According to a report provided by Report Linker, the global mining lubricants market is projected to grow by US$727.4 million, driven by a compounded growth of 4.3%.
Mineral oil lubricants, one of the segments analysed and sized in the study, displays the potential to grow at over 4.7%. The shifting dynamics supporting this growth makes it important for businesses in this space to keep abreast of the changing market. Poised to reach over US$2 billion by 2025, mineral oil lubricants is expected to bring in healthy gains adding momentum to global growth.
The US is set to maintain a 3.3% growth momentum and within Europe, Germany is expected to add over US$26.1 million to the region's size and clout in the next 5 - 6 years. Over US$20.9 million worth of projected demand in the region will come from markets in the rest of Europe.
In Japan, mineral oil lubricants could reach a market size of US$112.5 million by the close of the analysis period. As the world's second largest economy and a major player in global markets, China exhibits the potential to grow at 6.9% over the next few years and add approximately US$210.8 million in terms of addressable opportunity for the picking by businesses and their leaders.
Several macroeconomic factors and internal market forces could shape growth and development of demand patterns in emerging countries in Asia-Pacific, Latin America and the Middle East. All research viewpoints presented are based on validated engagements from influencers in the market.
Competitors identified in this market include, among others, Bel-Ray Company LLC; BP PLC; Chevron Corporation; ExxonMobil Corporation; Fuchs Petrolub SE; Idemitsu Kosan Co., Ltd.; Kluber Lubrication Munchen SE & Co. KG; LUKOIL Lubricants Company; PetroChina Co., Ltd.; Quaker Chemical Corporation; Royal Dutch Shell PLC; Schaeffer Manufacturing Company; Sinopec Corp.; Total SA; Whitmore.
You can find the full report here.
Read the article online at: https://www.globalminingreview.com/finance-business/02012020/mining-lubricants-industry-set-to-grow/