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“The global mining lubricants market is projected to grow at a CAGR of 4.5% from 2017 to 2022”
The mining lubricants market was valued at USD 1.95 billion in 2016, and is projected to reach USD 2.56 billion by 2022, at a CAGR of 4.5% from 2017 to 2022. The growth of the mining lubricants market is driven by the increasing demand from the Asia-Pacific region and growing end use industries, such as coal and iron ore mining. Moreover, the demand for high quality and high performance lubricants is expected to further fuel the growth of mining lubricants market during the forecast period. Mining-related investments are expected to decrease in the coming years in countries such as Australia and South Africa, which would eventually hamper the growth of the mining lubricants market. The mining industry in South Africa witnessed various challenges such as local cost pressures, labor unrest, and a continuing downswing in commodity prices, which has resulted in reduced profit margins. A decrease in mining-related investments in these countries would have an adverse impact on the mining lubricants market.
“Synthetic lubricants is the second-fastest growing type segment of the global mining lubricants market”
Synthetic lubricants have several advantages over conventional mineral oil lubricants and have properties, such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance. Synthetic lubricants can be customized according to the requirement so that it can have a controlled molecular structure with predictable properties. The main drawback of synthetic lubricants is the high cost. Synthetic lubricants are almost four times costlier than mineral lubricants.
“Iron ore is the second largest end-use industry segment followed by bauxite mining, for global mining lubricants market during the forecast period”
The iron ore mining industry is the second large consumer of mining lubricants on large scale followed by the bauxite mining industry. Australia, China, and Brazil are the largest producers of iron ore and bauxite. The mining lubricants market for iron ore and bauxite mining is majorly driven by the growth of the mining industries of these countries.
“The Asia-Pacific was the largest market for the global mining lubricants market in 2016”
Asia-Pacific was the largest market for the mining lubricants in 2016, having accounted for a share of 43.4% (by value) and is estimated to grow at the highest CAGR during the forecast period. The high growth of the emerging economies makes Asia-Pacific an attractive market for mining lubricants. The tremendous growth of coal mining activities in China and India, are primarily responsible for the high consumption of mining lubricants.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 35 %, Tier 2 – 30%, Tier 3 – 35%
- By Designation: C level – 25%, Director level – 30%, Others – 45%
- By Region: Asia-Pacific – 45%, Europe – 25%, North America – 25%, RoW – 5%
Furthermore, as a part of qualitative analysis, the research provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by different market players, such as Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), BP Plc. (U.K.), Chevron Corporation (U.S.), Total S.A. (France), LUKOIL (Russia), Idemitsu Kosan Co., Ltd. (Japan), Fuchs Petrolub SE (Germany), PetroChina Company Limited (China), Quaker Chemical Corporation (U.S.), Sinopec Limited (China), Bel-Ray Company, LLC (U.S.), Whitmore Manufacturing CO. (U.S.), Schaeffer Manufacturing CO. (U.S.), and Kluber Lubrication (Germany), among others.
The report defines, segments, and projects the global mining lubricants market on the basis of type, end-use industry, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges. It also strategically profiles key players and comprehensively analyzes their market share and core competencies and tracks and analyzes competitive developments such as partnerships, contracts, and joint ventures; mergers & acquisitions; expansions; new product launches; and research & development activities in the market.
Reasons To Buy the report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall mining lubricants market and the subsegments. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.