MINING LUBRICANTS MARKET TO REACH USD 3.1 BILLION BY 2027 | CAGR 3.8% – FORENCIS RESEARCH

Global Mining Lubricants Market: Key Highlights

• According to the new market research report “Mining Lubricants Market by Product (Mineral Oil Mining Lubricants, Synthetic Mining Lubricants, and Bio-based Mining Lubricants), by Application (Coal Mining, Iron Ore Mining, Bauxite Mining, Rare Earth Mineral Mining, Precious Metal Mining, and Others) by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)”, the global Mining Lubricants market is estimated to reach USD 3.1 Billion by 2027 at a CAGR of around 3.8% during the review period.
• Rock drill, draglines, loaders, hydraulic shovels, scoops and other equipment are continuously used at heavy loads & pressure in mining operation.
• The mining activities could give damage to the mining equipment, can lead to wear and tear over time
• To reduce machinery’s maintenance and replacement lubricants play a vital role to increase their shelf life and increase performance.

Global Mining Lubricants Market: Key Market Dynamics

• Growing drilling and exploration activities globally, as well as increased demand for mining equipment, has a direct and positive impact on the mining lubricant demand
• Equipment manufacturers increasing their capital spending to provide for the new sites opening up is expected to drive the growth of the market
• Stringent regulations imposed by government regulatory towards environment protection is projected to hamper the demand for mining lubricants
• Increasing investment in the mining industry of the emerging economies is expected to create the new market opportunity for key market players

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Global Mining Lubricants Market: Regional Overview

• Asia-Pacific

The Asia Pacific region is expected to account for the largest shares of the global mining lubricants market and is estimated to grow at the highest CAGR during the forecast period. This growth can be attributed to the growing coal mining activities in China and India, and they are the largest consumer of the mining lubricants. China accounted for the largest market share of the market in the Asia-Pacific region due to rising demand from mining and metal industries such as zinc, copper, iron ore and bauxite. The Indian mining industry shows stable growth during the forecast period. Australia’s mining sector has been expanding owing to growth in investments and start-up of new projects in the past five years.

• North America

North Marica is a major manufacturer of the of coal, iron, natural gas and petroleum, as well as the presence of key market players such as ExxonMobil Corporation, Quaker Chemical Corp, and Calumet Branded Products, LLC. is driving the North America mining equipment market.

Global Mining Lubricants Market: Key Players Overview

• The Royal Dutch Shell:

The Royal Dutch Shell is a Netherland based energy and petrochemical company. The company operates through following business segments,  Integrated Gas, Upstream, Downstream and Corporate. The Integrated Gas segment is engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products. The Upstream segment engaged in the exploration for and extraction of crude oil, natural gas and natural gas liquids, The Downstream segment is engaged in oil products and chemicals manufacturing, and marketing activities. The company has a global reach with its service in around 70 countries.

• Exxon Mobil Corporation.:

Exxon Mobil Corporation one of the largest publicly traded energy providers and chemical manufacturers company across the globe. The company operates through the following segments: Upstream, Downstream and Chemical. The Upstream segment produces crude oil and natural gas. The Downstream segment manufactures and trades petroleum products. The Chemical segment offers petrochemicals.

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