Global Mining Lubricant Market Size Projected to Surpass USD 3.0 billion by 2028, Registering a Year on Year Growth of 4.9% - Report by ReAnIn
HYDERABAD, India, March 9, 2022 /PRNewswire/ -- The global mining lubricant market was valued at USD 2,205.0 million in the year 2021 and is projected to reach USD 2,938.3 million by the year 2028, registering a CAGR of 4.9%. Increasing demand for minerals such as coal and iron ore from developing economies including Asia-Pacific and the need for sustainable environment-friendly lubricants are primary drivers of the global mining lubricants market.
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Demand for synthetic and bio-lubricants has increased in quest of better lubricants
Currently, mineral oil lubricant accounts for more than 60% of the mining lubricants market, however, it is associated with various health and environmental hazards. About 50% of lubricants end up in the environment and these are non-biodegradable which has become a major concern across the globe. This has created an opportunity for bio-based lubricants. Bio-lubricants are generally costlier but the environmental impact can justify this additional cost. Thus, bio-based lubricants should be always considered for application where leaks and spills are a real possibility.
Ongoing conflict between Russia and Ukraine can limit the growth of the lubricants market.
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North America is Expected to Hold Dominant Market Share
North America accounted for the highest market share, followed by Europe. According to the US Geological Survey, the US generated USD 90.4 billion in mineral commodities in 2021, a 12% increase year on year. Furthermore, metal mine production was valued at USD 33.8 billion, 23% higher than 2020. Copper (35%), gold (31%), iron ore (13%), and zinc (7%) were major contributors to metal mine production in 2021.
In Asia-Pacific, China accounted for the highest market share and is expected to witness a higher growth rate than other countries. Furthermore, Australia is the world's largest producer of lithium and among leading producers of gold, iron ore, lead, zinc, and nickel. As demand for an electric vehicle is increasing rapidly, lithium is high in demand for batteries.
Key Highlights of the Report
- Mineral oil lubricant accounted for about 60% of the market and is expected to witness a CAGR of 5.0% during the forecast period (2022-2028). However, bio-lubricant is expected to witness the highest CAGR owing to their biodegradability.
- In the application segment, coal mining accounted for the majority of the market share but the growing environmental concern is expected to negatively impact coal production.
- Due to the rapid adoption of electric vehicles, demand and price for lithium have increased exponentially in recent years. To meet this demand mining activities, especially for lithium have increased significantly in countries like Australia, the world's largest producer and exporter of lithium.
Market Segmentation:
ReAnIn has segmented the global mining lubricants market by:
- Product Type
- Mineral oil lubricants
- Synthetic lubricants
- Bio-based lubricants
- Application Type
- Coal mining
- Bauxite mining
- Iron ore mining
- Precious metals mining
- Rare earth mineral mining
- Others
- Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
Prominent players in the global mining lubricants are BP Plc, Calumet Specialty Products Partners, Chevron Corp, ExxonMobil Corp, Freudenberg Group, Fuchs Petrolub SE, Hollyfrontier Corporation, Idemitsu Kosan Co. Ltd., PJSC Lukoil Oil Company, Quaker Houghton, Royal Dutch Shell Plc, Schaeffer Manufacturing Co., Sinopec Corp, TotalEnergies SE (formerly called as Total S.A).
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About ReAnIn
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SOURCE Reanin Research & Consulting Private Limited
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