New York, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The Global Construction Lubricants Market Size To Grow from USD 14.60 Billion in 2022 to USD 20.45 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.7% during the forecast period.
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Construction lubricants are specialized lubricants that are applied to moving parts and surfaces in the construction industry to reduce wear and friction. In a variety of construction equipments and equipment, they are crucial for ensuring smooth operations, extending equipment life, and boosting efficiency. Construction lubricants are designed to withstand the harsh circumstances seen on construction sites, including heavy weights, intense heat, and difficult working conditions.
COVID 19 Impact
During the early stages of the COVID-19 epidemic, a lot of construction projects were placed on hold or delayed due to lockdowns, travel restrictions, and safety concerns. As a result, the market for construction tools and machinery shrank, which in turn had an impact on the demand for construction lubricants. The fall in building operations has a negative effect on the sales of lubricants used in construction machinery. The pandemic disrupted worldwide supply chains, which had an impact on the production and distribution of construction lubricants. Lockdown procedures and transit restrictions caused a delay in raw material supply, which also hindered the manufacturing and delivery operations. The availability of construction lubricants on the market was subsequently impacted by this.
The global construction industry has expanded as a result of urbanization, infrastructure development, and industrialization in emerging economies. As construction activity increased the requirement for machinery and equipment, construction lubricants were also in higher demand. The development of more advanced and high-performing machinery is a result of these improvements in construction machinery and equipment. These machines usually require specialized lubricants in order to ensure peak performance, extended equipment life, and reduced downtime. Government programs and investments in infrastructure projects like roads, bridges, airports, and smart cities have raised the need for construction equipment and lubricants.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on "Global Construction Lubricants Market Size, Share, and COVID-19 Impact By Base Oil Type (Mineral Oil, Synthetic Oil), By Product (Engine Oil, Gear Oil, Hydraulic Fluid, Grease, Others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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Base Oil Type Insights
Mineral oil segment is dominating the market over the forecast period
On the basis of base oil type, the global construction lubricants market is segmented into Mineral Oil and Synthetic Oil. Among these, base oil type segment is dominating the market over the forecast period. Mineral oil-based lubricants typically cost less than synthetic or bio-based ones. Mineral oil lubricants are widely utilized by construction companies because they are inexpensive, especially in cost-sensitive industries. Mineral oil lubricants can be used in a variety of industrial and construction machinery and are broadly compatible. As a result of their adequate resistance to wear and friction in heavy-duty applications, they are appropriate for a variety of building jobs. In the construction industry, mineral oil-based lubricants have a long history of use and hold a sizable market share. Construction companies and equipment manufacturers are familiar with these lubricants and their performance qualities.
Product Insights
Hydraulic Fluid segment holds the highest market share over the forecast period
Based on the product, the global construction lubricants market is segmented into Engine Oil, Gear Oil, Hydraulic Fluid, Grease, and Others. Among these, hydraulic fluid segment holds the highest market share over the forecast period. Because of the growth of the construction industry, which is being driven by infrastructure development, urbanization, and industrialization, hydraulic construction equipment is in higher demand. This has led to a rise in the demand for hydraulic fluids. The development of the construction industry has been aided by government initiatives and spending on infrastructure projects. The need for hydraulic fluids and construction equipment is primarily driven by the building of airports, bridges, and other infrastructure projects. The development of more sophisticated hydraulic systems is a result of the technological advancement in construction equipment. These systems usually require particular hydraulic fluids in order to function as intended. The development of the hydraulic fluids market depends on the aftermarket.
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Regional Insights
Asia Pacific region is dominating the market with the largest market share
Asia Pacific is dominating the market with the largest market share over the forecast period. In addition to making substantial expenditures in infrastructure projects including the construction of new motorways, bridges, airports, and mass transport systems, some Asia-Pacific countries are experiencing rapid urbanization. This has increased demand for construction lubricants as well as for tools and gear used in the industry. Demand for construction lubricants is rising as a result of the region's developing industrialization and manufacturing sectors, which require construction equipment for a number of purposes. Strong economic growth in a number of countries in the Asia-Pacific region has attracted international investment and boosted construction projects. The need for construction lubricants is rising as a result of the expanding commercial and industrial sectors.
North America is witnessing the fastest market growth over the forecast period. The development of the construction industry in North America has been facilitated by investments in infrastructure, commercial construction, and residential developments. This has increased demand for construction lubricants as well as for tools and gear used in the industry. Today's utilization of advanced construction machinery and equipment with complex hydraulic systems necessitates the use of high-performance construction lubricants to guarantee optimum performance and extended equipment life. The growth of other industries, such as manufacturing, mining, and energy, has led to an increase in the demand for construction tools and lubricants used in these sectors. Synthetic lubricants have gradually grown in favor in North America's construction industry due to their enhanced performance and ability to withstand challenging conditions.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global construction lubricants market include Royal Dutch Shell, ExxonMobil, PetroChina Company, British Petroleum (BP), Chevron Corporation, Sinopec, Indian Oil Corporation, BP, Fuchs Petrolub SE, QALCO, Schaeffer Manufacturing Co., Addinol Lube Oil GmbH and Others.
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Recent Market Developments
- In February 2020, Delo 600 ADF, a new diesel engine oil from Chevron, is intended to help diesel engines used in construction equipment emit fewer particulates.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Construction Lubricants Market based on the below-mentioned segments:
Construction Lubricants Market, Base Oil Type Analysis
- Mineral Oil
- Synthetic Oil
Construction Lubricants Market, Product Analysis
- Engine Oil
- Gear Oil
- Hydraulic Fluid
- Grease
- Others
Construction Lubricants Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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