PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1132609
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1132609
The global mining lubricants market is expected to grow at a CAGR of 4.63% during 2022-2027.
MARKET INSIGHTS
Mining lubricant is used for lubricating equipment and heavy-duty vehicles which perform various mining activities. The mining industry's working conditions put extreme pressure and temperature on equipment. Therefore, for the smooth functioning of the equipment, better-quality mining lubricants are required to offer a wide temperature and pressure range. Additionally, the equipment and heavy-duty vehicles used for mining are exposed constantly to dust and moisture; therefore, to avoid the formation of sludge, frequent change of lubricants is required. The global mining lubricants market witnessed a volume of 1,952 kilotons in 2021.
Mining lubricants also perform a variety of secondary roles, such as cleaning and cooling engine parts and hydraulic systems, as well as inhibiting rust and corrosion build-up on turbines, pistons, and gears. The mining lubricant market is changing as the customers demand good quality and higher-performing mining lubricants, which would enhance the performance aspects of the equipment and vehicles by offering better fuel efficiency. Continuous innovation and technological advancements supported catering to diverse mining needs such as increasing the shelf life of turbines and engines, reducing carbon footprint, improving fuel economy, supplying mining lubricants with low viscosity, and meeting the changing emission standards set by various governmental and non-governmental entities. Increasing industrialization and rapidly growing infrastructure and construction industry in the emerging economies have boosted the mining lubricants market.
MARKET DRIVERS AND OPPORTUNITIES
Significant Growth in Mining Industry
Increasing Demand for Bio-Based Lubricants
INDUSTRY RESTRAINTS
Environmental Concerns Related to Mining Industry
The mining industry provides various types of raw materials to the manufacturing industry that helps in the economic development of various countries. Even though the mining industry is essential for economic growth, the environmental impact of mining industry is very serious. Mining activities can pollute the air and water, and also these activities can harm wildlife and habitat. Therefore, governments worldwide have set stringent regulations to mitigate the mining industry's environmental impacts. Additionally, various non-governmental agencies such as Environmental Protection Agency (EPA), Western Mining Action Network (WMAN), European Environmental Agency (EEA), and others are working with local governments to develop processes and practices that will reduce pollution and promote sustainable growth.
SEGMENT REVIEW
INSIGHTS BY APPLICATION
Coal mining is expected to be the largest segment in the mining lubricants market. Coal mining is the largest segment of mining lubricants as the demand for coal has increased significantly. According to a report from IEA, in 2019, coal is the largest fuel used for electricity generation. Additionally, coal is used in various industries such as steel manufacturing, cement production, chemical, and various manufacturing industries. Therefore, the demand for coal has increased significantly in the last few decades due to rapid industrial development and an increase in population. Thus, the need for coal mining is expected to grow significantly, which may drive the mining lubricants market in the coming future.
Segmentation by Application
INSIGHTS BY OIL TYPE
Synthetic oil, mineral oil, and biobased oil are the key segments in the oil type segment of the global mining lubricants market. Under this, synthetic oil holds the industry's most prominent share amongst others. Synthetic oil offers a wide range of working temperatures, pressure, and good resistance against dust and moisture. Therefore for the mining industry, synthetic oil-based lubricants are the preferred choice by various mining companies. Additionally, synthetic oil can perform better even below zero temperature conditions than mineral oil. Synthetic oil-based lubricants provide better performance and protection than conventional mineral oil-based lubricants. The synthetic oil-based mining lubricants deliver and meet most of the mining industry's performance aspects and meet the environmental regulations laid down by various countries. Therefore, the demand for synthetic oil-based mining lubricants will grow significantly during the forecasted period. Also, biobased lubricants show healthy industry growth during the projected period. Biobased lubricants are produced using biodegradable vegetable oils; when these oils are disposed of in the environment, they are entirely non-toxic. Features like this resulted in increased demand for biobased lubricants over synthetic lubricants.
Segmentation by Oil Type
INSIGHTS BY PRODUCT TYPE
Oil is the largest segment amongst others in the market. In this oil segment, products such as engine oil, hydraulic fluid, transmission fluid, gear oil, and axle oil are the major oil types used in the mining industry. The mining industry uses various heavy equipment and heavy-duty vehicles that run on diesel engines due to the high power and torque requirement to carry out various mining operations. Therefore, the different types of oils are required for the smooth functioning of mining equipment and vehicles. Since the mining industry is expected to grow significantly during the forecasted period, the oil segment of the mining lubricant market is projected to grow.
Grease is the second significant product type segment in the global mining lubricants market. Grease is a lubricant that keeps equipment and vehicle parts from rubbing together. The thickening quality of grease improves its consistency and texture, making it more durable and efficient. The grease segment of the global mining lubricants market expects to grow a CAGR of 4.44% during the forecast period.
Segmentation by Product Type
GEOGRAPHICAL ANALYSIS
The global mining lubricants market is diverse, with many established and potential growth markets. APAC is the leading industry for mining lubricants because of rapid industrialization, rapidly developing infrastructure, and construction industry, increasing demand for various industries such as food & beverage, aerospace, automotive, and manufacturing. Furthermore, demand for power generation is expected to grow significantly as the APAC region population has grown tremendously in recent years. Coal is a primary fuel that is being used for the production of electricity. Therefore, coal mining in APAC is expected to drive the global mining industry, which is projected to boost the global mining lubricants market.
The North American region is home to many industrial lubrication manufacturers due to the high production and processing of oil & gas. Companies such as ExxonMobil, Valvoline, and Petro Canada have regional headquarters. Also, the U.S. and Canada contribute significantly to North America's high demand for mining lubricants.
Segmentation by Geography
COMPETITIVE LANDSCAPE
Key Vendors
Other Prominent Vendors
KEY QUESTIONS ANSWERED
LIST OF TABLES