NEW YORK , Sept. 15, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, the size of the agricultural lubricants market was over $3,011 million in 2021, and advancing at a growth rate of over 4%, it will reach around $4,333 million by 2030. This is because of the snowballing usage of modern farming practices, automation of agricultural processes, and increasing requirement to augment the crop yield. Furthermore, products that reduce farming labor requirement will continue to be adopted rapidly in the near future, owing to the increasing cost of farm labor.
Recently, substantial technological advancements are taking place in the agronomical industry. Innovative methods and strategies, such as inorganic manure, have created consciousness among farmers to advance crop yields, surge production efficacy, and decrease the costs of operations. Therefore, modern equipment and technology are being used in fields to decrease operational time and effort and surge productivity.
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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.
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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
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