Construction Lubricants Market Report 2022-2030 -Petrolub SE (Germany), Lucas Oil Products, Amsoil Inc (US), Clariant (Switzerland), Calumet Specialty Products Partners, L.P (US)
Rising construction and mining activities worldwide is generating substantial market opportunities of construction lubricant. Market Research Future (MRFR) reports that the global construction lubricants market is set to demonstrate a compound annual growth rate (CAGR) of 4% during the forecast period (2019-2024). In 2018, the market stood at a valuation of USD 13 Mn.
Given the
rapid expansion of the equipment fleets, demand for lubricants will continue to
rise for the medium if not beyond. A variety of lubricant is available, of
which categories such as engine oil, hydraulic oil and gear oil witness strong demand.
The growth of the global construction sector is also proving the tailwinds to
the global construction lubricants market.
The arrival of
synthetic lubricant is also expected to provide an impetus to the market in the
forthcoming years. Inclination towards synthetic oils is being prompted by
elements such as reduced cost, environmental viability and superior
performance.
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Segmental Overview
MRFR’s report includes a
thorough segmental analysis of the global construction lubricants market base
on type, oil, application and region.
On the basis of type, the
market has been segmented into automatic transmission fluid, grease, hydraulic
oil, compressor oil, gear oil, engine oil and others. On the basis of oil, the
market has been segmented into bio-based oil, synthetic oil and mineral oil. On
the basis of application, the market has been segmented into heavy construction
vehicles, material handling equipment, earthmoving equipment and others.
Global Construction Lubricants Market: Regional
Segmentation
Regions that are discussed
in MRFR’s report include Europe, Asia-Pacific (APAC), North America, Latin
America (LatAm) and the Middle East & Africa (MEA). APAC represents the
brightest market for construction lubricants. In 2017, the region accounted for
the highest share of the market and the trend is likely to continue throughout
the forecast period. Increased investment in urban infrastructural development in
various APAC countries such as China, India and ASEAN members. The accelerated
demand for construction equipment has created unique market opportunities for
construction lubricant in the region.
North America due to the presence
of advanced countries such the U.S. and Canada is viewed as a key market for
construction lubricants. The vast end-use sector in the region will remain an
intriguing prospect for market players. Industrial activities such as mining,
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and construction are at rife
in North America, as a result, demand for construction lubricant remains high.
Market growth is expected
to remain substantial in the Middle East & Africa (MEA) owing rapidly
growing construction activities in CGG countries. Billions of dollars are being
pumped in for urban infrastructure development in the report. There is a
proposed plan of investment of USD 2,700 billion across the GCC nations by 2023.
Such factors are expected to translate into attractive market opportunities in
the forthcoming years.
Competitive Landscape
Some of the
leading companies operating in the global construction lubricant market include
Fuchs Petrolub SE (Germany), Lucas Oil Products, Amsoil Inc (US), Clariant
(Switzerland), Calumet Specialty Products Partners, L.P (US), BP PLC (UK),
Royal Dutch Shell PLC (Netherlands), Lukoil (Russia), Yushiro Chemical Industry
(Japan), Rock Valley Oil and Chemical Co (US), Gulf Oil India (India), Phillips
66 Company (US), Indian Oil Corporation Limited (India), Valvoline Inc (US),
Petronas (Malaysia), PetroChina Company Ltd (China), Quaker Chemical
Corporation (US), Morris Lubricants (UK), Chevron Corporation (US), Total S.A.
(France), Sinopec Corporation (China) and Exxon Mobil Corporation (US).
Industry News Update
·
The lubricant
division of UAE based energy company Enoc Group has reportedly signed a
three-year supply agreement with Al-Futtaim Auto & Machinery Company
(Famco) with MoU to make Eppco lubricants the exclusive supplier of coolants,
lubricants and greases to the company for its UAE operations.
·
Japanese based
oil refining company Idemitsu Kosan Co is reportedly planning to expand it
lubricant manufacturing capacity in China by building a second plant. This move
will allow the company to meet the rising demand for industrial and automotive
oils.
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