Pune, India, Dec. 19, 2023 (GLOBE NEWSWIRE) — The global mining lubricants market size was valued at USD 2.77 billion in 2022 and is projected to grow from USD 2.88 billion in 2023 to USD 3.94 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period.
Mining lubricants, including formulated greases, lubricating compounds, or oils, are essential in the mining industry, reducing friction, wear, and heat in various mining machinery and equipment. The forecast period for the market indicates growth due to factors such as the expanding petrochemical industry, technological advancements in lubrication formulation, substantial demand for raw materials and minerals, and environmental regulations favoring market expansion.
Fortune Business Insights™ mentioned this in a report titled, “Mining Lubricants Market, 2023-2030.”
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Leading Players Featured in the Mining Lubricants Market Research Report:
- Exxon Mobil Corporation (U.S.)
- Shell (U.K.)
- Lubrication Engineers (U.S.)
- Whitmore Manufacturing LLC. (U.S.)
- Chevron Corporation (U.S.)
- PETRONAS Lubricants International (Malaysia)
- Kluber Lubrication India Private Limited (India)
- FUCHS (Germany)
- CASTROL LIMITED (India)
- Valvoline Global Operations (U.S.)
COVID-19 Impact
Increased Manufacturing and Travel Disruptions Amid Pandemic Hindered Market Growth
The market witnessed negative impacts from the COVID-19 pandemic. Increased challenges in the supply chain due to disruptions in manufacturing, transportation, travel restrictions, and lockdowns hampered the mining lubricants market growth. The reduced necessity for mining lubricants during the pandemic also hindered market expansion.
Segments
Low Manufacturing Costs to Boost Mineral Oil Segment Growth
By type, the market is segmented into tires, mineral oil lubricants, synthetic lubricants, and bio-based lubricants. The mineral oil lubricants segment dominated the market due to easy availability and lower manufacturing costs.
Rising Demand for Coal to Aid Coal Mining Segment Growth
Based on application, the market is divided into coal mining, iron ore mining, bauxite mining, rare earth minerals, precious metal mining, and others. The coal mining segment is projected to hold the largest market share during the forecast period owing to increased coal demand and the necessity for efficient extraction and processing.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Better Equipment Performance of Mining Lubricants to Propel Market Growth
Mining lubricants contribute to decreased friction and wear on machine components, enhancing overall equipment performance. High-quality lubricants aid mining companies in optimizing operations by ensuring smooth heavy machinery and equipment functioning, thereby driving market growth.
However, stringent environmental regulations in the mining industry may impede market expansion during the forecast period.
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Regional Insights
Increased Mining Activities to Propel Market Growth in Asia Pacific
Asia Pacific accounted for USD 1.48 billion in 2022, and held the largest mining lubricants market share. The region’s growth is attributed to abundant mineral resources driving increased mining activities in the region.
Europe, the second leading region, is expected to witness significant market growth due to heightened demand for metals and minerals alongside infrastructural development.
Competitive Landscape
Growing Adoption of Merger & Acquisition Strategies to Drive Market Growth
Key players in the mining lubricants market include Exxon Mobil Corporation, Whitmore Manufacturing LLC., Chevron Corporation, among others. These players’ increased focus on adopting merger & acquisition strategies to gain a competitive edge is anticipated to bolster market growth during the forecast period.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Insights on Regulatory Scenario
- Latest Technological Advancement
- Porter’s Five Forces Analysis
- Qualitative Insights on Impact of Covid-19 on the Market
- Supply Chain Challenges
- Steps taken by Companies to Overcome the Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued…!
Key Industry Development
- November 2022: Shell acquired PANOLIN Group’s eco-friendly lubricants business in a multi-country deal, obtaining ECL product formulations, the PANOLIN brand, technical expertise, intellectual property, and a wide-ranging portfolio.
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