Predominantly driven by extensive application in coal mining and iron ore mining sectors, mining lubricants continue to see sustained demand in the global market. Poised for revenues of over US$3 billion towards the end of the forecast period (2019 - 2029), according to Future Market Insights (FMI) the global mining lubricants market is projected to witness a steady growth outlook in the near future.
While the mining industry has been integrating advanced technologies for augmented output, an increasing awareness among industry operators about the appropriate usage of high-performance mining lubricants is pushing the progress of the market at a stable pace. Prominent mining lubricant manufacturers are focusing on the development of antioxidant, waterproof, rust-preventive, and non-toxic products.
FMI’s key takeaways from its Mining Lubricants Market study include:
- Increasing urbanisation and rapid industrialisation have created a massive demand for energy and metals, which is expected to contribute to the growth of the mining lubricants market.
- Coal mining holds a major share in global mining lubricants market, accounting for about 58% of total sales.
- Bio-based lubricants are experiencing high demand from developed countries in Europe and North America, on account of government initiatives to promote use of bio-based products and regulations to protect the environment. The market share held by bio-based lubricants is expected to increase over the forecast period.
- East Asia holds a prominent share of the mining lubricants market, on the back of the strong presence of coal and iron ore mines in countries like China.
For mining companies, operational and maintenance costs account for a significant share. Increasing awareness among companies about the proper usage of lubricants has decreased the maintenance cost of equipment. Moreover, it has also helped companies to avoid unexpected shutdowns.
Competition landscape remains moderately consolidated
The global mining lubricants market is moderately consolidated, with top established players accounting for more than half of the total supply. Manufacturers are focusing on strengthening partnerships with mining companies and equipment suppliers. Key players such as Royal Dutch Shell Plc, ExxonMobil Corp., Total SA, BP Plc, PetroChina Co. Ltd, PETRONAS, FUCHS, Chevron Corp., Lukoil Co., Kluber Lubrication, and others are also involved in marking a direct presence in local markets through mergers and acquisitions with regional players across the globe.
What does the future hold?
The global mining lubricants market is expected to gain traction over the forecast period on account of increasing investments in least developed countries and landlocked developed countries from Africa, Latin America, and Asia. Substantial growth in the mining lubricants market is mainly backed by coal mining in countries such as China, India and Indonesia.
Read the article online at: https://www.globalminingreview.com/finance-business/10022020/sales-of-mining-lubricants-to-soar-steadily-through-2029/