Westford, USA, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global Mining Lubricants market size is expected to reach USD 8.95 billion by 2030 and exhibit a CAGR of 3.8% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing demand for minerals and metals, rising mining activities globally, growing emphasis on equipment maintenance and longevity, stringent environmental regulations requiring eco-friendly lubricants, technological advancements in lubricant formulations, cost-effective lubrication solutions, expanding mining infrastructure in emerging markets, and the need for improved operational efficiency in mining operations is fueling the market's growth.
According to SkyQuest's latest global research of the Mining Lubricants market, increased adoption of synthetic lubricants, rising focus on sustainable and biodegradable lubricant solutions, shift towards automation and digitization in mining operations, growing use of predictive maintenance technologies, rising demand for high-performance lubricants, and the emergence of circular economy principles in the mining industry, which promote recycling and reusing lubricants to reduce waste and costs are the trends that aid in the market's growth.
Browse in-depth TOC on "Mining Lubricants Market"
- Pages - 157
- Tables - 64
- Figures -79
Mining lubricants are oils and greases used to reduce friction and wear in mining equipment. They are formulated to withstand the harsh mining conditions, such as high temperatures, dust, and dirt. Mining lubricants are essential for the safe and efficient operation of mining equipment.
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Prominent Players in Mining Lubricants Market
- Shell
- TotalEnergies
- BP
- ExxonMobil
- Chevron
- Sinopec
- China National Petroleum Corporation (CNPC)
- Lubrizol
- Castrol
- Fuchs
- Mobil
- Quaker State
- Valvoline
- Petroleum Lubricants
- Caltex
- Aral
- Henkel
- SK Lubricants
- Idemitsu Kosan
- JXTG Nippon Oil & Energy
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 8.95 Billion |
| 2030 Value Projection | 3.35 Billion |
| CAGR | 3.8% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Synthetic Lubricants Demand to Grow Substantially in the Forecast Period
Synthetic lubricants dominate the global online market, offering superior performance to mineral oil-based lubricants. They have better resistance to high temperatures, oxidation, and wear, which is crucial in the demanding conditions of mining operations. With increasing environmental concerns and stricter regulations, synthetic lubricants, especially bio-based ones, gained favour due to their biodegradability and reduced environmental impact. Mining companies are pressured to adopt more eco-friendly lubricants to minimize their carbon footprint.
Surface Mining is the Leading Application Segment
In terms of application, surface mining is the leading segment as the mining operations typically involve a large fleet of heavy equipment, such as haul trucks, loaders, and bulldozers, which require a substantial amount of lubricants to keep them operating efficiently.
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a massive emphasis on technological advancements. The region, particularly countries like China, Australia, and India, has been a dominant force in the mining lubricants market. The Asia-Pacific region has a robust mining industry driven by the demand for minerals and metals for industrialization and infrastructure development. China, in particular, is one of the world's largest consumers of mining lubricants due to its extensive mining operations.
A recent report thoroughly analyzes the major players operating within the Mining Lubricants market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Mining Lubricants.
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Key Developments in Mining Lubricants Market
- Idemitsu Kosan Co. Ltd. announced plans to expand its lubricant production capacity by 50% by 2025. To meet the growing demand for mining lubricants, several companies are expanding their production facilities.
Key Questions Answered in Mining Lubricants Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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