The global construction lubricants market size is expected to grow from $11.14 billion in 2021 to $11.40 billion in 2022 at a compound annual growth rate (CAGR) of 2.41%. The global construction lubricants market size is expected to grow to $13.48 billion in 2026 at a CAGR of 4.28%.
What is the Global Construction Lubricants Market?
The construction lubricants market consists of sales of construction lubricants by entities (organizations, partnerships, and sole proprietors) that are chemical compounds used in machinery and equipment to lower friction between surfaces in contact, consequently lowering the amount of heat generated while the movement on the surface. It can also transfer forces, carry foreign particles, for heating or cooling the surfaces. Lubrication is the application of a friction-reducing layer between moving surfaces in contact to reduce friction and wear. Lubricants can be semi-solid (grease, silicon gels), liquid or fluid (oils), or solid (steel, Teflon, graphite).
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What drives the Global Construction Lubricants Market?
A rise in construction and mining activities is significantly contributing to the growth of the construction lubricants market. Construction lubricant is a substance that lowers friction between surfaces in contact, consequently lowering the amount of heat generated while the movement on the surface. Lubricating oil is largely used in marine engines, automobiles, and other machinery. For instance, the mining and construction equipment industry in India is likely to grow by 15-20% in the calendar year 2021 and 5-10% in the year 2022. The first quarter of 2021 is estimated to have reported a strong equipment demand growth of 45-50%, following a 10-12% contraction in FY2020. The global construction market is expected to grow by $4.5 trillion between 2020 and 2030 to reach $15.2 trillion with $8.9 trillion in emerging markets in 2030. These factors are expected to significantly drive the construction lubricants market.
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Global Construction Lubricants Market Segments
The global construction lubricants market is segmented:
By Basis Type: Hydraulic Fluid, Engine Oil, Gear Oil, Automatic Transmission Fluid (ATF), Grease, Compressor Oil
By Base Oil: Synthetic Oil, Mineral Oil
By Application: Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Others
By Geography: The regions covered in the construction lubricants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Construction Lubricants Global Market Report 2022provides market size and growth forecasts for the global construction lubricants market, global construction lubricants market share, construction lubricants market segments and geographies, construction lubricants market competitive landscape including leading competitors’ revenues, profiles and market shares. The construction lubricants market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Construction Lubricants Industry Playersinclude ExxonMobil Corporation, Royal Dutch Shell, Total Energies SE, China Petrochemical Corporation, Chevron Corporation, PetroChina Company Limited, FUCHS Petrolub SE, Lukoil, Sinopec, Phillips 66 Company, Morris Lubricants, Penrite Oil, Valvoline, Liqui Moly GmbH, ENI SPA, Addinol Lube Oil GmbH, Indian Oil Corporation, Bel Ray Company LLC., Gulf Oil India, and Totalenergies Se. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
