Downturn in mining related investments in Australia and South Africa is restraining growth of Mining Lubricants Market
Lubricants
are materials that help reduce the friction between moving parts or surfaces to
enhance the efficiency of machines. They are formulated using various base oils
including mineral oil, synthetic oil, and bio-based oil. Lubricants are used
in various industries such as automotive, manufacturing, construction,
and mining among others.
Mining
lubricants are used to protect the equipment from wear and tear by reducing
friction, also to reduce heat and electrical resistivity. The global mining lubricants market was valued
at USD 1.95 billion in 2016, and is
projected to reach USD 2.56 billion by 2022, at a CAGR of 4.5% from 2017 to
2022. The growth of the mining industry,
increase in the demand for coal in
electricity generating applications, and the growing demand for base metals
such as copper, nickel, lead, zinc, and others are fueling the mining lubricants
market.
Among types, mineral oil is the fastest-growing segment of the Mining
Lubricants Market during the
forecast period. Relatively low price of mineral oil lubricants is expected
to drive this segment during the forecast period. Asia-Pacific is the largest
market for mineral oil. The growth of this segment
in Asia-Pacific is attributed to the increased
consumption of mineral oil in the coal mining industry in emerging countries
such as India and China.
Coal mining is projected to be the fastest-growing segment from
2017 to 2022, due to the high consumption of heavy load equipment in the coal
mining industry. The coal mining industry accounted for the largest share of
56.3%, in terms of value, of the overall mining lubricants market, in 2016.
The market for mining lubricants in the coal mining industry is driven by the improved high-performance lubricants, which offer high
viscosity index, better corrosion prevention, and high resistance to oxidation.
Asia-Pacific led the mining lubricants market, in 2016, having
accounted for the largest share (by value) and is projected to grow at the
highest CAGR during the forecast period. The increasing coal mining activities
in China and India are primarily
responsible for the high consumption of mining
lubricants.
The key players operational in the
mining lubricants markets are focusing on expansions, acquisitions, and new
product launches to cater the demand across various applications. Royal Dutch Shell Plc. (Netherlands) and
Total S.A. (France) have reported the highest number of developments in the
global mining lubricants market in recent years.
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