Mining Lubricants Market Report, Analysis and Forecast 2023-2028

The market is benefiting from various product advancements, including the development of bio-lubricants.

IMARC Group, a leading market research company, has recently releases report titled “Mining Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global mining lubricants market report, size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Mining lubricants are specialized lubricants that are utilized to reduce friction and wear between various mining equipment. They are suitable for both movable and stationary machinery, such as hydraulic systems, turbines, compressors, gears, pneumatic tools, and mining transmissions. Mineral oil and synthetic lubricants are among the commonly employed types of mining lubricants. These lubricants possess excellent qualities such as high thermal stability, viscosity index, prolonged oil drain intervals, and resistance to corrosion, pressure, and wear. By enhancing energy efficiency, dissipating heat, minimizing downtime, and prolonging the lifespan of equipment, they are extensively employed in mining operations involving coal, iron ore, bauxite, rare earth minerals, and precious metals.

The global mining lubricants market size reached US$ 2.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.1% during 2023-2028.

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What are the growth prospects and trends in the mining lubricants industry?

The mining industry's remarkable expansion worldwide is a significant contributor to the market's positive prospects. Furthermore, the market is being propelled by the widespread utilization of advanced mining equipment, such as continuous miners, haul trucks, scalers, hydraulic shovels, motor graders, and dragline excavators. Original equipment manufacturers (OEMs) also advocated the use of high-quality lubricants to enhance the overall operational lifespan of these machines.

In this regard, the introduction of innovative automated lubrication systems is further bolstering market growth. Unlike manual lubrication, these systems deliver lubricants automatically and continuously to the machines during operation, preventing friction on bearings and seals. Moreover, the market is benefiting from various product advancements, including the development of bio-lubricants.

These lubricants are eco-friendly, recyclable, and have low aqueous toxicity. Additionally, factors such as enhancements in mining infrastructure, particularly in developing economies, along with increased exploration and drilling activities, are expected to drive market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product:

  • Mineral Oil Lubricants
  • Synthetic Lubricants
  • Bio-Based Lubricants

Breakup by Equipment Function:

  • Engine
  • Hydraulic
  • Transmission
  • Gear

Breakup by Mining Techniques:

  • Surface Mining 
  • Underground Mining

Breakup by Application:

  • Coal Mining
  • Bauxite Mining
  • Iron Ore Mining
  • Precious Metals Mining
  • Rare Earth Mineral Mining
  • Others

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • BP p.l.c.
  • Chevron Corporation
  • China Petroleum Chemical Corporation
  • ExxonMobil Corporation
  • Fuchs Group Holding GmbH
  • Klüber Lubrication (Freudenberg Co. Kommanditgesellschaft)
  • PetroChina Company Limited
  • Quaker Chemical Corporation
  • Royal Dutch Shell Plc
  • Total SE

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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Vikas Chauhan

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