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The lubricants market for mining and quarry applications market size is estimated to grow at a CAGR of 5.26% between 2023 and 2027. The market size is forecast to increase by USD 660.59 million. The growth of the market depends on several factors such as the adoption of smart mining equipment, the increased implementation of automatic lubrication systems, and the growing demand for cobalt owing to the increasing adoption of electric vehicles.
This lubricants market for mining and quarry applications market report extensively covers market segmentation by application (coal mining, iron ore mining, rare earth mineral mining, bauxite mining, and others), product type (mineral oil lubricants, synthetic oil lubricants, and bio-based lubricants), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The adoption of smart mining equipment is driving growth in the lubricants market for the mining and quarry application market. Mining and quarrying equipment includes crushing and screening equipment, mining trucks, mining drills, tunneling and rock drilling equipment, motor graders, large wheel loaders, draglines, etc. To improve the efficiency of their operations, these facilities have undergone a number of technological developments.
However, the rising advancement in mining equipment has increased their adoption to achieve better outputs, safety, and precaution and reduce the number of workers as part of cost-cutting. The demand for lubricant to keep mining equipment in good working condition has therefore risen. This, in turn, will drive the growth of the market in focus during the forecast period.
The shifting of mining activities to emerging economies is a key trend in the lubricants market for the mining and quarry application market. As emerging economies continue to grow, their economy and GDPs are growing more than in advanced economies, and mining activity is beginning to shift toward them. Countries such as India, Brazil, South Africa, Indonesia, Mexico, and Kazakhstan have seen an increase in mining activities.
Moreover, India is emerging as one of the major producers of key industrial ores and minerals, whether it is fuel-based, metallic-based, non-metallic-based, or atomic or minor minerals. The country's need for additional minerals is being driven by energy demand and the growth of the manufacturing sector. With these developments, the mining sector is shifting toward emerging economies of Asia, Southeast Asia, Latin America, and Africa.
The strong growth in renewable energy generation is a major challenge in the lubricants market for the mining and quarry application market. With less fossil fuels in the world, more use of renewables and energy efficiency is being made. This increasing competitiveness of renewable energy such as wind, solar, hydro, nuclear, and biomass is expected to undermine the attractiveness of investments in coal, thereby reducing the demand for lubricants used in the mining of coal.
Moreover, with growing concerns about climate change, environmental degradation, and the health risks associated with coal use, countries are increasingly turning to renewables. The rising inclination of countries towards renewable sources of energy to reduce greenhouse gas (GHG) emissions and the growing global renewable energy capacity are expected to hamper the growth of the coal mining industry, thereby reducing the demand for mining equipment. This will negatively impact the global lubricants market for mining and quarry applications during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Lubricants Market for Mining and Quarry Applications Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BP Plc- The company offers lubricants that provide high-performance gear oils that protect against wear, prolong gear life, and help deliver optimum gear performance.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The coal mining segments are estimated to witness significant growth during the forecast period. In recent years, the market at issue has undergone a dynamic shift, particularly in the area of coal mining. Traditionally, lubricants were actively used in coal mining for a variety of applications ranging from preserving the operation of heavy machinery such as draglines and conveyor systems to safeguarding crucial components in underground mining equipment.
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The coal mining segment was the largest segment and was valued at USD 1,092.07 million in 2017. The rising demand for metals and minerals in infrastructure development and renewable energy projects has maintained the market in focus, the business environment is always changing, providing opportunities for growth and new ideas. Hence, the demand for lubricants is expected to increase from the coal mining segment, and hence, the market in focus is expected to witness growth during the forecast period.
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APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The regional market is mainly driven by the huge requirement for energy and infrastructure development that necessitate the use of metals and energy minerals due to major developing economies such as India, China, Indonesia, and the Philippines are part of this region.
Moreover, the rapid growth of several industries, such as construction, automotive, and technology, has resulted in high demand for ferrous and non-ferrous metals, such as steel, aluminum, and copper, in the country. Coal consumption in the APAC region is estimated to grow at a consistent rate, driven primarily by energy generation from coal power plants. The increasing demand for coal in APAC is driving coal mining activities in countries such as China and India, where the population is growing at a rapid rate is driving the demand for mining equipment in APAC, thereby boosting the growth of the regional lubricants market for mining and quarry applications.
The COVID-19 pandemic had a significant impact on the regional market in 2020. However, the regional market showed signs of a recovery in 2021, with the launch of COVID-19 vaccination and economic recovery measures. Increased infrastructure developments, particularly in developing economies such as India and China, increased mining and quarrying activity, driving up demand for lubricants. A rebound in mining investment is one of the factors responsible for the growth of the regional market, and the use of improved lubricating technologies for increased equipment efficiency. These factors will help the growth of the regional market during the forecast period.
The lubricants market for mining and quarry applications market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Lubricants Market For Mining And Quarry Applications Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.26% |
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Market growth 2023-2027 |
USD 660.59 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.17 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 57% |
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Key countries |
US, China, India, Russia, and Brazil |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Berkshire Hathaway Inc., BP Plc, Busler Enterprises Inc., Chevron Corp., CSW Industrials Inc., D A Lubricant Co., Eurol BV, Exxon Mobil Corp., FUCHS PETROLUB SE, Lubrication Engineers Inc., Lubriplate Lubricants Co., Quaker Chemical Corp., Rymax BV, Schaeffer Manufacturing Co., Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, Valvoline Inc., San Miguel Corp., and Lucas Oil Products Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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