.
This report also provides a comprehensive analysis of the companies listed below:
The major players in agricultural lubricant market include Shell PLC (UK), Exxon Mobil Corporation (US),TotalEnergies (France),BP p.l.c (UK) ,Chevron Corporation (US), Phillips 66 (US) , FUCHS (Germany), Sinopec Lubricant Company (Singapore) fall under the winners’ category. These are leading players in the Agricultural lubricant market globally. These players have adopted the strategies of acquisitions, expansions, partnerships, and investments to increase their market shares.
Recent Developments in Agricultural Lubricant Market Industry
- In Nov 2022, Shell expanded its Marunda Lubricants Oil Blending Plant (LOBP) in Bekasi, Indonesia to meet the growing demand for premium lubricant products in Indonesia.
- In March 2023, ExxonMobil plans to build a lubricant manufacturing plant in India, which will be the company’s first greenfield investment in the country.
- In January 2024, Sinopec and BP have signed a Memorandum of Understanding (MoU) to strengthen cooperation in various areas, including fuel retailing, oil and gas trading, lubricant and marine fuel sales, and upstream activities.