Mining Lubricants Market

SKU: DMMM3092 | Last Updated On: Oct 17 2022 | Available Formats

>Mining Lubricants Market Expected to reach a high CAGR 4% By 2029:

Mining Lubricants Market Market is segmented By Type (Mineral Oil Lubricants, Synthetic Lubricants, Bio-Based Lubricants), By End Users (Coal Mining, Metal Mining, Rare Earth Metal Mining, Others), And By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Mining Lubricants Market is expected to grow at a high CAGR 4% during the forecasting period (2022-2029).

Mining Lubricants Market - Strategic Insights

Metrics

Details

Market CAGR

4%

Segments Covered

By Type, By End Users and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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A lubricant is an organic material used to decrease friction between surfaces in mutual contact, reducing the heat generated when the bodies move. Lubricants in the mining industry are used to serve stationary processing, e.g., compressors, crushers, mills, roller presses and mobile equipment used in surface and underground operations, e.g., trucks and shovels, draglines and processing equipment. In addition, mining machines utilize lubricants in components like bearings, gears, pins, ropes, machine tool slideways, pneumatic tools, mining transmissions, turbines, etc. These lubricants generate high viscosity index, extended oil drain intervals, maximum performance and anti-wear properties. Moreover, it is also used to prevent rusting and corrosion of moving parts in machinery.

The global mining lubricants market size was worth US$ XX billion in 2018 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2022-2029).

Market Dynamics:

The global mining lubricants market growth is driven by demand for better lubricants, and continuous maintenance of mining equipment are among the key factors driving the market growth.

The demand for better quality mining lubricants is expected to drive market growth in the forecast period.

Lubricants play a vital role in mining operations; these are used in crushers, gears, pins, engines, and various other mining components to increase machine efficiency and avoid failure in opencast and underground mines. High-quality lubricants can immediately impact the operation by increasing machine life, decreasing maintenance cost and energy use. Using low-quality lubricants is a waste as it costs only 1% to 2% of the total maintenance costs. According to Shell report,2020, 60% of companies recognize that effective lubricant selection and management can reduce costs by 5% or more. Still, they undervalue the opportunity - fewer than 10% realize that the impact of lubrication could be up to six times greater.

The demand for multipurpose mining lubricants is expected to drive market growth in the forecast period.

An attempt to reduce the number of lubricants on machines has encouraged the development of multipurpose lubrication, which can meet the requirement of various applications from a single lubrication system like Mobil manufactures Dynagear multipurpose lubricant, which can be used for various open gears.

With GPS offering the potential for remotely operated equipment, lubrication systems are expected to reach new control levels. When it comes to developing and applying lubricating products, it becomes necessary to provide the cleanest possible environment,  reducing rehandling and using the right product in the right amount.

Low-quality mining lubricants are likely to hinder the market growth.

On the contrary, low quality mining lubricants can result in unexpected machines failure, increased maintenance costs, shortening machines life, increase power consumption. According to a Shell report, in 2020, 96% of mining companies report facing unplanned equipment shutdowns in the last three years, with over 56% acknowledging this is due to their incorrect selection and management of lubricants. It also creates a direct financial impact at a time when cost competitiveness is a priority for mining companies. However, mining lubricant companies are looking to deliver the best quality lubricants in the market.

COVID-19 Impact Analysis:

India accounts for almost 7% of the global lubricants market. Due to the pandemic, stakeholders across the mining lubricants market (including raw material suppliers, manufacturers, and customers) have seen a notable impact, considering the slowdown in transportation and industrial activity as most of the minerals processing units have scaled-down production. The operations resumed after the lockdown but were impacted by a lack of supplies and inventories.

On the other hand, strict government regulations on lubricants usage demand more sustainable and environmentally friendly lubricants and commencing various new mining projects is likely to boost the mining lubricants market. For instance, Klübersustain has manufactured eco-friendly lubricants without loss of performance, reducing disposal costs due to biodegradability and ensuring that mining operations are aligned with legislative regulations approved for environmentally sensitive areas.

Segmentation Analysis:

By type, the mining lubricants market is classified into mineral oil, bio-based and synthetic-based lubricants.

Bio-based lubricants are expected to grow at the fastest CAGR during the forecast period (2021-2028)

Bio-based lubricants are gaining popularity because of strict regulations imposed by government bodies towards environmental protection and since mineral oils manufacture other lubricants, which impact the environment in terms of biodegradability and toxicity. For instance, Spill Prevention, Control and Countermeasure rule was enforced by U.S. Environment Protection Agency for the conserving of water bodies from leakage of oils in the environment. As a result, regulative support for bio-lubricants superior mechanical properties compared to synthetic lubricants is expected to be an advantage for the product market shortly.

Furthermore, the increasing demand for mining products like drills & breakers, crushing, pulverizing & screening equipment, and the mineral processing industry is expected to boost the lubricants demand in the rising mining minerals & metals. In 2019, the worldwide lubricant demand reached 36.8 million metric tons, in which the mining sector shared XX %.

Asia pacific market segment is expected to grow at the fastest CAGR during the forecast period (2020-2027)

The Asia Pacific dominates the largest mining lubricants market and is expected to grow during the forecast period as the region focuses on the environmental effects due to lubricants, which provides the opportunity for the key players to launch lubricants with modified versions. For instance, According to Mine Tempting times, 2018, highlighted several regulatory and political challenges, which further pressure the mining industry to create sustainable value in the future. Moreover, the expansion of mining industries in the region will also boost the mining lubricants market.

Various other leading companies are coming with new initiatives in the sector, such as American company ExxonMobil has completed an extension at its Singapore refinery to upgrade its production EHC Group II base lubricant stocks. The development will allow customers to blend lubricants that satisfy more stringent specifications, help lower emissions and improve fuel economy and low-temperature performance. Also, Whitmore Manufacturing and Shell will form a joint venture to manufacture mining lubricants, coolants, and greases to theU.S. and North American mining sectors. 

Competitive Landscape:

The mining lubricants market is consolidated and highly competitive with the presence of a few local players followed by the global companies who contribute to the major share in the market. Leading key players contributing to the growth of the market are Exxon Mobil Corporation, Royal Dutch Shell, Fuchs Petrolub, Kluber Lubrication Munchen SE & Co, Total Lubricants, Luk Oil, BP Plc., Chevron Corporation and Idemitsu Kosan Co. Ltd. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions and collaborations, which are responsible for the growth of the mining lubricants market globally.

 Royal Dutch Shell plc

Overview: Royal Dutch Shell Plc is one of the leading key players worldwide in the upstream, downstream and chemical sectors. The Company was started in 1907 headquartered in the Netherlands. The company manufactures products for use in heavy industrial and commercial transport applications.

Product Portfolio: The Company is operating in exploration, refining, marketing of oil and natural gas, and the manufacturing and marketing of chemicals.

Key Development:  In 2019, Royal Dutch Shell opened its first lubricant laboratory at its technology centre in Bangalore, further increasing the company's R&D efforts in the country and internationally.

FAQ

What is the Mining Lubricants Market growth?

The market is growing at a CAGR of 4%.

What is Mining Lubricants Market size in 2022?

The Mining Lubricants Market size was valued at USD YY million in 2022.

Who are the key players in Mining Lubricants Market?

Exxon Mobil Corporation, Royal Dutch Shell, Fuchs Petrolub, Kluber Lubrication Munchen SE & Co, Total Lubricants, Luk Oil, BP Plc.

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