Mining Lubricants Market by Product Type (Oils, Grease), Source (Synthetic Lubricants, Bio-Based Lubricants), Application (Coal Mining, Bauxite Mining, Iron Ore Mining, Industrial Mineral Mining) & Region - Forecast 2022 - 2030
DUBAI, United Arab Emirates, Feb. 21, 2022 (GLOBE NEWSWIRE) -- Future Market Insights, in its incisive study on the mining lubricants market, opines that the market is slated for 3.4% growth through the forecast period (2022-2030). Growing investments in Asia Pacific are likely to offset subdued growth in key markets, with coal and iron ore mining sector driving demand.
FMI has projected the global mining lubricants sales to reach a value of US$ 2,988.6 Mn by 2030 end
| Attributes | Details | |
| Mining Lubricants Market Value (2021A) | US$ 2,219.6 Mn | |
| Mining Lubricants Market Estimation (2022E) | US$ 2,289.4 Mn | |
| Mining Lubricants Market Forecast (2030F) | US$ 2,988.6 Mn | |
| Value CAGR (2022-2030) | 3.4% | |
Manufacturers are working on product differentiation strategies to develop lubricants that have prolific anti-friction properties, high pressure additives and the correct anti-wear agents. Sharper profit margins are underpinned by lubricants used in equipment such as coal crawler excavators.
Request for Report Sample - https://www.futuremarketinsights.com/reports/sample/rep-gb-6505
Key Takeaways of Mining Lubricants Market Study
- The mining lubricants market is slated to reach US$ 2.98 Bn by 2030
- High performing lubricants and greases are growing in demand as covid-19 tightens operating costs
- Coal mining largest application avenue, accounting for over 50% mining lubricants market share
- Open pit mining is heightening the adoption of loaders, roof bolters, draglines and haul trucks thus boosting demand for lubricants
- Bio-based lubricants pipped as a log-term solution, but current market dynamics in favor of synthetic variants
For mining companies, operational and maintenance costs account for a significant share. Increasing awareness among companies about the proper usage of lubricants has decreased the maintenance cost of equipment. Moreover, it has also helped companies to avoid unexpected shutdowns", says an FMI analyst.
Mining Lubricants Market – Competition Landscape
Technological advancements in lubricants is acting as a catalyst for mining lubricants market players to move up the value chain. The mining lubricants marketplace remains moderately fragmented, with Shell, Exxonn Mobil and Chevron as the traditional triumvirate. With size of mining equipment undergoing a seismic shift, manufacturers are strategizing to come out with differentiated offerings that lower maintenance costs.
- Schaeffer, a privately held US company specializing in heavy duty lubricants, has demonstrated the capability of extending working time of mining equipment by several hours. Besides this, the company’s lubricants create a highly durable shield thus reducing metal-to-metal contact and friction
- Total, on the other hand, closely collaborates with its mining company clients, advising them on correct lubricant storage solutions. It recommends the first in, first out approach thus reducing costs on obsolete inventories by as much as 6% - 19%
- Exxon Mobil, in the year 2021, expanded its refinery at Singapore for better upgradation of Group II lubricants stock to remain competitive in the market
Speak to our Research Expert: https://www.futuremarketinsights.com/ask-question/rep-gb-6505
Comparative View of Mining Lubricants Market
| Attribute | Details |
| Forecast Period | 2022-2030 |
| Historical Data Available for | 2015-2021 |
| Market Analysis | USD Million for Value and Kilo Tons for Volume |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Middle East & Africa, & Oceania |
| Key Countries Covered | US, Canada, Germany, U.K., France, Italy, NORDICS, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa, Northern Africa, Turkey, |
| Key Segments Covered | Product Type, Source, Application and Region |
| Key Companies Profiled | • BP plc • Calumet Specialty Products Partners • Royal Dutch Shell PLC • Chevron Corporation • Exxonmobil Corporation • Fuchs Petrolub SE • Kluber Lubrication • Lukoil • Petrochina Company Limited • Petronas • Quaker Chemical Corporation • Schaeffer Manufacturing Co. • Total S.A. • Petro Canada Lubricants Inc. (Holly Frontier acquired) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Mining Lubricants Market by Category
By Product Type:
- Oils
- Grease
By Source:
- Synthetic Lubricants
- Bio-based Lubricants
By Application:
- Coal Mining
- Bauxite Mining
- Iron Ore Mining
- Precious Metals & Rare Earth Minerals Mining
- Industrial Mineral Mining
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
COVID-19 Impact on Mining Lubricants
In the first quarter of 2022, lubricant players have bore the brunt of the COVID-19 crisis as the virus rampaged across China, Europe and North America. Many had to fully or partially shut down operations. Sales of lubricants were down by as much as 70%-75% in Asia Pacific. Industry experts predict a gloomy outlook for the near term as it will take a few quarters for the market to come back to normalcy.
With lockdowns in force in Europe, Asia and North America, there has been a cessation in mining activity. Consumption of lubes has dropped and many lube refiners are being forced to cut down their throughput by at least 20%-30%.
The daily global oil demand is also set to shrink by a few million barrels leaving an unpleasant residual impact on the mining lubricants market. The use of inventories to meet pending demand and cash reserves will help lubricant manufacturers to sail through this turbulent time in the short-term.
Buy Now@ https://www.futuremarketinsights.com/checkout/6505
Want to Know More?
Future Market Insights has published a market research report on the Mining lubricants market that contains global industry analysis for 2015–2021 and opportunity assessment for 2022–2030. The report provides insightful analysis of the Mining lubricants market through four different segments- product type, source, application, and region.
The Mining lubricants market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, along with a detailed overview of the parent market.
Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain
Vapour Barrier Market: According to research estimates, Vapour Barrier Market is predicted to witness continuous growth in the next decade i.e. 2022-2029.
Silica Sand for Glass Making Market: Insights revealed by the latest assessment on Silica Sand for Glass Making market portray substantial gains, with the market expanding at over 4.6% CAGR from 2022 to 2029.
Potassium Chloride Market: According to research, the Potassium Chloride market is projected to grow steadily across regions, around 3.6% projected CAGR over the 2022-2030 forecast period.
Propanol Market: According to a research study, the Propanol market is set to witness a steady and a healthy growth during 2022 – 2029 with a CAGR of 3.3%.
Biostimulants Market: According to a research study, the Biostimulants market is set to witness a steady and a healthy growth during 2022 – 2029 with a CAGR of 11.0%.
Refinery Catalyst Market: According to research estimates, the Refinery Catalyst market is projected to grow steadily across regions, expanding at approximately 4.6% CAGR over the 2022-2030 forecast period.
Magnesium Carbonate Minerals Market: According to study the Magnesium Carbonate Minerals market is projected to expand 5.1% CAGR during the 2022 to 2030 assessment period.
Carbonate Minerals Market: As per latest research estimates, the Carbonate Minerals market is expected to witness a high growth in the forecast period 2022-2029 with a CAGR of 6.0%.
Soft Magnetic Composites Market: According to latest assessment, the Soft Magnetic Composites market is expected to increase multi-fold during 2022 to 2029, reflecting a CAGR of 8.7% over the said period.
Synthetic Quartz Market: According to assessment, the Synthetic Quartz market is projected to witness growth over 6.1% CAGR during the assessment period of 2022 to 2029.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/mining-lubricants-market
Press Release Source: https://www.futuremarketinsights.com/press-release/mining-lubricants-market
