Construction Lubricants Market demand for construction lubricants stood at over USD 13 million in 2018 and the market is expected to register a CAGR of over 4% by the end of 2024.
Given the rapid expansion of the equipment fleets, demand for lubricants will continue to rise for the medium if not beyond. A variety of lubricants 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.
Rising construction and mining activities worldwide is generating substantial market opportunities for 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.
Lubricants are used in various construction equipment including bulldozers, dump trucks, draglines, scrapers & shovels, and other heavy equipment. The high growth of the construction industry in APAC and the Middle East & Africa coupled with the rise in automation in the construction industry is fueling the growth of the construction lubricants market. However, the reduction in equipment size and lubricants consumption in the construction industry due to technological advancements are hampering the market growth 2022
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Competitive Landscape
Some of the leading companies operating in the global construction lubricant market
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).
Segmental Overview
MRFR’s report includes a thorough segmental analysis of the global construction lubricants market based 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 lubricants in the region.
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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 lubricants 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.
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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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