NEW
YORK, July 8, 2024 /PRNewswire/ -- The
global lubricants for mining and quarry applications market
size is estimated to grow by USD 560.1
million from 2024-2028, according to Technavio. The market
is estimated to grow at a CAGR of over 4.36% during the
forecast period. Adoption of smart mining
equipment is driving market growth, with a trend
towards shifting of mining activities to emerging economies.
However, strong growth in renewable energy generation
poses a challenge. Key market players include Berkshire
Hathaway Inc., BP Plc, Busler Enterprises Inc., Chevron Corp., CSW
Industrials Inc, D A Lubricant Co., Eurol BV, Exxon Mobil Corp.,
FUCHS PETROLUB SE, Lubrication Engineers Inc., Lubriplate
Lubricants Co., Lucas Oil Products Inc., Quaker Chemical Corp.,
Rymax BV, San Miguel Corp, Schaeffer Manufacturing Co., Shell plc,
Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, and
Valvoline Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Coal
mining, Iron ore mining, Rare earth mineral mining, Bauxite mining,
and Others), Product Type (Mineral oil lubricants, Synthetic oil
lubricants, and Bio-based lubricants), and Geography (APAC, Europe,
North America, South America, and Middle East and
Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
Berkshire Hathaway
Inc., BP Plc, Busler Enterprises Inc., Chevron Corp., CSW
Industrials Inc, D A Lubricant Co., Eurol BV, Exxon Mobil Corp.,
FUCHS PETROLUB SE, Lubrication Engineers Inc., Lubriplate
Lubricants Co., Lucas Oil Products Inc., Quaker Chemical Corp.,
Rymax BV, San Miguel Corp, Schaeffer Manufacturing Co., Shell plc,
Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, and
Valvoline Inc.
|
Key Market Trends Fueling Growth
The mining and quarry industries in emerging economies, such as
India, Brazil, South
Africa, Indonesia,
Mexico, and Kazakhstan, are experiencing significant
growth due to their robust economic growth and large mineral
reserves. These countries account for a substantial portion of the
world's reserves of key minerals like tin (95%), platinum group
metals (98%), and gold. Factors such as commodity demand, higher
prices, liberalized mineral policies, advances in technology, and
privatization are driving the shift of mining activities to these
regions. India, in particular, is
emerging as a major producer of various industrial ores and
minerals, fueling the need for more minerals due to rising energy
demands and the expansion of the manufacturing sector. The mining
sector is witnessing a shift towards emerging economies in
Asia, Southeast Asia, Latin America, and Africa.
The mining and quarry industry relies heavily on various
machineries, including hydraulic systems, turbines, compressors,
bearings, pneumatic tools, and mining transmissions. These
machineries require high-quality lubricants to function optimally
under heavy loads and extreme conditions. Mining lubricants, such
as mineral oil, synthetic, and bio-based, play a crucial role in
preventing rusting and corrosion. Trends in mining lubricants
include high viscosity index for better resistance to oxidation,
and formulations that offer superior corrosion prevention.
Automated lubrication systems ensure efficient and consistent
application. Coal mining and iron ore mining segments are
significant consumers of mining lubricants. Mineral oil lubricants,
derived from crude oil, are widely used. Synthetic lubricants like
Polyalphaolefins, ester oils, and Polyalkylene glycols offer better
performance in extreme temperatures and pressures. Bio-lubricants
from natural sources are gaining popularity due to their
eco-friendliness. Lubricant additives, chemical compounds, and
formulations are essential for enhancing the performance of mining
lubricants. Underground mining, bauxite mining, and other mining
applications require lubricants that can withstand high
temperatures, pressures, and harsh conditions. The mining sector
continues to adopt cutting-edge technology to improve equipment
function and productivity.
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Market Challenges
- The global shift towards renewable energy sources is expected
to significantly impact the mining and quarry applications market
for lubricants. According to the International Energy Agency (IEA),
renewable energy capacity is projected to increase by 50% during
the forecast period, primarily driven by solar photovoltaics (PVs)
and wind energy. This trend is due to growing concerns about
climate change, the environment, and health impacts of fossil
fuels. By 2030, India aims to
generate 500 GW of non-fossil fuel sources to meet 62% of its
electricity demand. Europe,
China, and the US are also
expected to witness major developments in offshore wind energy,
with a three-fold increase in capacity by 2024. This increasing
reliance on renewable energy sources is likely to reduce the demand
for coal mining, and consequently, the equipment used in coal
mining, including lubricants. Therefore, the mining and quarry
applications lubricants market may experience hampered growth
during the forecast period due to the global move towards renewable
energy and decreasing demand for coal mining.
- The mining and quarry applications market faces unique
challenges when it comes to lubrication. Heavy load equipment
requires lubricants with high viscosity index to handle extreme
temperatures and pressures. Corrosion prevention and resistance to
oxidation are crucial for the longevity of machineries. Mineral oil
lubricants, synthetic lubricants, and bio-based lubricants each
offer benefits for different applications. Crude oil,
Polyalphaolefins, Ester oils, and Polyalkylene glycols are common
base stocks. Natural sources like plants undergo chemical reactions
to create these lubricant formulations. Lubricant additives,
including chemical compounds, enhance performance. In the mining
sector, hydraulic and engine lubricants are essential. Underground
mining in bauxite and coal industries benefit from advanced
technology and patent-protected lubricant formulations. Hot
applications, such as marine and aerospace, demand high-performance
lubricants.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This lubricants for mining and quarry applications market report
extensively covers market segmentation by
- Application
- 1.1 Coal mining
- 1.2 Iron ore mining
- 1.3 Rare earth mineral mining
- 1.4 Bauxite mining
- 1.5 Others
- Product Type
- 2.1 Mineral oil lubricants
- 2.2 Synthetic oil lubricants
- 2.3 Bio-based lubricants
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Coal mining- The mining and quarry industries
require high-performance lubricants to ensure the smooth operation
of heavy machinery. These lubricants protect against wear and tear,
reduce downtime, and increase productivity. Key players in the
market include Shell, ExxonMobil, and Chevron. They offer a range
of products specifically designed for the harsh conditions of
mining and quarrying, such as extreme pressure and high temperature
formulations. Market growth is driven by increasing mining
activities and the need for cost-effective and efficient
solutions.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
Mining lubricants are specialized fluids designed for the unique
demands of the mining and quarry industries. These applications
include hydraulic systems, turbines, compressors, bearings,
pneumatic tools, and mining transmissions. Mineral oil lubricants,
synthetic lubricants, and bio-based lubricants are commonly used
due to their ability to resist rusting and withstand high
temperatures and pressures. Crude oil, Polyalphaolefins, ester
oils, and Polyalkylene glycols are among the viscous fluids used in
these industries. Lubricant additives, chemical compounds, and
patent-protected lubricant formulations enhance the performance and
longevity of machineries. Hot applications require advanced
technology, such as natural sources and cutting-edge technology, to
ensure optimal lubrication. The coal mining industry also benefits
from these advanced lubricant solutions to maintain the efficiency
and productivity of their equipment.
Market Research Overview
Mining lubricants are essential in the mining and quarry
industry to ensure the smooth operation of various machineries,
including hydraulic systems, turbines, compressors, bearings,
pneumatic tools, and mining transmissions. These lubricants are
designed to withstand the harsh conditions of mining environments,
such as rusting and corrosion caused by exposure to water,
chemicals, and extreme temperatures and pressures. Quality mining
lubricants offer benefits like high viscosity index, resistance to
oxidation, and corrosion prevention. They are available in mineral
oil, synthetic, and bio-based varieties. Mineral oil lubricants are
derived from crude oil, while synthetic lubricants are produced
through chemical reactions. Bio-based lubricants are derived from
natural sources, making them eco-friendly. Mining lubricants are
used in various mining sectors, including coal mining, iron ore
mining, and bauxite mining. They are essential for heavy load
equipment and are available in various formulations to cater to
different equipment functions, such as hydraulic and engine
applications. Underground mining poses unique challenges for
lubricants, requiring automated lubrication systems to ensure
continuous lubrication. Mining lubricants are also used in hot
applications, such as marine and aerospace industries, where
high-performance lubricants are necessary. Lubricant additives and
chemical compounds play a crucial role in lubricant formulations,
enhancing their properties and extending their useful life.
Cutting-edge technology and patent protection are key factors
driving innovation in the mining lubricants market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Coal Mining
- Iron Ore Mining
- Rare Earth Mineral Mining
- Bauxite Mining
- Others
- Product Type
-
- Mineral Oil Lubricants
- Synthetic Oil Lubricants
- Bio-based Lubricants
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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