Mining Lubricants Market Segmentation, Latest Developments, Business Growth Statistics, Size with Regional Analysis 2031

Kenneth Research recently added a report on Mining Lubricants Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Mining Lubricants Market products.

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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.

Product Overview
The lubricant is an organic substance used to decrease friction and heat generated between the two distinct surfaces in mutual contact during their motion. On industrial scale lubricants are used for numerous other purposes for several applications in end-use industries. Manufacturers have developed advanced groups of lubricants for several end-use industries that are produced using petrochemicals and mineral oils, these kinds of lubricants impact the environment in terms of biodegradability, recyclability and toxicity. Lubricant can lower temperature by reducing heat generated between two contacting or interlocking surfaces. The lubricants have the capability of transmitting particles in a system. Mining lubricants provide substantial viscosity to the machines. There are numerous other properties which can augment the application of mining lubricants such as thermal stability, corrosion prevention, high resistance against oxidation such factors makes the mining lubricants more popular for the mining end users.

Market Size and Forecast
The global mining lubricants market was valued USD 2.1 Bn in 2017, and is anticipated to reach USD 3.16 Bn by 2027. It is expected to expand at a CAGR of 4.8% during 2017-2027. It can be accredited to the fact that lubricants are used in many mining industries as they provide viscosity and also reduce heat between two adjacent surfaces.

The global mining lubricants market can be segmented on the basis of product type, equipment, mining technique and end-use industry. Moreover, based on end-use industry, the mining lubricants market can be divided into iron ore mining, coal mining, bauxite mining, rare-earth mineral mining and precious metal mining. Production of coal ore is more than that of iron ore and other rare earth metals. Hence, the coal mining segment leads the mining lubricants market. High energy consumption and industrial development are expected to foster the global mining lubricants market.

By region, global mining lubricants market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. The Asia Pacific is anticipated to observe for profitable gain in market size owing to rapid industrialization and changing consumer preferences towards lifestyle. Moreover, surging demand for steel for the purpose of urbanization and industrialization in developing economies such as India and China as well as is anticipated to increase the demand for iron ore mining, which will in turn augment the demand for the product in the iron ore extraction areas.

Market Segmentation
Our in-depth analysis segmented the global mining lubricants market in the following segments:

By Product Type
Bio-based mining lubricant
Synthetic Lubricant
Mineral Oil

By Equipment
Engine
Hydraulic
Transmission
Gear

By Mining Techniques
Surface Mining
Underground Mining

By End-Use Industry
Iron ore mining
Coal mining
Bauxite mining
Rare-earth mineral mining
Precious metal mining

By Region
Global mining lubricants market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis

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Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges
The global mining lubricants market is expected grow on account of constant rising demand from the mining industries. The mining lubricants market anticipated to gain traction on the basis of increasing mining activities, production and industrialization in developed and developing economies. Consistent maintenance of the mining equipment such as scalar, continuous miner, hydraulic shovel, haul truck, motor grader, etc. is also accountable for providing growth to the market in during the forecast period. Mining lubricants manufacturers are intentionally concentrating to expand their manufacturing volumes to a large extent.

Though there are also some restraining factors such as increasing price and relatively complex manufacturing process are the only factors which can hamper the market growth of mining lubricants during the forecasted period.

Key Players
Royal Dutch Shell Plc
ExxonMobil Corporation
BP Plc.
Chevron Corporation
Total S.A.
LUKOIL
Idemitsu Kosan Co., Ltd.
Fuchs Petrolub SE
PetroChina Company Limited
Quaker Chemical Corporation
Sinopec Limited
Bel-Ray Company, LLC,
Whitmore Manufacturing
Schaeffer Manufacturing Co Ltd.,
Kluber Lubrication

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