According to a new report published by UnivDatos, the Construction Lubricants Market was valued at approximately USD 9.5 Billion in 2023 and is expected to grow at a robust CAGR of around 3.5% during the forecast period (2024-2032). The analysis has been segmented into the base oil (mineral and synthetic oils); type (hydraulic fluid, engine oil, gear oil, transmission fluid, grease, compressor oil, and others); equipment (earth moving equipment, material handling equipment, heavy construction vehicle, and others); region/country.
The construction lubricants market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the construction lubricants market. The construction lubricants market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the construction lubricants market at the global and regional levels.
Market Overview
The demand for construction lubricants is directly proportional to the construction activities. In the last couple of decades, the global construction industry has witnessed robust growth owing to robust construction activities in countries like China, India, and the ASEAN region. For instance, according to the USGS’ cement statistics, China has used more concrete from 2011 to 2013 (6.6 gigatons) than the US in the entire 20th century (4.5 gigatons). As construction activities increase, the requirement of construction equipment eventually increases, thereby leading to an increase in demand for lubricants. Further, increasing advancement in the construction sector has helped in the development of equipment that can perform high-level work in harsh conditions. However, to perform efficiently proper maintenance is required, and lubricating the components and overall machine is thereby crucial. Owing to such factors, the global construction lubricants market is likely to showcase significant growth.
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The global construction lubricants market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the base oil, the market is categorized into mineral and synthetic oils. Of both, mineral oil accounted for a significant share in the market and is likely to maintain its position during the forecast period. Mineral oil may fall in either of these three: group I, group II, and group III. Currently, group II mineral oil is widely consumed owing to its higher efficiency and lower emission. Further, industries are finding it easy to transit from group I base oil to group II base oil by changing work techniques, working with new base oil manufacturers, and changing equipment compared to group IV which is fully synthetic oil, resulting in a higher share of mineral oil.
· Based on type, the market is categorized into hydraulic fluid, engine oil, gear oil, transmission fluid, grease, compressor oil, and others. Among these, the hydraulic fluid category held a significant market share owing to a large number of construction equipment in developed countries and growing demand for equipment in developing countries like China and India. Since equipment with hydraulic functionality or machinery shares a significant portion of construction equipment, thereby accounts for higher lubricant consumption.
Have a Look at the Chapters
Construction Lubricants Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, France, Italy, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific held the dominant position in the construction lubricants market, mainly because of robust construction activities in the last two decades in the region. The large and growing population base of the region which requires accommodation and rapid construction in China led to the increase in demand for construction equipment. As a result, increased the demand for lubricants. Further, countries like India have taken various steps in the last few years to improve the infrastructure sector of the region. For instance, in October 2021, the country launched the “Gati Shakti Master Plan”, a USD 1.35 trillion (INR 100 lakh-crore) project for developing a holistic infrastructure. Further, the country is developing a new airport which is likely to cost around USD 4 billion (INR 30,000 crore) and is likely to complete by 2024. With such a vast infrastructure project, the demand for construction machinery is likely to increase in the near term in the country, eventually boosting the demand for lubricants.
The major players targeting the market include
· Chevron Corporation
· British Petroleum Plc.
· Exxon Mobil Corporation
· PetroChina Company Limited
· Royal Dutch Shell Plc.
· TotalEnergies SE
· The Idemitsu Kosan Company Ltd.
· China Petroleum & Chemical Corporation
· The PJSC Lukoil Oil
· Fuchs Petrolub SE
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the construction lubricants market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the construction lubricants market?
• Which factors are influencing the construction lubricants market over the forecast period?
• What are the global challenges, threats, and risks in the construction lubricants market?
• Which factors are propelling and restraining the construction lubricants market?
• What are the demanding global regions of the construction lubricants market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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