Construction Lubricants Market Size Summary
The global demand for construction lubricants stood at USD 13 billion in 2018, and the market is poised to exhibit a CAGR of over 4% during the forecast period, however, substantial growth is expected from the developing nations with the growing construction activities along with the adoption of new construction techniques. Additionally, the growing demand for construction equipment along with increasing adoption of synthetic lubricants in construction applications is expected to boost the demand for the product during the forecast period.
The key players operating in the global Construction Lubricants Market Size are Exxon Mobil Corporation (US), Phillips 66 Company (US), PetroChina Company Ltd (China), Fuchs Petrolub SE (Germany), Amsoil Inc (US), Royal Dutch Shell PLC (the Netherlands), Valvoline, Inc (US), Clariant (Switzerland), Calumet Specialty Products Partners, L.P (US), Chevron Corporation (US), BP PLC (UK), Total (France), Lukoil (Russia), Petronas (Malaysia), Yushiro Chemical Industry (Japan), Sinopec Corporation (China), Morris Lubricants (UK), Quaker Chemical Corporation (US), Lucas Oil Products, Inc (US), Rock Valley Oil and Chemical Co (US), Indian Oil Corporation Limited (India), and Gulf Oil India (India).
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Base oil is a major constituent of a lubricant. The type of base oil to be used depends on certain criteria such as viscosity, oxidation, pour point, seal compatibility, additive solubility, and thermal stability. Based on base oil, the global lubricants market has been segmented into synthetic oil, mineral oil, and bio-based oil. The mineral oil segment accounted for the largest market share in 2018, followed by the synthetic oil segment. The mineral oil-based lubricants segment has been dominating the market over the past decade due to their excellent properties such as superior performance at high temperatures and stability over a long period. They also offer advantages such as better solubility with additives, enhanced compatibility with seals, and lower cost. However, the use of mineral oil-based lubricants is expected to reduce due to regulatory pressure on account of the detrimental environmental impact. This has led to an increased demand for synthetic and bio-based alternatives. Hence, the synthetic lubricants segment is expected to register the highest CAGR during the forecast period.
Based on type, the global market has been segmented into hydraulic oil, engine oil, gear oil, automatic transmission fluid, compressor oil, grease, and others. The hydraulic oil segment accounted for the largest market share and is expected to maintain its dominance throughout the forecast period. The demand is attributed to the increasing adoption of high-end hydraulic-powered machinery in construction and mining activities.
Based on application, the global market has been segmented into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. The earthmoving equipment segment accounted for the largest market share in 2018, the demand for different types of lubricants in equipment such as excavators and dozers for smooth operations is driving the demand for the product.
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