NEW YORK, Oct. 20, 2023 /PRNewswire/ -- The Lubricants Market for Mining and Quarry Applications Market size is expected to grow by USD 660.59 million, accelerating at a CAGR of 5.26% during the forecast period. Adoption of smart mining equipment is notably driving the lubricants market for mining and quarry applications market. However, factor such as Strong growth in renewable energy generation may impede market growth. The market is segmented by Application (Coal mining, Iron ore mining, Rare earth mineral mining, Bauxite mining, and Others), Product Type (Mineral oil lubricants, Synthetic oil lubricants, and Bio-based lubricants), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology.
Lubricants Market for Mining and Quarry Applications Market 2023 – 2027: Key Segment Analysis
During the forecast period, significant growth is anticipated in the coal mining segment. In recent years, there has been a notable transformation in the coal mining industry. Traditionally, lubricants played a significant role in coal mining, serving various purposes, from maintaining heavy machinery like draglines and conveyor systems to protecting essential components in underground mining equipment.
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Lubricants Market for Mining and Quarry Applications Market 2023 – 2027: Geographical Market Analysis
The Asia-Pacific (APAC) region is expected to make a substantial contribution, estimated at 57%, to the global market's growth during the forecast period. The growth in the APAC market is primarily driven by the significant demand for energy and infrastructure development, which requires the utilization of metals and energy minerals. This demand is particularly prominent in major developing economies like India, China, Indonesia, and the Philippines, all of which are part of the APAC region.
Lubricants Market for Mining and Quarry Applications Market 2023 – 2027: Company Insights
The lubricants market for mining and quarry applications market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
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Industrial Lubricants Market: The industrial lubricants market size is estimated to grow at a CAGR of 3.73% between 2022 and 2027. The market size is forecast to increase by USD 12.49 billion.
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Lubricants Market For Mining And Quarry Applications Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.26% |
Market growth 2023-2027 |
USD 660.59 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
4.17 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 57% |
Key countries |
US, China, India, Russia, and Brazil |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Berkshire Hathaway Inc., BP Plc, Busler Enterprises Inc., Chevron Corp., CSW Industrials Inc., D A Lubricant Co., Eurol BV, Exxon Mobil Corp., FUCHS PETROLUB SE, Lubrication Engineers Inc., Lubriplate Lubricants Co., Quaker Chemical Corp., Rymax BV, Schaeffer Manufacturing Co., Shell plc, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, Valvoline Inc., San Miguel Corp., and Lucas Oil Products Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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SOURCE Technavio