Construction Lubricants Market: Current Analysis and Forecast (2021-2027)

The global construction lubricants market is likely to showcase a growth of around 4% during the forecast period. Over the years mechanization of industries played a pivoted role in building up the market of lubricants as they improve the equipment life and aids in maintaining efficiency for a longer time due to their properties which helps in reducing the friction, heat, and wear between the mechanical components that are in contact with each other. The construction industry is one of the prominent consumers of lubricants capturing a significant portion of the pie in the global lubricants market. The industry uses heavy equipment like earth moving equipment, material handling equipment, and construction vehicles. These types of equipment are commonly operated in harsh conditions resulting in more wear and tear, therefore, to operate efficiently, equipment frequently requires lubricants. Moreover, the construction activity in developing economies are growing at a rapid rate thus increasing the demand for construction equipment, thereby increasing the lubricant consumption.

Insights Presented in the Report

"Amongst base oil, mineral oil held a prominent share in the market in 2020"

Based on the base oil, the market is categorized into mineral and synthetic oils. Of both, mineral oil accounted for a significant share in the market and is likely to maintain its position during the forecast period. Mineral oil may fall in either of these three: group I, group II, and group III. Currently, group II mineral oil is widely consumed owing to its higher efficiency and lower emission. Further, industries are finding it easy to transit from group I base oil to group II base oil by changing work techniques, working with new base oil manufacturers, and changing equipment compared to group IV which is fully synthetic oil, resulting in a higher share of mineral oil.

"Amongst type, hydraulic fluid accounted for a significant share in 2020"

Based on type, the market is categorized into hydraulic fluid, engine oil, gear oil, transmission fluid, grease, compressor oil, and others. Among these, the hydraulic fluid category held a significant market share owing to a large number of construction equipment in developed countries and growing demand for equipment in developing countries like China and India. Since equipment with hydraulic functionality or machinery shares a significant portion of construction equipment, thereby accounts for higher lubricant consumption.

"Asia-Pacific accounted for a considerable share in the global construction lubricants market"

For a better understanding of the market adoption of construction lubricants, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase substantial growth during the forecast period owing to increasing construction activities in countries like China and India. Further, governments of several regional economies are investing heavily to improve the nation's infrastructure. Owing to such factors, demand for construction equipment and the vehicle is increasing in the region, thereby increasing the demand for lubricants.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts

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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments

• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry

• The study comprehensively covers the market across different segments

• Deep dive country-level analysis of the industry

Customization Options:

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