The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global mining lubricants market is expected to attain USD 3.09 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 4.6% over the forecast period, owing to rising demand for mining lubricants as it helps in reducing the downtime due to frequent oil changes, maintenance and components failures as well as economizing high cost of equipmentwill propel industry expansion over the forecast period.
Growth of drilling and exploration activities on a global level, as well as increased demand for mining equipment has a direct and positive impact on mining lubricants demand. In addition, Stringent regulations imposed by government bodies towards environment protection are anticipated to augment the demand for bio-based lubricants.
Automatic lubrication systems provide an exact amount of lubricants including oil or grease to moving parts such as bearings to reduce friction and wear. The market for automatic lubrication systems is anticipated to fuel the demand for mining lubricants as the companies are taking various initiatives to increase their presence in the market owning to better labelling and appropriate specifications of their synthetic lubricants.
Iron ore mining accounted for 23.5% of the overall share in 2016 and is likely to witness substantial growth as a result of increased demand for steel in developing nations mainly China and India as well as dependence on steel for construction and transportation purposes.
Further key findings from the report suggest:
- Mineral oil lubricant is likely to witness significant rise at a CAGR of 3.8% from 2017 to 2025 as a result of their hydrophilic properties and solvency. Moreover, these lubricants are obtained from the distillation of crude, which are quick to dispose and reuse on account of an existing infrastructure in place.
- Asia Pacific was the dominant market and accounted for 43.54% of the overall share in 2016. Iron is the most widely used refractory metals, its demand in developing nations like India and China is fueling the demand for iron ore mining, which in turn is anticipated to augment the demand for the product in Asia Pacific.
- Countries including Germany and japan are switching to coal consumption on account of phasing out of nuclear power in Germany while the occurrence of Fukushima accident in Japan, thus driving the demand for product over the forecast period.
- Key participants dominating the industry includes Shell PLC., British Petroleum., ExxonMobil Corp., Sinopec, Lukoil, Chevron Corp., Schaeffer Manufacturing Company, Fuchs Petrolub SE, Kluber Lubrication, and Quaker Chemical Corporation.
- Product differentiation along with threat of forward integration by manufacturers to distribute mining lubricants and to capture market share is anticipated to result in high industry rivalry in the product’s market over the forecast period. In addition, possible entry of new players is further expected to intensify rivalry in the industry.
- In January 2014, Idemitsu began sale of lubricant products in Vietnam, following completion of its lubricant blending plant in December 2013.
- In January 2015, Whitmore Manufacturing Company partnered with Gulf Oil Lubricants India Limited, which will exclusively launch Whitmore Lubricants in Indian Market. This move will widen the product offering to the sectors including mining, minerals and metals, construction, power and cement for both the companies.