Mining Lubricants Global Market to Reach $3.92 Billion by 2027 at a CAGR of 4.6%

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Nov 14, 2022, 11:00 ET

DUBLIN, Nov. 14, 2022 /PRNewswire/ -- The "Mining Lubricants Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

Continuous innovation and technological advancements supported catering to diverse mining needs such as increasing the shelf life of turbines and engines, reducing carbon footprint, improving fuel economy, supplying mining lubricants with low viscosity, and meeting the changing emission standards set by various governmental and non-governmental entities. Increasing industrialization and rapidly growing infrastructure and construction industry in the emerging economies have boosted the mining lubricants market.

MARKET DRIVERS AND OPPORTUNITIES
Significant Growth in Mining Industry

The mining industry has shown significant growth in recent years due to rapid industrial development and the use of advanced technology for mining. Industry 4.0 have digitalized the mining industry, boosting production capacity. Additionally, the mining industry provides raw materials for various industries such as automotive, manufacturing, steel, aluminum, building materials, electronics, glass, and others. All industries mentioned above have grown significantly and are expected to grow in the future. Therefore, the growth in these industries may increase the demand for mining industries.
Furthermore, the coal industry has shown significant growth in recent years. According to International Energy Agency (IEA), 37% of world electricity production is currently generated from coal. This significant growth in coal consumption has boosted the coal mining industry, and that has positively impacted the mining industry. In addition, the iron ore mining industry is expected to grow rapidly during the forecasted period. End-use industries of iron ore mining are steel, and according to a report from Canada.ca, around 98% of iron ore is used for steel production. Therefore, the growing automotive and construction industry has created a positive environment for the steel industry that is expected to increase the demand for iron ore mining.

Increasing Demand for Bio-Based Lubricants

Biobased mining lubricants are manufactured from vegetable oil, synthetic esters, and animal fats. There is an increasing demand for biobased lubricants in developed countries compared to developing countries. Regions such as North America and Europe are the largest biobased lubricant consuming regions due to government laid stringent environmental regulations and environmentally conscious consumer base. The market in these regions tends to have high regulation and sustainability standards. Additionally, consumers are willing to pay a high premium in the European market if biobased mining lubricants can deliver the same performance as conventional mining lubricants.

SEGMENT REVIEW

Segmentation by Application

Coal Mining
Bauxite Mining
Iron Ore Mining
Precious Metal Mining
Industrial Mineral Mining
Others

Segmentation by Oil Type

Synthetic Oil
Mineral Oil
Biobased Oil

Segmentation by Product Type

Oil
Grease

Segmentation by Geography

APAC
China
Australia
India
Indonesia
Malaysia
North America
US
Canada
Europe
Russia
Norway
Germany
Turkey
Poland
Spain
Latin America
Brazil
Mexico
Columbia
Middle East & Africa
Saudi Arabia
UAE
Iran
South Africa

Key Vendors

Castrol
Chevron Corporation,
ExxonMobil Corporation
Shell PLC
TotalEnergies

Other Prominent Vendors

BP PLC
Bharat Petroleum Corporation Limited
FUCHS
Gazpromneft - Lubricants Ltd.
GS Caltex Corporation
Gulf Oil India Lubricants Limited
Hindustan Petroleum Corporation Limited
Idemitsu Kosan Co., Ltd.
Indian Oil Corporation Limited
Liqui Moly
Lukoil
Morris lubricants
Motul
Petro Canada Lubricants INC.
Petroliam Nasional Berhad (PETRONAS)
Philips 66
Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
Repsol
Sinopec
Valvoline Inc.

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

5 Report Assumptions & Caveats

6 Premium Insights

7 Market at a Glance

8 Introduction

9 Market Opportunities & Trends

10 Market Growth Enablers

11 Market Restraints

12 Market Landscape

13 Application

14 Oil Type

15 Product Type

16 Geography

17 APAC

18 North America

19 Europe

20 Latin America

21 Middle East & Africa

22 Competitive Landscape

23 Key Company Profiles

24 Other Prominent Vendors

25 Report Summary

26 Quantitative Summary

27 Geography

28 Appendix

Companies Mentioned