The mining lubricants market worldwide generated a revenue of
USD 2,340.50 million in
2024.
From 2024 to 2034, globally the mining lubricants
industry is projected to grow at a CAGR of 5.40%.
With
increasing awareness of the usage of mining lubricants, the market
is expected to grow substantially during the forecast
period.
From 2024 to 2034, the
United States mining lubricants industry is projected to
grow at a CAGR of 4.2%.
Some of the key mining lubricants
manufacturing companies include Calumet Specialty Products
Partners; Royal Dutch Shell PLC; Chevron Corporation; Exxonmobil
Corporation; Fuchs Petrolub SE
NEWARK, Del. , July 17,
2024 /PRNewswire/ -- The mining lubricant
market is expected to be valued at USD 2,340.50 million in 2024. The market's
progress is projected to rise at a CAGR of 5.40% from 2024
to 2034. By 2034, the market value is forecasted to reach
USD 3,960.18 million.
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.
"The increasing focus on reducing operational costs and
improving efficiency in the mining sector is expected to further
boost the demand for mining lubricants. With the introduction of
advanced and high-performance lubricants that offer superior
protection and reduced wear, the market is expected to witness
substantial growth over the forecast period," Opines
Nikhil Kaitwade Associate Vice President
at Future Market Insights (FMI).
Key Takeaways from the Mining Lubricant Market Report
- The global mining lubricant market is estimated to register a
CAGR of 5.40% through 2034.
- The market is expected to reach a valuation of USD 3,960.18 million by 2034.
- The oil segment is anticipated to dominate the market,
accounting for a 93.10% market share in 2024.
- With a 90.00% market share in 2024, the synthetic segment is
projected to drive the market forward.
Country-wise Insights
What is the Demand Outlook for Mining lubricants in
China?
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.
What is the Expected Growth of Mining Lubricants Market in
Australia?
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.
What is the Consumption Outlook of Mining Lubricants in
U.S.?
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.
Competitive Landscape
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.
Key Market Players
- Calumet Specialty Products Partners
- Royal Dutch Shell PLC
- Chevron Corporation
- Exxonmobil Corporation
- Fuchs Petrolub SE
- Kluber Lubrication
- Lukoil
- Petrochina Company Limited
- Petronas
- Quaker Chemical Corporation
- Schaeffer Manufacturing Co.
- Total S.A.
- Petro Canada Lubricants Inc
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Category-wise Insights
Which Product Type of Mining Lubricants to Account for a
Considerable Share in the Global Market?
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.
Why Synthetic Oils to Remain a key Source Segment for Mining
Lubricants Market?
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.
Recent Development in the Mining Lubricant 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.
Key Market Segmentations
By Product Type:
By Source:
- Synthetic Lubricants
- Bio-based Lubricants
By Application:
- Coal Mining
- Bauxite Mining
- Iron Ore Mining
- Precious Metals & Rare Earth Minerals Mining
- Industrial Mineral Mining
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Authored by:
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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About Future Market Insights (FMI)
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