Mining Lubricants Market Current Size & Future Projections According to the Economic & Industrial Outlook

The mining lubricants market was valued at USD 1.95 billion in 2016, and is projected to reach USD 2.56 billion by 2022, at a CAGR of 4.5% from 2017 to 2022. Growth of the mining industry, increase in the demand for coal in electricity generating applications, and the increasing demand for base metals such as copper, nickel, lead, zinc, and others are fueling the demand for mining lubricants. Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (U.S.), BP Plc. (U.K.), Chevron Corporation (U.S.), LUKOIL (Russia), Idemitsu Kosan Co., Ltd. (Japan), and Total S.A. (France), are some of the leading players operating in this market.

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The key players operational in the mining lubricants markets are focusing on expansions, acquisitions, and new product launches to cater the demand across various applications. Royal Dutch Shell Plc. (Netherlands) and Total S.A. (France) have reported the highest number of developments in the global mining lubricants market in recent years.

In November 2015, Shell opened its largest internationally operated lubricants plant in Indonesia. This plant will produce  leading lubricants brands, such as, Shell Helix (passenger car motor oil), Shell Advance (motorcycle oil), Shell Rimula (heavy duty engine oil), Shell Spirax (transmission oil), as well as other industrial lubricants. These products will support Indonesia’s growing demand for vehicle motor oils as well as other lubricants for application in sectors such as mining, power generation, transportation, and the growing infrastructure building.

In June 2015, Shell expanded its lubricant capacity in greater China. This complements seven Shell lubricant blending plants already operating in greater China. The new plant can produce 330 million liters of lubricants per year and has the potential to expand to 500 million liters.

In July 2015, Total S.A. started operations at its largest lubricants oil blending plant in Singapore. With an annual production capacity of 310,000 metric tons, this plant helped increase the company’s lubricants supply in the Asia-Pacific region, which accounts for more than 25% of its lubricants sales.

In November 2013, Total S.A. opened a lubricant blending plant at KAEC (King Abdullah Economic City) in Saudi Arabia. The 65,000 square meter facility produces automotive and industrial lubricants that meet Total’s stringent global quality tests. The plant, equipped with a fully automated blending system and ultra-modern filling machines, has an annual production capacity of 25,000 tons in a single shift.

In August 2016, Chevron launched new line of CK-4 and FA-4 engine oils. The new oils are the culmination of five years of development and will provide stronger performance than existing CJ-4 oils in key categories, including oxidation stability, piston deposit control and wear.

In August 2015, ExxonMobil increased the production capacity of its Beaumont, Texas refinery to 365,000 barrels per day. The previous capacity was 345,000-b/d.

Lubricants are materials that help reduce the friction between moving parts or surfaces to enhance the efficiency of machines. They are formulated using various base oils including mineral oil, synthetic oil, and bio-based oil.

Lubricants are used in various industries such as automotive, manufacturing, construction, and mining among others. Mining lubricants are used to protect the equipment from wear and tear by reducing friction, also to reduce heat and electrical resistivity.  The global mining lubricants market was valued at USD 1.95 billion in 2016, and is projected to reach USD 2.56 billion by 2022, at a CAGR of 4.5% from 2017 to 2022. The growth of the mining industry, increase in the demand for coal in electricity generating applications, and the growing demand for base metals such as copper, nickel, lead, zinc, and others are fueling the mining lubricants market.

Among types, mineral oil is the fastest-growing segment of the mining lubricants market during the forecast period. Relatively low price of mineral oil lubricants is expected to drive this segment during the forecast period. Asia-Pacific is the largest market for mineral oil. The growth of this segment in Asia-Pacific is attributed to the increased consumption of mineral oil in the coal mining industry in emerging countries such as India and China.

Coal mining is projected to be the fastest-growing segment from 2017 to 2022, due to the high consumption of heavy load equipment in the coal mining industry. The coal mining industry accounted for the largest share of 56.3%, in terms of value, of the overall mining lubricants market, in 2016. The market for mining lubricants in the coal mining industry is driven by the improved high-performance lubricants, which offer high viscosity index, better corrosion prevention, and high resistance to oxidation.

Asia-Pacific led the mining lubricants market, in 2016, having accounted for the largest share (by value) and is projected to grow at the highest CAGR during the forecast period. The increasing coal mining activities in China and India are primarily responsible for the high consumption of mining lubricants.

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