Construction Lubricants Global Market Report 2023: High Growth of Construction Industry in Asia-Pacific and Middle East & Africa Region Bolsters Sector
Global Construction Lubricants Market
Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Construction Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil), Type (Hydraulic Fluid, Engine Oil, Gear Oil, ATF, Grease, Compressor Oil), Equipment (Earthmoving, Material Handling, Heavy Construction), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The construction lubricants market is projected to grow from USD 9.0 Billion in 2022 to USD 10.6 Billion by 2027, at a CAGR of 3.3% during the forecast period.
Construction lubricants are widely used in the construction and mining industries. It is used in various construction equipment, including bulldozers, dump trucks, draglines, scrapers & shovels, and other heavy equipment. It consists of additives and base oil that are mixed together. These lubricants help the bulky equipment carry out their tasks in extreme conditions, such as dirt & water contamination and excessive wear & tear.
Mineral oil segment is expected to account for the largest share in 2021
This is attributed to the fact that mineral oil-based construction lubricants are cheaper than synthetic oil-based construction lubricants. Mineral oil costs are 40% - 50% less than synthetic oil. Thus, mineral oil is broadly used in price-sensitive regions like the Middle East & Africa, Asia Pacific, and South America. However, the mineral oil segment is projected to register slower growth in developed regions due to growing environmental concerns and government regulations.
The hydraulic fluid segment held the second-largest market share in the construction lubricants market.
The growth of the hydraulic fluid segment in the construction lubricants market is attributed to the huge demand from the Asia Pacific and the Middle East & Africa region and its growing construction industry. This high growth is because of the increased consumption of hydraulic fluid in developing countries such as China, India, and South Korea. Rising private and government spending on infrastructural development projects is one of the major factors driving the market.
North America is expected to account for the second-largest market share in 2021.
North America was the second-largest construction lubricants market, in terms of value, in 2021. The growth is attributed to the advanced infrastructural construction and government support in commercial and residential projects that fuel the construction lubricants market in North America. The growing number of construction projects in Mexico and the US and the need to renovate infrastructure in Canada is expected to boost the demand for construction lubricants in this region. The strong foothold of the construction equipment manufacturers is driving the market in North America.
The break-up of the profile of primary participants in the C4ISR market:
By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C Leve l- 35%, Director Level - 25%, Others - 40%
By Region: North America - 40%, Europe - 20%, Asia Pacific - 30%, Middle East - 5%, and South America - 5%
The key players profiled in the report include Shell plc (UK), ExxonMobil Corporation(US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), Sinopec Corp. (China), FUCHS Petrolub SE (Germany), and Petronas (Malaysia), among others.
High Growth of Construction Industry in Asia-Pacific and Middle East & Africa Region
Growing Demand for High-Quality Lubricants
Rise in Automation in Construction Industry
Development of Zinc-Free (Ashless) Lubricants
Leveraging the E-Commerce Industry to Increase Customer Reach
Rising Raw Material Prices
Maintaining Product Quality and Stringent Environmental Norms by Governments
No. of Pages
2022 - 2027
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Construction Lubricants Market, by Base Oil
7.2 Mineral Oil
7.3 Synthetic Oil
8 Construction Lubricants Market, by Type
8.2 Hydraulic Fluid
8.3 Engine Oil
8.4 Gear Oil
8.5 Automatic Transmission Fluid (ATF)
8.7 Compressor Oil
9 Construction Lubricants Market, by Equipment
9.2 Earthmoving Equipment
9.3 Material Handling Equipment
9.4 Heavy Construction Vehicles
10 Construction Lubricants Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent & Related Markets
Addinol Lube Oil GmbH
Bel-Ray Company, LLC.
Eneos Holdings, Inc.
Fuchs Petrolub SE
Indian Oil Corporation Limited
Liqui Moly GmbH
Lubriplate Lubricants Company
Penrite Oil Company
Petro-Canada Lubricants Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ts21uw
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