The increasing construction activities across the globe, coupled with the rising population and changing lifestyles are propelling the growth of the market.
Market Size – USD 13.40 Billion in 2018, Market Growth - CAGR of 3.9%, Market Trends – The booming infrastructure industry.
The global construction lubricants market is forecast to reach USD 18.32 Billion by 2026, according to a new report by Reports and Data. Construction equipment, such as dump trucks, bulldozers, and shovels, among others, are subjected to harsh conditions. Exposure to extreme heat, moisture, cold, dust, and dirt can lead to equipment failure. Lubrication of the equipment can help eliminate the downtime and reduce the operating costs, keeping the lubricant contaminant-free.
The increasing construction activities across the globe, coupled with the rising population and changing lifestyles are propelling the growth of the market. Rapid urbanization will also drive the demand for construction lubricants during the forecast period. Moreover, the worldwide demand for high-efficiency and quality lubricants will contribute to the growth of the market.
The construction industry in Europe contributes to the growth of the global market. Spain, Turkey, and the United Kingdom are expected to witness the fastest growth rates for the consumption of lubricants, owing to the increasing commercial and public infrastructure investments. The growing infrastructure projects and the modernization of the transport infrastructure in the Eastern European countries are expected to be the driving factors for the growth of the market in the region.
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Further key findings from the report suggest
- Among the base oils, the mineral oil accounts for the largest market share of ~55% in the year 2018. The mineral base oil is developed directly from crude oil. It has outstanding properties that allow it to provide lubrication at high temperatures, as well as maintaining its stability over long periods. Mineral oil is a less expensive choice for the end-users, owing to its simpler production process.
- Synthetic oil is forecasted to grow with the highest rate of 4.6% during the forecast period. Synthetic oils have low-temperature pump-ability, are more robust, and have improved stability at high temperatures. Synthetic oils also minimize overall wear and tear of components by lubricating them more effectively during cold start-ups.
- Synthetic oils reduce wastage by reducing both waste oil and evaporative loss. They are proven to be a cleaner product, which means fewer emissions, reducing the impact on the environment.
- The Asia Pacific region held the largest market share of ~30% in the year 2018 and is anticipated to witness the highest CAGR of 4.6% during the forecast period, owing to the region’s rapid expenditure in construction and infrastructure, particularly in China, India, and Japan.
- The rapid growth in the demand for base oil will contribute to the growth of the market in the region. The rising population, growing industrialization, and urbanization, coupled with the expanding chemicals & materials, construction, food processing, and other industries in the region will also escalate the growth of the market.
- Key participants include Lukoil, Petrochina Company, Indian Oil Corporation, Fuchs Petrolub SE, Sinopec, Morris Lubricants, Phillips 66 Company, Bel-Ray Company LLC., Valvoline, Penrite Oil, ENI SPA, Liqui Moly GmbH, Lubrication Engineers, Inc., Addinol Lube Oil GmbH, Lubricating Specialties Company, FUCHS, Schaeffer Manufacturing Co., Southern Lubrication (Pvt) Ltd., AFRILUBE, QALCO, and Leahy-Wolf, among others.
- The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/construction-lubricants-market
For this report, Reports and Data have segmented into the global construction lubricants market on the basis of lubricant type, base oil, end-use, and region:
Lubricant type Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
- Hydraulic Fluid
- Engine Oil
- Gear Oil
- Automatic Transmission Fluid (ATF)
Base oil Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
- Mineral Oil
- Synthetic Oil
- Poly Alpha Olefin (PAO)
- Polyalkylene Glycol (PAG)
End-Use Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
- Material Handling Equipment
- Heavy Construction Vehicles
- Earthmoving Equipment
- Crawler Excavators
- Mini Excavators
- Wheeled Excavators
- Wheeled Loaders
- Skid-Steer Loaders
- Motor Graders
Regional Outlook (Volume, Kilo Tons and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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