According to the latest report by IMARC Group, titled “Mining Lubricants Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027”, The global mining lubricants market reached a value of US$ 2.24 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.91 Billion by 2027, exhibiting a CAGR of 4.30% during 2022-2027.
Mining lubricants are specialty lubricants that minimize friction and wear generated between equipment. They enhance machine reliability and provide thermal and hydraulic stability while preventing oxidation and corrosion. They also assist in minimizing downtime, increasing the operational life of the equipment, improving energy productivity, and dissipating heat. Owing to these properties, mining lubricants are widely employed for mobile processing and stationary equipment, including turbines, gears, hydraulic systems, compressors, mining transmissions, and pneumatic tools and in precious metal mining applications.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Mining Lubricants Market Trends and Drivers:
The market is primarily driven by the expanding mining industry across the globe. In addition, rapid industrialization and the rising adoption of advanced mining equipment, such as dragline excavators, motor graders, scalers, haul trucks, continuous miners, and hydraulic shovels, represent another major growth-inducing factor.
Besides this, original equipment manufacturers (OEMs) widely utilize premium-quality lubricants to boost the overall operational life of various machines. This, coupled with several product inventions, such as the development of bio-lubricants that are recyclable, biodegradable, and have minimal aqueous toxicity, is creating a positive outlook for the market.
Other factors, including the implementation of stringent environmental policies, significant developments in the mining infrastructure, and increasing exploration and drilling activities, are also providing a positive thrust to market growth.
|Mining Lubricants Market Report Scope|
|Market size value in 2021||US$ 2.24 Billion|
|Market forecast in 2027||US$ 2.91 Billion|
|Growth Rate||CAGR of 4.30% from 2022 to 2027|
|Base year for estimation||2021|
Global Mining Lubricants Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BP p.l.c., Chevron Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation, Fuchs Group Holding GmbH, Klüber Lubrication (Freudenberg & Co. Kommanditgesellschaft), PetroChina Company Limited, Quaker Chemical Corporation, Royal Dutch Shell Plc and Total SE.
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The report has segmented the market on the basis of region, product, equipment function, mining techniques and application.
Breakup by Product:
- Mineral Oil Lubricants
- Synthetic Lubricants
- Bio-Based Lubricants
Breakup by Equipment Function:
Market Breakup by Mining Techniques:
- Surface Mining
- Underground Mining
Breakup by Application:
- Coal Mining
- Bauxite Mining
- Iron Ore Mining
- Precious Metals Mining
- Rare Earth Mineral Mining
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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