The growth of the mining lubricants market is driven by the increasing demand from the Asia-Pacific and Middle East & Africa region and growing end use industries such as coal and iron ore mining.
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Summary of The Report:
The report "Mining Lubricants Market by End-Use Industry (Coal Mining, Iron ORE Mining, Bauxite Mining, Rare Earth Mineral Mining, Precious Metals Mining), Type (Mineral Oil Lubricants, Synthetic Lubricants), and Region - Global Forecast to 2022", The mining lubricants market was valued at USD 1.95 Billion in 2016, and is projected to reach USD 2.56 Billion by 2022, at a CAGR of 4.5% from 2017 to 2022.
The objectives of this study are:
- To analyze and forecast the size of the global mining lubricants markets, in terms of value and volume
- To define, segment, and estimate the global mining lubricants market by type, end-use industry, and region
- To provide detailed information regarding the crucial factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contribution to the total market
- To analyze the opportunities in the mining lubricants market for stakeholders and details of the competitive landscape for market leaders
- To project the size of market segments, in terms of value and volume, with respect to five main regions namely, Asia-Pacific, North America, Europe, Middle East & Africa and South America
- To strategically profile the key players and comprehensively analyze their market share and core competencies
- To track and analyze competitive developments such as new product launches, acquisitions, investments, expansions, partnerships, agreements, joint ventures, collaborations, product approvals, and other developments in the mining lubricants market
The research methodology used to estimate and forecast the global mining lubricants market began with capturing data on key vendor revenues through secondary sources such as Hoovers, Bloomberg, Chemical Weekly, Factiva, and various other government and private websites.
The vendor offerings have also been taken into consideration to determine the market segmentation. After arriving at the overall market size, the total market was split into several segments and subsegments, which were later verified through primary research by conducting extensive interviews with key personnel, such as CEOs, VPs, directors, and executives.
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Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments of the market.
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- The mineral oil lubricants segment led the global mining lubricants market in 2016
The mineral oil segment led the mining lubricants market in 2016. Low price of mineral oil lubricants is expected to drive this segment during the forecast period.
Asia-Pacific is the largest market for mineral oil. The growth of this segment in Asia-Pacific is attributed to the increased consumption of mineral oil in the coal mining industry in emerging countries such as India and China.
- The coal mining segment accounted for the largest share of the global mining lubricants market in 2016
The coal mining segment led the global mining lubricants market in 2016, due to the high consumption of heavy load equipment in the coal mining industry. The coal mining industry accounted for the largest share of 56.3%, in terms of value, of the overall mining lubricants market in 2016.
The coal mining segment is driven by the high-performance lubricants, which offer high viscosity index, better corrosion prevention, and high resistance to oxidation.
- Asia-Pacific was the largest market for the global mining lubricants market in 2016
Asia-Pacific was the largest market for mining lubricants in 2016, having accounted for a share of 43.4% (by value) and is estimated to grow at the highest CAGR during the forecast period. The high growth of the emerging economies makes Asia-Pacific an attractive market for mining lubricants.
The increasing coal mining activities in China and India are primarily responsible for the high consumption of mining lubricants.
Key players operational in the mining lubricants market include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), BP Plc.
(U.K.), Chevron Corporation (U.S.), LUKOIL (Russia), Idemitsu Kosan Co., Ltd. (Japan), and Total S.A. (France), among others.
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