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 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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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) |
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Region Covered |
APAC, Europe, North America, South America, and Middle East and Africa |
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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.
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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
- 2.1 Mineral oil lubricants
- 2.2 Synthetic oil lubricants
- 2.3 Bio-based lubricants
- 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.
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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.
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SOURCE Technavio
