Mining Lubricants Market: Global Demand Analysis & Opportunity Outlook 2027 —
The global mining lubricants market can be segmented on the basis of product type, equipment, mining technique and end use industry. On the basis of product type, it is segmented into Bio-based mining lubricant, Synthetic Lubricant and Mineral Oil. Mineral oil lubricants are cheaper than synthetic and bio-based lubricants and they provide a greater working benefit through supplying a stable structure to equipment. On the basis of equipment, it is segmented into Engine, hydraulic, transmission and gear. On the basis of mining technique, it is segmented into surface mining and underground mining. On the basis of end-use industry, it is segmented into Iron ore mining, Coal mining, Bauxite mining, Rare-earth mineral mining and Precious metal mining.
The CAGR of Global Mining Lubricants Market is anticipated to grow at a CAGR of 4.8% during the year 2017-2027 it will reach around USD 3.2 Bn by 2027. The rise in demand of mining lubrication helps in reducing the downtime that is due to frequent oil changes, maintenance and components failures will help in fostering industry expansion during the forecast period.
Asia Pacific is expected to show high volume gains at a CAGR of 5.4% from 2017 to 2027. Mining is an important economic activity for Asian countries such as India, China, Australia and Indonesia. Asia Pacific is expected to grow at substantial rate on the account of rapid industrialization and changing lifestyle. Iron and coal are the most extensively extracted resources in Asia-Pacific region, wherein the most involved countries including Australia, India and China are expected to propel the demand for the related market. Furthermore, Iron is the most consumed metal in developing nations such as India and China, such factor is expected to fuel the demand for iron ore mining, which in turn is anticipated to boost the demand for mining lubricants in Asia-Pacific region.
Increasing use of mineral oil lubricants will bolster global Mining Lubricants market growth
Rising demand for better efficiency and growing demand from numerous end-use industries such as coal mining, iron ore and bauxite will increase the market size of the global mining lubricants market. Additionally, the rapid urbanization and industrialization in the APAC region is expected to generate significant market opportunities for the lubricants marketers for mining applications.
The increasing need for mining equipment from coal mining industry and the rising demand of coal for power generation applications in countries such as China, India and Indonesia are likely to shoot the demand for lubricants during the forecast period. Furthermore, rising demand for minerals and metal commodities and rising consumption of natural produced resources such as uranium, diamond and coal is one the primary factor, which is anticipated to further bolster the growth for mining equipment during the forecast period.
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The report titled “Mining Lubricants Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global mining lubricants market in terms of market segmentation by application type and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global mining lubricants market which includes company profiling of key companies such as Royal Dutch Shell Plc, ExxonMobil Corporation, BP Plc., Chevron Corporation, Total S.A., LUKOIL, Idemitsu Kosan Co., Ltd. Fuchs Petrolub SE, and PetroChina Company Limited. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global mining lubricants market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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