Global Mining Lubricant Market Projected to Reach USD 3,960.18 Million by 2034, Driven by Rising Demand for Minerals and Metals | Future Market Insights, Inc.
PR Newswire
NEWARK, Del., July 17, 2024
The mining lubricants market worldwide generated a revenue of USD 2,340.50 million in 2024.
From 2024 to 2034, globally the mining lubricants industry is projected to grow at a CAGR of 5.40%.
With increasing awareness of the usage of mining lubricants, the market is expected to grow substantially during the forecast period.
From 2024 to 2034, the United States mining lubricants industry is projected to grow at a CAGR of 4.2%.
Some of the key mining lubricants manufacturing companies include Calumet Specialty Products Partners; Royal Dutch Shell PLC; Chevron Corporation; Exxonmobil Corporation; Fuchs Petrolub SE
NEWARK, Del. , July 17, 2024 /PRNewswire/ -- The mining lubricant market is expected to be valued at USD 2,340.50 million in 2024. The market's progress is projected to rise at a CAGR of 5.40% from 2024 to 2034. By 2034, the market value is forecasted to reach USD 3,960.18 million.
The market is projected to increase over the coming years due to the growing demand for minerals and metals. The expansion of the construction industry, rise in infrastructure development, and growth of developing economies are driving the demand for minerals and metals. Consequently, mining companies are expanding their operations, leading to an increasing demand for high-performance lubricants.
Mining equipment is subjected to harsh operating conditions that necessitate effective lubrication. High-performance lubricants not only reduce equipment downtime but also minimize maintenance costs and increase mining operations' productivity. As a result, mining companies are increasingly embracing high-performance lubricants to optimize their operations.
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There is a growing focus on environmental sustainability, leading to an increase in the demand for mining lubricants. Mining companies are under pressure to reduce their environmental impact, and lubricants play a crucial role in achieving this goal.
Environmentally friendly lubricants reduce the impact of mining operations on the environment and help mining companies comply with regulatory requirements. Hence, the focus on environmental sustainability is driving the demand for mining lubricants.
"The increasing focus on reducing operational costs and improving efficiency in the mining sector is expected to further boost the demand for mining lubricants. With the introduction of advanced and high-performance lubricants that offer superior protection and reduced wear, the market is expected to witness substantial growth over the forecast period," Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Mining Lubricant Market Report
- The global mining lubricant market is estimated to register a CAGR of 5.40% through 2034.
- The market is expected to reach a valuation of USD 3,960.18 million by 2034.
- The oil segment is anticipated to dominate the market, accounting for a 93.10% market share in 2024.
- With a 90.00% market share in 2024, the synthetic segment is projected to drive the market forward.
Country-wise Insights
What is the Demand Outlook for Mining lubricants in China?
Sales of mining lubricants in the China is estimated to witness a growth rate of 6.5% over the coming forecast period of 2024 and 2034. Significant presence of mines has boosted the demand for lubricants in the mining sector in China.
The growth of the mining lubricants industry is highly dependent on the growth of application industries like mining and exploration The mining industry in the China has witnessed a considerable growth over the recent past and growth prospects are expected to remain strong throughout the forecast period. Mining lubricants also need to remain updated and integrate new effluents emission regulations.
Increase in the investment in research and development for production of efficient product with low carbon footprint i.e., bio-based lubricants are providing significant opportunities for the key market participants in the market of mining lubricants in the country.
What is the Expected Growth of Mining Lubricants Market in Australia?
Significant presence of coal mines in Australia and presence of various ore mining activities in the country has boosted the demand for mining lubricants. Rising adoption of lubricating oils and grease is one of the major factors fueling the demand for mining lubricants, consequently contributing to the growth of the market. Demand for mining lubricants in the country is expected to register 7% CAGRby the end of the forecast period.
Significant investment in the mining sector by multinational players and well established domestic market participants expected to propel the growth of the market. Growing demand of bio based lubricants is also enhancing the mining lubricants market by adding a major value till forecasted period.
What is the Consumption Outlook of Mining Lubricants in U.S.?
Owing to the strong growth in the mining sector, demand of mining lubricants had witness a substantial growth in the country. Growing adaptation for environment protection is bolstering the bio-based lubricants in the country over synthetic lubricants.
U.S. is anticipated to create an incremental market to register 4.2% CAGR in between the assessment period. Strong presence of the application segments are consuming the product at a considerable rate, further presence of several key market participants in the country are maintaining the supply of the product as the demand is increasing.
Competitive Landscape
The demand for lubricants in the industry is heavily reliant on mining operations. The major market players have a widespread presence and offer a wide variety of lubricants for mining equipment and machinery. Smaller competitors provide specialized products and services to specific segments. As a result of the growing global demand for metals and minerals, the market is poised for steady expansion.
Key Market Players
- 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
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Category-wise Insights
Which Product Type of Mining Lubricants to Account for a Considerable Share in the Global Market?
Higher temperature applicability, and significant properties of prevention of wear and tear and friction had made oils a key choice to utilise as mining lubricants material. Further its significant application in mining industry as synthetic lubricants has also benefited its growth outlook. All these factors has resulted in the high consumption rate of oils in the market.
Oils segment has been estimated to account for about 93.10% of the overall sales of mining lubricants in the global market in terms of volume. Significant availability of the product across all region has boosted its ease of application. Easy applicability of oils for mining activities as compare to grease has also bolster the growth rate of the segment.
Why Synthetic Oils to Remain a key Source Segment for Mining Lubricants Market?
Mining lubricants are used as friction reducers and efficiency boosters in mining sector. They are used as heavy-duty and high-temperature lubricants, hydraulic fluids, and multifunctional oils used to resist high mechanical and thermal loads. Mining lubricants are used in several other applications in vehicles used in mining transportations, in which synthetic oils is one of the key source for rising demand in the global market.
Recent Development in the Mining Lubricant Market
In 2019, in a deal worth USD 631 million, Saudi Aramco successfully acquired a 50% stake in Shell Saudi Arabia (Refining) Limited's (Shell) in the SASREF joint venture located in Jubail Industrial City, Saudi Arabia.
Key Market Segmentations
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
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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