Dubai, U.A.E, July 1, 2020 /PRNewswire/ -- Future Market Insight's recent study on the global mining lubricants market predicts a CAGR of 3.3% across the forecast period 2020-2030. This growth is primarily being driven by burgeoning investments in the Asia-Pacific region, particularly in the coal and iron-ore markets.
As mining operations have compounded in recent years, the demand for sophisticated and heavy mining equipment have also surged. Equipment such as rock drills and hydraulic shovels require high maintenance due to their extensive usage which leads to wear and tear. Therefore, to increase their working lives, mining lubricants have become an important area of investment for major companies.
However, the recent coronavirus pandemic has induced a great deal of sluggishness in the mining industry. Since the pandemic's onset, mining operations have ceased in favor of mandatory social distancing measures imposed due to nationwide lockdowns. Since early March, the metals and mining industry's average share prices declined by 10%, while industrial production losses amounted to 20%. Such downturns have led to a fall in the mining lubricants market shares.
Fortunately, leading mining lubricant manufacturers have been building up their inventories which is allowing them to offset negative economies of scale by liquidating the surplus stock and converting them into cash reserves. This trend is expected to keep the mining lubricants market afloat throughout the pandemic's duration.
"The global mining lubricants market is actively pursuing opportunities in the lubricants space, enabling vendors to overcome challenges in the near future. As government regulations over the nature of lubricants become stricter, market players are developing more sustainable and environmental-friendly alternatives, generating an entirely new ecosystem to flourish," concludes an FMI analyst.
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Key Takeaways from the Mining Lubricants Market Study
- The global mining lubricants markets shall be valued at nearly US$ 3 Bn by 2030.
- Water-based lubricant additives shall surpass conventional variants, owing to the need for ensuring environmental sustainability.
- Coal mining shall account for more than half of the mining lubricants market share throughout the forecast period.
- Bio-based lubricants are acquiring immense traction over synthetic lubricants, being touted as a permanent long-term solution.
- Open-pit mining expected to find immense application of mining lubricants due to the high volume of machinery usage.
- Asia-Pacific is anticipated to garner firm footing in the mining lubricants market due to the high number of mining operations.
Mining Lubricants Market- Key Trends
- High savings potential is increasing the usage of mining lubricants. For instance, proper utilization of lubricants enables the North American mining industry to save up to US$ 30 million every year.
- Alternative lubricants derived from renewable natural resources are being explored on a larger scale, due to rising concerns about environmental sustainability.
- Iron-ore mining has acquired major traction due to the rising demand for steel across various industries. As a result, the application of mining lubricants in this sector is proliferation on a large scale.
Mining Lubricants Market- Region-wise Analysis
- Mushrooming industrial and infrastructural operations in the Asia-Pacific region has increased demand for raw materials and consequently mining operations. Thus, uptake of mining lubricants is high in this region.
- Europe and North America were the market hegemons across the historical period, accounting for nearly 30% of the global mining lubricants market.
- At present, Europe accounts for a minor share in the production of mining lubricants. It does, however, consist of a diversified mineral portfolio, with Germany being the largest supplier of mining equipment.
- Coal mining lubricants constitute the maximum share across the BRICS nations.
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Mining Lubricants Market- Competitive Landscape
The mining lubricants industry is moderately fragmented, comprising of the following market players: Chevron Corporation, Total S.A, Schaeffer Manufacturing Co., Kluber Lubrication and Exxon Mobil Corporation. Technological advancements in lubricant applications is stimulating mining lubricant market players to ascend the value-chain ladder.
The abovementioned players are working in conjunction with major mining companies to help them strategize and upgrade their lubricant management processes and save costs. Additionally, they are expanding their operational capabilities to leverage regional market dynamics. For instance, in 2019, Exxon Mobil expanded its Singapore refinery for better upgradation of Group II lubricants stock and remain competitive in the market.
Also, Shell dispatched its technical experts to Zhenzhua Zhungeer coal mine in China to audit six BE395 shovels and replaced faulty injectors with the appropriate lubrication technology in compliance with original equipment manufacturing recommendations.
Mining Lubricants Market Taxonomy:
- Coal Mining
- Iron Ore Mining
- Bauxite Mining
- Precious Metal & Rare Earth Mineral Mining
- Industrial Minerals Mining
Region & Country
- Nordic countries
- New Zealand
Middle East & Africa
- Southern Africa
- North Africa
More Insights on the Mining Lubricants Market
Future Market Insights has published a market research report on the Mining lubricants market that contains global industry analysis for 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the Mining lubricants market through four different segments- product type, source, application, and region. The Mining lubricants market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, along with a detailed overview of the parent market.
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