Global Construction Lubricants Market to Demonstrate 4% CAGR Between 2019 and 2024
Rising Construction Activities Boosting the Demand for Construction Lubricants
Rising construction and mining activities worldwide is generating substantial market opportunities of construction lubricant. Market Research Future (MRFR) reports that the global construction lubricants market is set to demonstrate a compound annual growth rate (CAGR) of 4% during the forecast period (2019-2024). In 2018, the market stood at a valuation of USD 13 Mn.
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Given the rapid expansion of the equipment fleets, demand for lubricants will continue to rise for the medium if not beyond. A variety of lubricant is available, of which categories such as engine oil, hydraulic oil and gear oil witness strong demand. The growth of the global construction sector is also proving the tailwinds to the global construction lubricants market.
The arrival of synthetic lubricant is also expected to provide an impetus to the market in the forthcoming years. Inclination towards synthetic oils is being prompted by elements such as reduced cost, environmental viability and superior performance.
MRFR’s report includes a thorough segmental analysis of the global construction lubricants market base on type, oil, application and region.
On the basis of type, the market has been segmented into automatic transmission fluid, grease, hydraulic oil, compressor oil, gear oil, engine oil and others. On the basis of oil, the market has been segmented into bio-based oil, synthetic oil and mineral oil. On the basis of application, the market has been segmented into heavy construction vehicles, material handling equipment, earthmoving equipment and others.
Global Construction Lubricants Market: Regional Segmentation
Regions that are discussed in MRFR’s report include Europe, Asia-Pacific (APAC), North America, Latin America (LatAm) and the Middle East & Africa (MEA). APAC represents the brightest market for construction lubricants. In 2017, the region accounted for the highest share of the market and the trend is likely to continue throughout the forecast period. Increased investment in urban infrastructural development in various APAC countries such as China, India and ASEAN members. The accelerated demand for construction equipment has created unique market opportunities for construction lubricant in the region.
North America due to the presence of advanced countries such the U.S. and Canada is viewed as a key market for construction lubricants. The vast end-use sector in the region will remain an intriguing prospect for market players. Industrial activities such as mining, and construction are at rife in North America, as a result, demand for construction lubricant remains high.
Market growth is expected to remain substantial in the Middle East & Africa (MEA) owing rapidly growing construction activities in CGG countries. Billions of dollars are being pumped in for urban infrastructure development in the report. There is a proposed plan of investment of USD 2,700 billion across the GCC nations by 2023. Such factors are expected to translate into attractive market opportunities in the forthcoming years.
Some of the leading companies operating in the global construction lubricant market include Fuchs Petrolub SE (Germany), Lucas Oil Products, Amsoil Inc (US), Clariant (Switzerland), Calumet Specialty Products Partners, L.P (US), BP PLC (UK), Royal Dutch Shell PLC (Netherlands), Lukoil (Russia), Yushiro Chemical Industry (Japan), Rock Valley Oil and Chemical Co (US), Gulf Oil India (India), Phillips 66 Company (US), Indian Oil Corporation Limited (India), Valvoline Inc (US), Petronas (Malaysia), PetroChina Company Ltd (China), Quaker Chemical Corporation (US), Morris Lubricants (UK), Chevron Corporation (US), Total S.A. (France), Sinopec Corporation (China) and Exxon Mobil Corporation (US).
Industry News Update:
• The lubricant division of UAE based energy company Enoc Group has reportedly signed a three-year supply agreement with Al-Futtaim Auto & Machinery Company (Famco) with MoU to make Eppco lubricants the exclusive supplier of coolants, lubricants and greases to the company for its UAE operations.
• Japanese based oil refining company Idemitsu Kosan Co is reportedly planning to expand it lubricant manufacturing capacity in China by building a second plant. This move will allow the company to meet the rising demand for industrial and automotive oils.
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