Mining Lubricants Market Worth 2.56 Billion USD by 2022
PUNE, India, April 25, 2017 /PRNewswire/ --
The report "Mining Lubricants Market by End-Use Industry (Coal Mining, Iron ORE Mining, Bauxite Mining, Rare Earth Mineral Mining, Precious Metals Mining), Type (Mineral Oil Lubricants, Synthetic Lubricants), and Region - Global Forecast to 2022", Published by MarketsandMarkets™, the 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.
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Browse 165 market data tables and 51 figures spread through 174 pages and in-depth TOC on "Mining Lubricants Market - Global Forecast to 2022"
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The growth of the mining lubricants market is driven by the increasing demand from the Asia-Pacific and Middle East & Africa 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 the mining lubricants market during the forecast period. The rising trend towards usage of automated lubricants system offers a lucrative opportunity for manufacturers to attract more customers.
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The mineral oil lubricants segment led the global mining lubricants market in 2016
The mineral oil segment led the mining lubricants market in 2016. Low price of mineral oil lubricants is expected to drive this segment during the forecast period. Asia-Pacific is the largest market for mineral oil. The growth of this segment in Asia-Pacific is attributed to the increased consumption of mineral oil in the coal mining industry in emerging countries such as India and China.
The coal mining segment accounted for the largest share of the global mining lubricants market in 2016
The coal mining segment led the global mining lubricants market in 2016, due to the high consumption of heavy load equipment in the coal mining industry. The coal mining industry accounted for the largest share of 56.3%, in terms of value, of the overall Mining Lubricants Market in 2016. The coal mining segment is driven by the high-performance lubricants, which offer high viscosity index, better corrosion prevention, and high resistance to oxidation.
Asia-Pacific was the largest market for the global mining lubricants market in 2016
Asia-Pacific was the largest market for 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 increasing coal mining activities in China and India are primarily responsible for the high consumption of mining lubricants.
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Key players operational in the mining lubricants market include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), BP Plc. (U.K.), Chevron Corporation (U.S.), LUKOIL (Russia), Idemitsu Kosan Co., Ltd. (Japan), and Total S.A. (France), among others.
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