According to a new market research report “Global Lubricants Market for Mining and Quarry Applications Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Type (Mineral Oil Lubricants, Synthetic Lubricants, Bio-Based Lubricants), by Equipment Function (Hydraulic, Engine, Transmission, Gear), by Techniques (Surface Mining, Underground Mining), by End-Use (Coal Mining, Iron Ore Mining, Bauxite Mining, Rare Earth Mineral Mining, Precious Metals Mining and Others)” published by P&S Market Research, the global lubricants market for mining and quarry applications is projected to reach USD2.6 billion by 2023, growing at a CAGR of 5.0% during 2017 - 2023.
As per the research, the global lubricants market for mining and quarry applications is likely to grow from USD1,890 million in 2016 to USD2,610.0 million by 2023. With increasing consumption of mineral oil lubricants and the rapidly growing mining activities in emerging countries such as China and India, the demand for lubricants is expected to gain traction during the forecast period.
Additionally, the widespread adoption of bio-based lubricants is expected to further spike the demand for lubricants market for mining and quarry applications during the forecast period.
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As per the findings of research, the coal mining emanated the largest demand for lubricants market for mining and quarry applications, by end-use.
Hydraulic is the largest segment in lubricants market for mining and quarry applications, by equipment function. Based on techniques, surface mining is expected to witness the fastest growth in the global market during the forecast period.
Asia-Pacific accounted for the largest region in the global lubricants market for mining and quarry applications, where China contributed to the largest revenue. The U.S. was the major market for lubricants market for mining and quarry applications in the North America, whereas Russia contributed to the largest revenue in the European region.
Saudi Arabia generated the largest revenue for lubricants market for mining and quarry applications in the Middle East and Africa, whereas Brazil was the major contributor in the Latin American region.
The factors driving the growth of the global lubricants market for mining and quarry applications include rising demand for improved efficiency and increasing demand from various end-use applications including coal mining, iron ore and bauxite. Additionally, the increasing industrialization and urbanization in the Asia-Pacific region is expected to further create market opportunities for lubricants market for mining and quarry applications during the forecast period.
The stringent government regulations and the increasing focus on R&D activities in various countries including the U.S., China, India and Australia have resulted in technological advancements and new product innovations, which has considerably increased the demand for lubricants market for mining and quarry applications. Additionally, the high economic growth and gross domestic product (GDP) in various nations including India, Brazil, South Africa, Indonesia, Mexico and Kazakhstan is expected to boost the mining activities in these regions.
This would further spur the growth of global lubricants market for mining and quarry applications during the forecast period.
Some of the key players in the global lubricants market for mining and quarry applications include BP P.L.C., Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc, Total S.A., Blue Star Lubrication Technology, LLC, Busler Enterprises, Inc., D-A Lubricant Company, Inc., Eurol BV and Schaeffer Manufacturing Co.
Companies such as BP, Chevron and ExxonMobil are adopting a customer-oriented method that focusses on creating brand awareness among the consumers through visual and print media, to establish and maintain a competitive edge in the overall market.
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