According to the latest report by IMARC Group, titled “Mining Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global mining lubricants market size reached US$ 2.4 Billion in 2022. Mining lubricants refer to a type of specialty lubricant that is applied to mining equipment in order to minimize machinery replacement costs, reduce downtime, and minimize friction. By forming a microscopic layer on metal surfaces, these lubricants reduce wear and tear on equipment parts. Generally, these fluids are composed of mineral oil or high-synthetic base fluids, such as polyalphaolefin and polyol esters, which have low traction properties. Among their characteristics are high thermal stability, a high viscosity index, a long oil drain interval, high corrosion resistance, better pressure resistance, and reduced wear and tear. In addition to hydraulic systems, turbines, compressors, gears, pneumatic tools, and mining transmissions, they are used in mobile and stationary equipment. Due to their versatility, they are widely used in the mining of precious metals and ores.
Global Mining Lubricants Market Trends:
The global market is majorly driven by a considerable rise in investments by major market players to strengthen and expand the mining industry. This can be attributed to the paradigm shift toward automatic lubrication techniques from manual lubrication procedures. In addition to this, rapid industrialization, particularly in the emerging economies, is impacting the market positively. Moreover, the escalating demand for an extended operational life of various mining equipment leading to the adoption of premium lubricants by original equipment manufacturers (OEMs) is providing an impetus to the market. Besides this, considerable growth in the oil and gas industry resulting in the rising number of mining and exploration activities is creating lucrative growth opportunities in the market. The market is further fueled by continual product innovations, such as the development of bio-based product variants with reduced aqueous toxicity, biodegradability, and recyclability. Some of the other factors contributing to the market include rapid urbanization, the advent of industry 4.0, continuous developments in mining infrastructure on the global level, and strategic mergers and acquisitions (M&As), collaborations, and research and development (R&D) activities conducted by the key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.0 Billion by 2028, exhibiting a CAGR of 4.1% during 2023-2028.
- Based on the product, the market has been segmented into mineral oil lubricants, synthetic lubricants, and bio-based lubricants.
- On the basis of the equipment function, the market has been divided into engine, hydraulic, transmission, and gear.
- Based on the mining techniques, the market has been categorized into surface mining and underground mining.
- On the basis of the application, the market has been classified into coal mining, bauxite mining, iron ore mining, precious metals mining, rare earth mineral mining, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include BP p.l.c., Chevron Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation, Fuchs Group Holding GmbH, Klüber Lubrication (Freudenberg & Co. Kommanditgesellschaft), PetroChina Company Limited, Quaker Chemical Corporation, Royal Dutch Shell Plc, and Total SE.
|Base Year of the Analysis
||Product, Equipment Function, Mining Techniques, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||BP p.l.c., Chevron Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation, Fuchs Group Holding GmbH, Klüber Lubrication (Freudenberg & Co. Kommanditgesellschaft), PetroChina Company Limited, Quaker Chemical Corporation, Royal Dutch Shell Plc and Total SE.
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