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The global market for mining lubricants was worth USD 6.9 billion in 2022, and it is expected to increase at a CAGR of 5.8 percent from USD $6.69 billion in 2023 to USD $8.99 billion by 2030.
Machines and large trucks used in mining operations require mining lubricant to function smoothly. Equipment in the mining industry is subjected to high levels of pressure and heat. Therefore, higher-quality mining lubricants covering a wide temperature and pressure range are required for reliable operation of the machinery. To prevent sludge buildup, lubricant must be changed often when used in heavy-duty vehicles and other mining equipment that is constantly exposed to dust and moisture. Sales of mining lubricants reached 1,952 kilotons in 2021. Lubricants in mining equipment do more than just keep things moving; they also clean and cool machinery, and they keep things like turbines, pistons, and gears from rusting and corroding. The mining lubricant market is undergoing a dramatic shift as a direct result of the rising demand for high-quality, high-performance lubricants among mining industry customers. By reducing carbon emissions, increasing fuel efficiency, supplying low-viscosity mining lubricants, and accommodating varying emission standards set by government and non-government organizations, continuous technological progress and innovation have helped meet a wide range of needs in the mining industry. The construction and infrastructure sectors are booming in emerging economies, speeding up the process of industrialization. Increasing demand for mining lubricants in a wide range of industries, such as coal, iron ore, bauxite, rare earth minerals, precious metals, and others; rising awareness of the availability of better mining lubricants; burgeoning mining and exploration industries; and rapid industrialization, especially in developing nations, are the primary forces propelling the mining lubricants market forward.
Classification of Products
Bio-based lubricants represent the largest product type in the Global Mining Lubricants Market. Because of their eco-friendliness and their potential to lessen damage to the environment, these lubricants are rising in popularity. They are a sustainable and environmentally conscientious choice for the mining sector because they are made from renewable resources like vegetable oils and animal fats. When broken down by product type, the synthetic lubricants sector of the global mining lubricants market is expanding at the quickest rate. Better viscosity control, longer equipment life, and lower maintenance costs are just a few of the reasons why these lubricants are becoming increasingly popular. As a result of their superior resistance to wear, corrosion, and oxidation, synthetic lubricants are well-suited for use in the severe conditions found in mines.
Synthetic oil provides a robust barrier against moisture and dust, as well as a wide operating temperature and pressure range. As a result, many mining companies prefer to employ synthetic oil-based lubricants. Furthermore, even at sub-zero temperatures, synthetic oil performs better than mineral oil. Synthetic oil-based lubricants provide superior performance and protection compared to those made using mineral oil.
Evaluation Through Use
When broken down by industry, the coal mining sector represents the greatest application for mining lubricants worldwide. Coal is essential for the production of steel, cement, chemicals, and other manufactured items. Coal's popularity has skyrocketed over the past few decades thanks to urbanization and economic development. Since coal mining will likely be in high demand, the mining lubricants industry could grow in the next years. The Iron Ore Mining subsegment of the Global Mining Lubricants Market by Application is projected to grow at the highest rate during the forecast period. Iron ore is essential in the manufacturing of steel, which is in great demand because of its widespread usage in building, transportation, and other infrastructure. Lubrication of mining machinery used in iron ore mining is essential for optimal performance and reduced wear and tear.
Demand for aluminum from sectors including transportation, packaging, and construction has helped propel growth in the bauxite mining sector. The jewelry, technology, and car sectors all contribute to the high demand for the precious metals mined in the Precious Metal Mining sector.
Drivers
The Mining Industry is Growing
The mining industry has grown exponentially in recent years as a result of rapid industrialization and the use of innovative mining technology. The mining industry's output has increased as a result of Industry 4.0's digitalization. The mining industry also provides raw materials to other industries such as the automobile, manufacturing, steel, aluminum, construction, electronics, and glass industries. It is expected that the aforementioned sectors will continue to expand. Therefore, growth in these industries may result in increased demand for mining.
Growth in Demand for Bio-Based Lubricants
Biobased mining lubricants can be made from a variety of sources, including vegetable oil, synthetic esters, and animal fats. The demand for biobased lubricants is higher in industrialized countries than in developing ones. North America and Europe, with their severe environmental regulations and environmentally conscious consumer bases, are the largest consumers of biobased lubricants in the world. The market in these fields is typically characterized by strict regulations and stringent sustainability criteria. In addition, if biobased mining lubricants can match the performance of conventional mining lubricants, consumers in the European market would be willing to pay a significant premium.
Restraints
Environmental concerns arising from the mining industry
Many countries' economies benefit from the mining industry since it provides a wide range of raw materials for industry. Mining is essential to economic growth, yet also has severe detrimental effects on the environment. Damage to the environment, including loss of wildlife and their habitats, can result from mining activities, as can the contamination of air and water. Governments all around the world have passed stringent legislation to reduce the environmental impact of the mining industry. Environmental Protection Agency (EPA), Western Mining Action Network (WMAN), European Environmental Agency (EEA), and other NGOs are working with local governments to develop policies and practices that will reduce pollution and promote sustainable development.
Report Coverage
Global Mining Lubricants research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Mining Lubricants report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Mining Lubricants competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Mining Lubricants market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Mining Lubricants market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Mining Lubricants market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ExxonMobil Corporation, Royal Dutch Shell Plc, BP Plc, Chevron Corporation, Total S.A., FUCHS Petrolub SE, Klüber Lubrication, Quaker Houghton, PetroChina Company Limited, Idemitsu Kosan Co., Ltd., China National Petroleum Corporation, Sinopec Lubricant Company, LUKOIL, Valvoline Inc., Schaeffer Manufacturing Co., Morris Lubricants, Penrite Oil Company, Southwestern Petroleum Corporation, Bel-Ray Company, LLC, CITGO Petroleum Corporation
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Mining Lubricants market based on the below-mentioned segments:
Global Mining Lubricants Market, By Product Type
Mineral Oil Lubricants
Synthetic Lubricants
Bio-Based Lubricants
Global Mining Lubricants market, By Application
Food Coal Mining
Iron Ore Mining
Bauxite Mining
Precious Metal Mining
Global Mining Lubricants market, Regional Analysis
Machines and large trucks used in mining operations require mining lubricant to function smoothly. Equipment in the mining industry is subjected to high levels of pressure and heat. Therefore, higher-quality mining lubricants covering a wide temperature and pressure range are required for reliable operation of the machinery. To prevent sludge buildup, lubricant must be changed often when used in heavy-duty vehicles and other mining equipment that is constantly exposed to dust and moisture. Sales of mining lubricants reached 1,952 kilotons in 2021. Lubricants in mining equipment do more than just keep things moving; they also clean and cool machinery, and they keep things like turbines, pistons, and gears from rusting and corroding. The mining lubricant market is undergoing a dramatic shift as a direct result of the rising demand for high-quality, high-performance lubricants among mining industry customers. By reducing carbon emissions, increasing fuel efficiency, supplying low-viscosity mining lubricants, and accommodating varying emission standards set by government and non-government organizations, continuous technological progress and innovation have helped meet a wide range of needs in the mining industry. The construction and infrastructure sectors are booming in emerging economies, speeding up the process of industrialization. Increasing demand for mining lubricants in a wide range of industries, such as coal, iron ore, bauxite, rare earth minerals, precious metals, and others; rising awareness of the availability of better mining lubricants; burgeoning mining and exploration industries; and rapid industrialization, especially in developing nations, are the primary forces propelling the mining lubricants market forward.
Classification of Products
Bio-based lubricants represent the largest product type in the Global Mining Lubricants Market. Because of their eco-friendliness and their potential to lessen damage to the environment, these lubricants are rising in popularity. They are a sustainable and environmentally conscientious choice for the mining sector because they are made from renewable resources like vegetable oils and animal fats. When broken down by product type, the synthetic lubricants sector of the global mining lubricants market is expanding at the quickest rate. Better viscosity control, longer equipment life, and lower maintenance costs are just a few of the reasons why these lubricants are becoming increasingly popular. As a result of their superior resistance to wear, corrosion, and oxidation, synthetic lubricants are well-suited for use in the severe conditions found in mines.
Synthetic oil provides a robust barrier against moisture and dust, as well as a wide operating temperature and pressure range. As a result, many mining companies prefer to employ synthetic oil-based lubricants. Furthermore, even at sub-zero temperatures, synthetic oil performs better than mineral oil. Synthetic oil-based lubricants provide superior performance and protection compared to those made using mineral oil.
Evaluation Through Use
When broken down by industry, the coal mining sector represents the greatest application for mining lubricants worldwide. Coal is essential for the production of steel, cement, chemicals, and other manufactured items. Coal's popularity has skyrocketed over the past few decades thanks to urbanization and economic development. Since coal mining will likely be in high demand, the mining lubricants industry could grow in the next years. The Iron Ore Mining subsegment of the Global Mining Lubricants Market by Application is projected to grow at the highest rate during the forecast period. Iron ore is essential in the manufacturing of steel, which is in great demand because of its widespread usage in building, transportation, and other infrastructure. Lubrication of mining machinery used in iron ore mining is essential for optimal performance and reduced wear and tear.
Demand for aluminum from sectors including transportation, packaging, and construction has helped propel growth in the bauxite mining sector. The jewelry, technology, and car sectors all contribute to the high demand for the precious metals mined in the Precious Metal Mining sector.
Drivers
The Mining Industry is Growing
The mining industry has grown exponentially in recent years as a result of rapid industrialization and the use of innovative mining technology. The mining industry's output has increased as a result of Industry 4.0's digitalization. The mining industry also provides raw materials to other industries such as the automobile, manufacturing, steel, aluminum, construction, electronics, and glass industries. It is expected that the aforementioned sectors will continue to expand. Therefore, growth in these industries may result in increased demand for mining.
Growth in Demand for Bio-Based Lubricants
Biobased mining lubricants can be made from a variety of sources, including vegetable oil, synthetic esters, and animal fats. The demand for biobased lubricants is higher in industrialized countries than in developing ones. North America and Europe, with their severe environmental regulations and environmentally conscious consumer bases, are the largest consumers of biobased lubricants in the world. The market in these fields is typically characterized by strict regulations and stringent sustainability criteria. In addition, if biobased mining lubricants can match the performance of conventional mining lubricants, consumers in the European market would be willing to pay a significant premium.
Restraints
Environmental concerns arising from the mining industry
Many countries' economies benefit from the mining industry since it provides a wide range of raw materials for industry. Mining is essential to economic growth, yet also has severe detrimental effects on the environment. Damage to the environment, including loss of wildlife and their habitats, can result from mining activities, as can the contamination of air and water. Governments all around the world have passed stringent legislation to reduce the environmental impact of the mining industry. Environmental Protection Agency (EPA), Western Mining Action Network (WMAN), European Environmental Agency (EEA), and other NGOs are working with local governments to develop policies and practices that will reduce pollution and promote sustainable development.
Report Coverage
Global Mining Lubricants research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Mining Lubricants report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Mining Lubricants competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Mining Lubricants market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ExxonMobil Corporation, Royal Dutch Shell Plc, BP Plc, Chevron Corporation, Total S.A., FUCHS Petrolub SE, Klüber Lubrication, Quaker Houghton, PetroChina Company Limited, Idemitsu Kosan Co., Ltd., China National Petroleum Corporation, Sinopec Lubricant Company, LUKOIL, Valvoline Inc., Schaeffer Manufacturing Co., Morris Lubricants, Penrite Oil Company, Southwestern Petroleum Corporation, Bel-Ray Company, LLC, CITGO Petroleum Corporation |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Mining Lubricants Market from 2021 to 2030.
- Market Forecast for Mining Lubricants Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Mining Lubricants competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Mining Lubricants
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Mining Lubricants market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Mining Lubricants market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ExxonMobil Corporation, Royal Dutch Shell Plc, BP Plc, Chevron Corporation, Total S.A., FUCHS Petrolub SE, Klüber Lubrication, Quaker Houghton, PetroChina Company Limited, Idemitsu Kosan Co., Ltd., China National Petroleum Corporation, Sinopec Lubricant Company, LUKOIL, Valvoline Inc., Schaeffer Manufacturing Co., Morris Lubricants, Penrite Oil Company, Southwestern Petroleum Corporation, Bel-Ray Company, LLC, CITGO Petroleum Corporation
Primary Target Market
- Market Players of Mining Lubricants
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Mining Lubricants market based on the below-mentioned segments:
Global Mining Lubricants Market, By Product Type
Mineral Oil Lubricants
Synthetic Lubricants
Bio-Based Lubricants
Global Mining Lubricants market, By Application
Food Coal Mining
Iron Ore Mining
Bauxite Mining
Precious Metal Mining
Global Mining Lubricants market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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