Dubai, U.A.E, July 1, 2020 /PRNewswire/ -- Future Market Insight's recent study on the global mining lubricants market predicts a CAGR of 3.3% across the forecast period 2020-2030. This growth is primarily being driven by burgeoning investments in the Asia-Pacific region, particularly in the coal and iron-ore markets.
As mining operations have compounded in recent years, the demand for sophisticated and heavy mining equipment have also surged. Equipment such as rock drills and hydraulic shovels require high maintenance due to their extensive usage which leads to wear and tear. Therefore, to increase their working lives, mining lubricants have become an important area of investment for major companies.
However, the recent coronavirus pandemic has induced a great deal of sluggishness in the mining industry. Since the pandemic's onset, mining operations have ceased in favor of mandatory social distancing measures imposed due to nationwide lockdowns. Since early March, the metals and mining industry's average share prices declined by 10%, while industrial production losses amounted to 20%. Such downturns have led to a fall in the mining lubricants market shares.
Fortunately, leading mining lubricant manufacturers have been building up their inventories which is allowing them to offset negative economies of scale by liquidating the surplus stock and converting them into cash reserves. This trend is expected to keep the mining lubricants market afloat throughout the pandemic's duration.
"The global mining lubricants market is actively pursuing opportunities in the lubricants space, enabling vendors to overcome challenges in the near future. As government regulations over the nature of lubricants become stricter, market players are developing more sustainable and environmental-friendly alternatives, generating an entirely new ecosystem to flourish," concludes an FMI analyst.
Download a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-6505
Key Takeaways from the Mining Lubricants Market Study
- The global mining lubricants markets shall be valued at nearly US$ 3 Bn by 2030.
- Water-based lubricant additives shall surpass conventional variants, owing to the need for ensuring environmental sustainability.
- Coal mining shall account for more than half of the mining lubricants market share throughout the forecast period.
- Bio-based lubricants are acquiring immense traction over synthetic lubricants, being touted as a permanent long-term solution.
- Open-pit mining expected to find immense application of mining lubricants due to the high volume of machinery usage.
- Asia-Pacific is anticipated to garner firm footing in the mining lubricants market due to the high number of mining operations.
Mining Lubricants Market- Key Trends
- High savings potential is increasing the usage of mining lubricants. For instance, proper utilization of lubricants enables the North American mining industry to save up to US$ 30 million every year.
- Alternative lubricants derived from renewable natural resources are being explored on a larger scale, due to rising concerns about environmental sustainability.
- Iron-ore mining has acquired major traction due to the rising demand for steel across various industries. As a result, the application of mining lubricants in this sector is proliferation on a large scale.
Mining Lubricants Market- Region-wise Analysis
- Mushrooming industrial and infrastructural operations in the Asia-Pacific region has increased demand for raw materials and consequently mining operations. Thus, uptake of mining lubricants is high in this region.
- Europe and North America were the market hegemons across the historical period, accounting for nearly 30% of the global mining lubricants market.
- At present, Europe accounts for a minor share in the production of mining lubricants. It does, however, consist of a diversified mineral portfolio, with Germany being the largest supplier of mining equipment.
- Coal mining lubricants constitute the maximum share across the BRICS nations.
Our advisory services are aimed at helping you with specific, customized insights that are relevant to your specific challenges. Let us know about your challenges and our trusted advisors will connect with you: https://www.futuremarketinsights.com/customization-available/rep-gb-6505
Mining Lubricants Market- Competitive Landscape
The mining lubricants industry is moderately fragmented, comprising of the following market players: Chevron Corporation, Total S.A, Schaeffer Manufacturing Co., Kluber Lubrication and Exxon Mobil Corporation. Technological advancements in lubricant applications is stimulating mining lubricant market players to ascend the value-chain ladder.
The abovementioned players are working in conjunction with major mining companies to help them strategize and upgrade their lubricant management processes and save costs. Additionally, they are expanding their operational capabilities to leverage regional market dynamics. For instance, in 2019, Exxon Mobil expanded its Singapore refinery for better upgradation of Group II lubricants stock and remain competitive in the market.
Also, Shell dispatched its technical experts to Zhenzhua Zhungeer coal mine in China to audit six BE395 shovels and replaced faulty injectors with the appropriate lubrication technology in compliance with original equipment manufacturing recommendations.
Mining Lubricants Market Taxonomy:
- Coal Mining
- Iron Ore Mining
- Bauxite Mining
- Precious Metal & Rare Earth Mineral Mining
- Industrial Minerals Mining
Region & Country
- Nordic countries
- New Zealand
Middle East & Africa
- Southern Africa
- North Africa
More Insights on the Mining Lubricants Market
Future Market Insights has published a market research report on the Mining lubricants market that contains global industry analysis for 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the Mining lubricants market through four different segments- product type, source, application, and region. The Mining lubricants market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, along with a detailed overview of the parent market.
Explore Extensive Coverage of FMI's Chemicals & Materials Reports
Pharmaceutical Solvents Market: The global pharmaceutical solvents market report by FMI provides deep insights concerning the various chemical groups' market shares across seven major regions for the forecast period 2020-2030.
Silanes Market: Delve into the comprehensive analysis of vital growth dynamics and competitive insights of the silanes market in FMI's recently published market research report on the subject for the upcoming decade's forecast.
Magnesium Hydroxide Market: FMI's recent market research report on the magnesium hydroxide market provides a detailed analysis about future growth prospects based on grade and application areas across seven major regions.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Mr. Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: [email protected]
For Media Enquiries: [email protected]
Market Report: https://www.futuremarketinsights.com/reports/mining-lubricants-market
Press Release Source: https://www.futuremarketinsights.com/press-release/mining-lubricants-market
SOURCE Future Market Insights