The lubricant is an organic substance used to decrease friction and heat generated between the two distinct surfaces in mutual contact during their motion. On industrial scale lubricants are used for numerous other purposes for several applications in end-use industries. Manufacturers have developed advanced groups of lubricants for several end-use industries that are produced using petrochemicals and mineral oils, these kinds of lubricants impact the environment in terms of biodegradability, recyclability and toxicity. Lubricant can lower temperature by reducing heat generated between two contacting or interlocking surfaces. The lubricants have the capability of transmitting particles in a system. Mining lubricants provide substantial viscosity to the machines. There are numerous other properties which can augment the application of mining lubricants such as thermal stability, corrosion prevention, high resistance against oxidation such factors makes the mining lubricants more popular for the mining end users.
Market Size and Forecast
The global mining lubricants market was valued USD 2.1 Bn in 2017, and is anticipated to reach USD 3.16 Bn by 2027. It is expected to expand at a CAGR of 4.8% during 2017-2027. It can be accredited to the fact that lubricants are used in many mining industries as they provide viscosity and also reduce heat between two adjacent surfaces.
The global mining lubricants market can be segmented on the basis of product type, equipment, mining technique and end-use industry. Moreover, based on end-use industry, the mining lubricants market can be divided into iron ore mining, coal mining, bauxite mining, rare-earth mineral mining and precious metal mining. Production of coal ore is more than that of iron ore and other rare earth metals. Hence, the coal mining segment leads the mining lubricants market. High energy consumption and industrial development are expected to foster the global mining lubricants market.
By region, global mining lubricants market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. The Asia Pacific is anticipated to observe for profitable gain in market size owing to rapid industrialization and changing consumer preferences towards lifestyle. Moreover, surging demand for steel for the purpose of urbanization and industrialization in developing economies such as India and China as well as is anticipated to increase the demand for iron ore mining, which will in turn augment the demand for the product in the iron ore extraction areas.
Our in-depth analysis segmented the global mining lubricants market in the following segments:
By Product Type
By Mining Techniques
By End-Use Industry
Global mining lubricants market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The global mining lubricants market is expected grow on account of constant rising demand from the mining industries. The mining lubricants market anticipated to gain traction on the basis of increasing mining activities, production and industrialization in developed and developing economies. Consistent maintenance of the mining equipment such as scalar, continuous miner, hydraulic shovel, haul truck, motor grader, etc. is also accountable for providing growth to the market in during the forecast period. Mining lubricants manufacturers are intentionally concentrating to expand their manufacturing volumes to a large extent.
Though there are also some restraining factors such as increasing price and relatively complex manufacturing process are the only factors which can hamper the market growth of mining lubricants during the forecasted period.
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