IMARC Group, a leading market research company, has recently releases report titled “Mining Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global mining lubricants market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the mining lubricants market?
The global mining lubricants market size reached US$ 2.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.
What are mining lubricants?
Mining lubricants are specialty lubricants that reduce friction and wear between mining equipment. They are applied to both mobile and stationary equipment, such as hydraulic systems, turbines, compressors, gears, pneumatic tools, and mining transmissions. Mineral oil and synthetic lubricants are commonly used in the mining industry due to their high thermal stability, viscosity index, and resistance to corrosion, pressure, and wear. They help improve energy efficiency, dissipate heat, minimize downtime, and increase the lifespan of the equipment. As a result, mining lubricants find extensive applications in various mining operations, including coal, iron ore, bauxite, rare earth minerals, and precious metals across the globe.
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What are the growth prospects and trends in the mining lubricants industry?
The global mining lubricants market is primarily driven by the rising use of advanced mining equipment, including continuous miners, haul trucks, scalers, hydraulic shovels, motor graders, and dragline excavators. Moreover, original equipment manufacturers (OEMs) are encouraging the use of premium-quality lubricants to extend the operational life of these machines.
In line with this, the advent of new automated lubrication systems that provide automatic and continuous lubrication to machines, reducing wear on bearings and seals, is positively influencing the market growth. Furthermore, numerous product innovations, including the launch of bio-lubricants that are biodegradable, recyclable, and have minimal aquatic toxicity, are contributing to the market growth.
Other factors, including improvements in mining infrastructure, rapid expansion in the mining industry, and increasing exploration and drilling activities, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Mineral Oil Lubricants
- Synthetic Lubricants
- Bio-Based Lubricants
Breakup by Equipment Function:
- Engine
- Hydraulic
- Transmission
- Gear
Breakup by Mining Techniques:
- Surface Mining
- Underground Mining
Breakup by Application:
- Coal Mining
- Bauxite Mining
- Iron Ore Mining
- Precious Metals Mining
- Rare Earth Mineral Mining
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
BP p.l.c., Chevron Corporation, China Petroleum Chemical Corporation, ExxonMobil Corporation, Fuchs Group Holding GmbH, Klüber Lubrication (Freudenberg Co. Kommanditgesellschaft), PetroChina Company Limited, Quaker Chemical Corporation, Royal Dutch Shell Plc and Total SE.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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