The mining industry underwent a transformation, from underground mining to open pit mining, during the 20th century. Open pit mining has become common in developed countries. Haul trucks, draglines, shuttle cars, roofbolters, scoops, loaders, longwall machines, and shovels are some of the machines used in mining. These machines possess heavy gear system, wire ropes, bearings, and transmission system. These need to be lubricated from time to time. A lubricant should be such that it decreases maintenance costs and increases the machine life. It must have high viscosity index, corrosion prevention, high boiling point, resistance to oxidation, ability to absorb shock loads, good thermal stability, and hydraulic stability. The mining lubricants market relies on mining activities. Expansion of the mining lubricants market depends upon the number of mining activities.

Based on application, the mining lubricants market can be segmented into open gears, wire rope, gear boxes, and bearings. The open gears segment dominates the mining lubricants market. Open gears system suffers from wear and pitting because of insufficient lubrication. Asphaltic-based lubricants and synthetic type lubricants are most commonly used in open gears system. Synthetic lubricants do not contain heavy metals. They are environmentally-friendly and are designed to protect from heavy shock loads on open gears system. Mining gear boxes tend to overload. This causes premature failures. A suitable gear oil with properties such as protection due to shock loadings and protection from water contamination should be applied. Lubricant with improper sealing mechanism contaminates the bearing boxes and results in bearing failures.

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Based on end-use industry, the mining lubricants market can be divided into coal ore, iron ore, and other earth minerals. Production of coal ore is higher than that of iron ore and other earth metals. Hence, the coal ore segment leads the mining lubricants market. High energy consumption and industrial growth are anticipated to boost the mining lubricants market.

Based on region, the mining lubricants market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Mining activities in Asia Pacific, especially in China, India, and Australia, are high. Therefore, these countries dominate the mining lubricants market in Asia Pacific. China leads the use of mining lubricants due to the high production of coal ore and iron ore in the country. Asia Pacific is followed by North America.

Key players operating in the mining lubricants market are Total Oil (Australia), Exxon Mobile Lubricants & Specialties (the U.S.), Royal Dutch Shell Plc. (the Netherlands), Chevron (the U.S.), Perma-tec GmbH & Co. KG (Germany), Quaker Chemical Corporation (the U.S.), Petro Canada Lubricants Inc (Canada), BP Lubricants (the U.S.), Conoco Phillips Inc (the U.S.), Aarna Lube Private Limited (India), Lubrication Engineers, Inc. (the U.S.), Engen Botswana Limited (South Africa), Vivo Energy (Mauritius), and Interlube Limited (the U.K.). Large players operating in the mining lubricants market design their products. Total Oil is one of the major players in the mining lubricants market. It manufactures and supplies lubricants across the globe. The company’s lubricants have a long life and ensure complete protection to the mining equipment.

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Total Oil provides lubricants to drag lines, loaders, excavators, haul trucks, and diggers, among others. Petro Canada Lubricants Inc develops products for underground mining and open pit mining. For underground mining, the company uses VULTREX Rock Drill EP000, which is designed for in-line pneumatic systems and mist-free lubrication of rock drills. It markets products under the brand names VULTREX OGL Synthetic Arctic, an open gear lubricant for cold regions, VULTREX OGL Synthetic All Season, an open gear lubricant for all seasons, and PRODURO for gears and bearings. Volatility in prices of raw materials, environmental upkeeps, and instability in government policies related to the mining industry are some of the restraints of the mining lubricants market.