The global agricultural lubricants market is projected to increase at a compound annual growth rate of 4.53% during the period 2018-2022.
This market is worth 2.48 Billion USD by 2022.
The Asia Pacific is expected to witness the highest growth in the agricultural lubricants market during the forecast period.
One of the major drivers for this market is the high adoption of agricultural machines which will eventually reduce the human workforce.
Increasing support from governments, combined with increasing labour costs are encouraging farmers to adopt mechanization on a high scale.
The latest trend gaining momentum in the market is the adoption of precision farming techniques.
These techniques provide higher or equal yields with lower production cost than conventional practices.
Further, one of the major factors hindering the growth of this market is the vitality in raw material prices.
The fluctuation in the raw material prices will eventually affect the costs of agricultural lubricants.
The reduction in arable land is the ongoing challenges for this market.
China and India are large consumers of farm tractors, and therefore, agricultural lubricants.
This, in turn, is expected to lead to the growth of the agricultural lubricants market in the region.