Lubricants are materials that help reduce the friction between moving parts or surfaces to enhance the efficiency of machines. They are formulated using various base oils including mineral oil, synthetic oil, and bio-based oil. Lubricants are used in various industries such as automotive, manufacturing, construction, and mining among others. Mining lubricants are used to protect the equipment from wear and tear by reducing friction, also to reduce heat and electrical resistivity. The global mining lubricants market was valued at USD 1.95 billion in 2016, and is projected to reach USD 2.56 billion by 2022, at a CAGR of 4.5% from 2017 to 2022. The growth of the mining industry, increase in the demand for coal in electricity generating applications, and the growing demand for base metals such as copper, nickel, lead, zinc, and others are fueling the mining lubricants market.
Among types, mineral oil is the fastest-growing segment of the mining lubricants market during the forecast period. Relatively 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 growth of this segment in Asia-Pacific is attributed to the increased consumption of mineral oil in the coal mining industry in emerging countries such as India and China.
Coal mining is projected to be the fastest-growing segment from 2017 to 2022, due to the high consumption of heavy load equipment in the coal mining industry. The coal mining industry accounted for the largest share of 56.3%, in terms of value, of the overall mining lubricants market, in 2016. The market for mining lubricants in the coal mining industry is driven by the improved high-performance lubricants, which offer high viscosity index, better corrosion prevention, and high resistance to oxidation.
Asia-Pacific led the mining lubricants market, in 2016, having accounted for the largest share (by value) and is projected to grow at the highest CAGR during the forecast period. The increasing coal mining activities in China and India are primarily responsible for the high consumption of mining lubricants.
The objectives of this study are:
• To analyze and forecast the size of the global mining lubricants markets, in terms of value and volume
• To define, segment, and estimate the global mining lubricants market by type, end-use industry, and region
• To provide detailed information regarding the crucial factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contribution to the total market
• To analyze the opportunities in the mining lubricants market for stakeholders and details of the competitive landscape for market leaders
• To project the size of market segments, in terms of value and volume, with respect to five main regions namely, Asia-Pacific, North America, Europe, Middle East & Africa and South America
• To strategically profile the key players and comprehensively analyze their market share and core competencies
• To track and analyze competitive developments such as new product launches, acquisitions, investments, expansions, partnerships, agreements, joint ventures, collaborations, product approvals, and other developments in the mining lubricants market
The years considered for the study are:
• Base Year – 2016
• Estimated Year – 2017
• Projected Year – 2022
• Forecast Period – 2017 to 2022
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