What is the global market size of Mining Lubricants Market?

Mining Lubricants Market size was valued at USD 6.4 billion in 2021 and is poised to grow from USD 6.64 billion in 2022 to USD 8.95 billion by 2030, growing at a CAGR of 3.8% in the forecast period (2023-2030).

What is the key driver of Global Mining Lubricants Market?

Due to accelerated industrial development and the utilisation of cutting-edge mining technologies, the mining sector has experienced tremendous expansion in recent years. Industry 4.0 has digitalized the mining sector and increased output. In addition, the mining sector supplies raw materials to a number of sectors, including those in the automotive, manufacturing, steel, aluminium, building materials, electronics, glass, and other sectors. The growth of each of the aforementioned industries is anticipated to continue. As a result, the development of these sectors could raise demand for the mining sector.

Mining Lubricants Market Size, Share, Growth Analysis, By Product Type(Mineral Oil Lubricants, Synthetic Lubricants, Bio-Based Lubricants), By End Use Industry(Food Coal Mining, Iron Ore Mining, Bauxite Mining, Precious Metal Mining), By Equipment function(Engine, Hydraulic, Transmission, Gear), By Mining Technique(Surface Mining, Underground Mining), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Mining Lubricants Market?

Global Mining Lubricants Market is highly competitive, with a large number of players operating in the market. To deliver superior quality lubricants, the global mining lubricants market has partnered strategically with mining firms. Companies get a competitive edge as a result, increasing their market share. To expand in the mining lubricants industry, the major corporations have implemented a number of different techniques. Businesses in the mining lubricant sector engage in competitive strategy. Globally, all businesses face challenges as a result of the expansion of sustainable processes and activities. 'ExxonMobil Corporation', 'Royal Dutch Shell Plc', 'BP Plc', 'Chevron Corporation', 'Total S.A.', 'FUCHS Petrolub SE', 'Klüber Lubrication', 'Quaker Houghton', 'PetroChina Company Limited', 'Idemitsu Kosan Co., Ltd.', 'China National Petroleum Corporation', 'Sinopec Lubricant Company', 'LUKOIL', 'Valvoline Inc.', 'Schaeffer Manufacturing Co.', 'Morris Lubricants', 'Penrite Oil Company', 'Southwestern Petroleum Corporation', 'Bel-Ray Company, LLC', 'CITGO Petroleum Corporation'

Report ID: SQMIG15J2021 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 64 | Figures: 75

Mining Lubricants Market News

In November 2021, Idemitsu Kosan Co. Ltd. announced plans to expand its lubricant production capacity by 50% by 2025. To meet the growing demand for mining lubricants, several companies are expanding their production facilities.

In September 2021, ExxonMobil announced plans to invest $10 billion over the next 10 years to develop lower-emission technologies and lubricants. Many companies are investing in research and development to develop high-performance lubricants that can improve the efficiency of mining operations.

In January 2021, Total S.A. acquired Lubrilog SAS, a French manufacturer of high-performance synthetic lubricants used in the mining industry. In recent years, there have been several mergers and acquisitions in the mining lubricants market.

Mining Lubricants Market Report Snapshots

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Mining Lubricants Market size was valued at USD 6.64 billion in 2022 and is poised to grow from USD 6.89 billion in 2023 to USD 9.29 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).

The Mining Lubricants Market is highly competitive, with a large number of players operating in the market. To deliver superior quality lubricants, the Mining Lubricants Market has partnered strategically with mining firms. Companies get a competitive edge as a result, increasing their market share. To expand in the mining lubricants industry, the major corporations have implemented a number of different techniques. Businesses in the mining lubricant sector engage in competitive strategy. Globally, all businesses face challenges as a result of the expansion of sustainable processes and activities. 'ExxonMobil Corporation', 'Royal Dutch Shell Plc', 'BP Plc', 'Chevron Corporation', 'Total S.A.', 'FUCHS Petrolub SE', 'Klüber Lubrication', 'Quaker Houghton', 'PetroChina Company Limited', 'Idemitsu Kosan Co., Ltd.', 'China National Petroleum Corporation', 'Sinopec Lubricant Company', 'LUKOIL', 'Valvoline Inc.', 'Schaeffer Manufacturing Co.', 'Morris Lubricants', 'Penrite Oil Company', 'Southwestern Petroleum Corporation', 'Bel-Ray Company, LLC', 'CITGO Petroleum Corporation'

Growing Demand for High-Performance Lubricants: As mining operations become more complex and demanding, the need for high-performance lubricants that can withstand extreme conditions and provide superior performance is increasing. High-performance lubricants can help mining companies to reduce equipment downtime, increase productivity, and extend the lifespan of their equipment. Additionally, these lubricants can help to reduce maintenance costs and improve the overall efficiency of mining operations. To meet the growing demand for high-performance lubricants, lubricant manufacturers are developing new lubricants with advanced additives and synthetic base oils. These lubricants offer improved wear protection, thermal stability, and corrosion resistance compared to conventional mineral oil-based lubricants. Additionally, these lubricants can help to improve fuel efficiency and reduce emissions, which is becoming increasingly important in the mining industry as companies focus on sustainability.

The Asia-Pacific region is the largest in the global Mining Lubricants. There are numerous established and potential growth markets in the global mining lubricants industry, which is diversified. Asia-Pacific is the world's largest market for mining lubricants as a result of the region's rapid industrialization, expanding construction and infrastructure sectors, and rising demand from diverse sectors including the food and beverage, aerospace, automotive, and manufacturing. Also, given the Asia-Pacific region's rapid population growth in recent years, there will be a huge increase in the demand for electricity generation. For the purpose of producing power, coal is the main fuel. Hence, it is anticipated that the global mining sector, which is anticipated to grow the market for mining lubricants, would be driven by coal mining in Asia- Pacific.

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What is the global market size of Mining Lubricants Market?

Who are the key vendors in the Mining Lubricants Market?

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