Construction Lubricants Market worth $10.6 billion by 2027- Exclusive Report by MarketsandMarkets™
CHICAGO, March 22, 2023 /PRNewswire/ -- The report "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", is estimated at USD 9.0 billion in 2022 and is projected to reach USD 10.6 billion by 2027, at a CAGR of 3.3% from 2022 to 2027. Factors such as high growth in the construction industry in the Asia Pacific and Middle East & Africa region and growing demand for high-quality lubricants are positively driving the growth of the construction lubricants market. Furthermore, the rise in automation in the construction industry drives market growth.
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168 – Tables
66 – Figures
290 – Pages
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Mineral oil segment is expected to account for the largest share in 2021
By base oil, the construction lubricants market has been segmented into mineral oil and synthetic oil. The mineral oil segment has the largest share in the construction lubricants market because of its lower cost in comparison to synthetic oil. Synthetic oil has been sub-segmented into poly-alpha olefin (PAO), poly-alkylene glycol (PAG), esters, and Group III (hydrocracking). The need for high-performance base oil to produce construction lubricant products is also driving the market for the synthetic oil segment in the market.
The engine oil segment is projected to be the fastest-growing market in the construction lubricants market
By type, the construction lubricants market has been segmented into hydraulic fluid, engine oil, gear oil, automatic transmission fluid, grease, compressor oil, and others. The engine oil segment is projected to grow fastest in the construction lubricants market due to the increased need for high power in various construction equipment used in the construction industry. The high cost and usage of engine oil-based synthetic oil are expected to drive the construction lubricants market.
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Growing construction activities in Asia Pacific and Middle East & Africa is driving the earthmoving equipment segment in the market
By equipment, the construction lubricants market has been segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Earthmoving equipment has been sub-segmented into excavators, loaders, dozers, motor graders, and others. The demand for this equipment is driven by the increasing need for new construction to accommodate the growing urbanization, population, increasing mining activities, industrialization, and demolition of old buildings.
Asia Pacific is expected to account for the largest share in 2021
The construction lubricants market has been studied in Asia Pacific, North America, Europe, the Middle East & Africa, and South America. The Asia Pacific construction lubricants market is driven by the rapidly growing construction industry in emerging countries in the region. Countries such as China, Japan, and India, among others, are expected to increase their demand for lubricants, boosting demand for the construction lubricants market. Currently, Europe is categorized by the high use of synthetic construction lubricants driven by consumer awareness and OEM recommendations. Construction lubricants are likely to be in high demand in North America.
Major players operating in the construction lubricants market are Shell Plc (UK), ExxonMobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), Sinopec Corp. (China), FUCHS Petrolub SE (Germany), LUKOIL (Russia), Indian Oil Corporation Limited (India), and Petronas (Malaysia), among others.
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