Expansions and new product launches were the key strategies adopted by leading players to strengthen their position in the construction lubricants market.
The construction lubricants market is projected to grow from USD 12.63 billion in 2017 to USD 15.64 billion by 2022, at a CAGR of 4.37% between 2017 and 2022. Contracts & agreements, new product launches, and expansions are the strategies adopted by key players to strengthen their position in the construction lubricants market. The maximum number of strategic developments took place in Europe between January 2014 and March 2018.
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Key players operating in the construction lubricants market include Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), Chevron Corporation (US), Total (France), PetroChina (China), Sinopec (China), LUKOIL (Russia), Indian Oil Corporation (India), and Fuchs Petrolub SE (Germany).
Royal Dutch Shell is a leading construction lubricants manufacturer globally. Shell is a vertically integrated company active in both, upstream and downstream activities in the oil & gas industry. It offers engine oil, transmission fluids, grease, and hydraulic fluid for construction equipment. In July 2016, the company launched two new products under its hydraulic fluid brand Shell Tellus. They are Shell Tellus S2 MX and Shell Tellus S2 VX. These products are upgraded forms of Shell Tellus S2 M and S2 V respectively and are used in construction equipment. This has helped the company meet the increasing demand for lubricants from the construction industry.
Fuchs is another leading manufacturer of construction lubricants. The company offers engine oil and hydraulic fluid for the construction industry. It focuses on expansion to enhance its share in the construction lubricants market. In May 2017, Fuchs opened a new grease manufacturing plant at Chicago, US, with an investment of USD 26 million. This new plant will serve automotive, construction, rail, heavy duty trucks, and other off-road applications.
LUKOIL is one of the largest construction lubricants manufacturers in Russia. The company has a strong presence in the Russia construction lubricants market. It focuses on contracts & agreements to strengthen its market presence. For example, in January 2018 and June 2017, the company signed supply agreements with XCMG Russia, a subsidiary of Chinese Xuzhou Construction Machinery Group (XCMG), and Caterpillar, one of the leading manufacturers of construction and mining equipment. Under the terms of this agreement, LUKOIL will supply lubricants to these companies. This is expected to help the company gain a strong foothold in the global construction lubricants market.
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