Industria
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.
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.
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.
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.
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.
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.
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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.
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.
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 .
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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