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Lubricants refer to viscous fluid (finished product) that are used in various industrial applications for proper functioning of machineries and its parts. Based on product type, the lubricants market for mining and quarry applications could be categorized as mineral oil lubricants, synthetic lubricants and bio-based lubricants. Mineral oil lubricants are derived from crude oil and are the widely-used lubricants. It is the cost-effective type of lubricants that are broadly available worldwide. Synthetic lubricants are created by chemical reactions of components which are carried out under precise temperature and pressure. Synthetic lubricants can be further segmented as polyalphaolefins, ester oils and polyalkylene glycols. Bio-based lubricants are derived from natural sources such as plants or mineral oils. These types of lubricants are cleaner and reduce the overall environmental impacts thereby, ensuring operational safety and improving the performance of machinery.
The global lubricants market for mining and quarry applications is expected to witness a CAGR of 5.0% during the forecast period (2017-2023) due to the rapid growth in the mining sector and increasing demand from end-use industries such as coal mining and iron ore mining. Based on type, mineral oil lubricants are expected to be the largest segment in the global lubricants market for mining and quarry applications, in terms of value and volume, during the forecast period. Based on equipment function, hydraulic is expected to be the largest segment in the global lubricants market for mining and quarry applications, in terms of value and volume, during the forecast period. Additionally, engine is expected to witness the fastest growth in the global lubricants market for mining and quarry applications. Based on techniques, underground mining is expected to be the major contributor towards the global lubricants market for mining and quarry applications during the forecast period. Coal mining emanated the largest demand in the overall market, whereas bauxite mining is expected to exhibit the fastest growth during the forecast period.
The key trend observed in the global lubricants for mining and quarry applications is the increasing adoption of bio-lubricants and the growing shift of mining activities towards emerging nations. In the recent years, emerging economies witnessed significant increase in investments for mining-related activities. Additionally, the mining industry witnessed an increase in the share of total expenditure on exploration activities over the past few years on account of their increasing focus towards emerging nations. Moreover, the liberalization of mineral policies and technological advancement made in the mining industry is expected to further bolster the growth of global lubricants for mining and quarry applications.
The growing consumer awareness towards the harmful environmental effects of synthetic lubricants and the increasing need to improve the efficiency have resulted in the widespread adoption of bio-lubricants. Such trend is expected to further propel the market growth during the forecast period.
One of the major factors driving the growth of the lubricants market is the increasing awareness among the consumers about the benefits of using lubricants in the machineries and other products. Companies such as BP, Chevron and ExxonMobil are adopting a customer-oriented method that focusses on creating brand awareness among the consumers through visual and print media. This is expected to increase interest and awareness among the consumers for lubricants.
The mining industry in the Asia-Pacific is expected to witness rapid growth during the forecast period on account of increasing growth in the coal mining activities in China and India, which would result in the high consumption of mining lubricants. Additionally, the growing demand for high quality and performance lubricants is likely to spur the growth of global lubricants market for mining and quarry applications during the forecast period.
The government regulations play a crucial role in driving the growth of the global lubricants market for mining and quarry applications. The standards issued by Japanese Automobile Standards Organization and American Petroleum Institute govern the quality of lubricants in Japan and the U.S. respectively.
The major factors hindering the growth of the global lubricants market for mining and quarry applications include the decline in the mining-related investments and closure of mines in most of the countries across the globe. Countries such as Australia and South Africa are expected to witness several challenges including local cost pressures, labor unrest and fluctuations in commodity prices, which is expected to reduce the profit margins. Additionally, the mining-related investments in Australia is expected to decline to around 70% during 2017-2020, according to National Australia Bank. All these factors would hinder the growth of the overall market during the forecast period.
Most of the mining firms in various countries including U.S. and China face the challenge of closure or shut down of their mines due to environmental concerns and lack of proper investments and clearances. This is expected to have a negative impact on the growth of global lubricants market for mining and quarry applications during the forecast period.
Some of the key players in the global lubricants market for mining and quarry applications include BP PLC, Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc, Total S.A., Blue Star Lubrication Technology, LLC, Busler Enterprises, Inc., D-A Lubricant Company, Inc., Eurol BV and Schaeffer Manufacturing Co.
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