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Global Mining Lubricants Market was Valued at US$ 2.4 Bn in 2019 and it is Expected to Reach More than US$ 3.6 Bn by 2028, Likely to Grow with the CAGR of 4.6% During the Forecast Period.
Mining lubricants are used to improve the life of the mining machine equipment and further reduce servicing rates in underground mining in each layer as it directly affects the procedure. They can be used in coal mining, mining of minerals, rare earth mining, mining of precious metals and mining of bauxite. It has the capacity to reduce heat, friction and wear as applied between solid surfaces or machines.
Increasing Investment In The Mining Industries Along With Continuous Maintenance Of The Mining Equipment Is Driving This Market
The growing demand for mining products including drills & breakers, crushing, pulverizing & screening equipment owing to the increasing investment in mining industry on account of unexplored sites in Congo, Gabon and Zambia in Africa, and Peru, Brazil, and Chile in Latin America, and is expected to fuel the demand for the product as a result of rise in excavation of minerals and metals.
Furthermore, the stringent regulations by regulatory authorities towards environmental protection are anticipated to augment the demand for bio-based lubricants. With the sustainability trend and rising environmental concerns, manufacturers are accelerating their shift towards bio-based mining lubricants. The eco-friendly mining lubricants are decomposable and less toxic thus, avoid soil contamination due to leakages in hydraulic systems, engines, and brake lines. Further, price volatilities in crude oil due to trade conflicts are compelling manufacturers to turn to alternative materials. This preferential shift is expected to play an instrumental role in the global growth of the mining lubricants market.
However, stringent regulations imposed by government bodies towards environmental protection are restraining the growth of the market. Increasing prices and relatively complex manufacturing processes are the only factors likely to hamper the market growth.
Mineral Oil Lubricants Segment Held Prominent Share In Global Mining Lubricants Market In 2019
The Mineral oil lubricants segment extensively used and accounting for 75% of the global volume share of the Mining Lubricants market in 2019 and it is projected to grow at a significant rate during the forecast period. The Mineral oil lubricants are cost-effective as compared to the synthetic and bio-based lubricants and provide an enhanced operational benefit through supplying a stable structure to equipment these factors are likely to drive the segment growth.
In addition, the high growth of mineral-based lubricants is expected over the forecast period on account of their hydrophilic properties and solvency, as well as their ability to work at standard temperatures without advanced machinery. Furthermore, the low price of mineral oil lubricants is expected to drive this segment during the forecast period. Asia-Pacific is the largest market for mineral oil. The increased consumption of mineral oil in the coal mining industry in emerging countries such as India and China is driving the regional market growth.
The Coal Mining Segment Is Expected To Witness Highest Growth In The Global Mining Lubricants Market Across The Globe
The coal mining segment is estimated to be the largest application of the Mining Lubricants market. The segment is projected to grow at the highest rate at xx % in the Mining Lubricants market during the forecast period owing to the high consumption of heavy load equipment in the coal mining industry. The coal mining industry accounted for the largest share of 45%, in terms of value, of the overall mining lubricants market in 2019. The coal mining segment is driven by the high-performance lubricants, which offer better corrosion prevention, high viscosity index, and high resistance to oxidation.
The Asia-Pacific Is Expected To Dominate The Mining Lubricants Market During The Forecast Period
The Asia-Pacific was the largest market for mining lubricants which is accounted for over 40% of the global revenue share of the mining Lubricants market in 2019 and this trend is expected to continue over the forecast period. The high growth of the regional emerging economies makes Asia-Pacific an attractive market for mining lubricants. The high consumption of mining lubricants is primarily driven by increasing coal mining activities in China and India.
In addition, mining is a significant economic activity for Asian countries including India, China, Australia, and Indonesia. The Asia Pacific is anticipated to grow at a significant rate owing to rapid industrialization and changing lifestyles. The growing automobile industry and consumer preference for white metal jewelry in the region are expected to fuel demand for the product over the forecast period.
The global Mining Lubricants market is consolidated with key players holding a major share of the global mining lubricants market. Some of the key players operating in the global mining lubricants market are Royal Dutch Shell Plc., ExxonMobil Corporation, BP Plc., Chevron Corporation, LUKOIL, Idemitsu Kosan Co., Ltd., Total S.A., Idemitsu Kosan Co., Ltd., Fuchs Petrolub SE, PetroChina Company Limited and Quaker Chemical Corporation.
Global Mining Lubricants Market Key Segments:
Global Mining Lubricants Market, By Product
- Mineral oil lubricants
- Synthetic lubricants
- Bio-based lubricants
Global Mining Lubricants Market, By Application
- Coal mining
- Bauxite mining
- Iron ore mining
- Precious metals mining
- Rare earth mineral mining
Global Mining Lubricants Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America