Construction Lubricants Market | Key players operating in the market include ExxonMobil Corp, Total Energies SE, Chevron Corp, PetroChina Company, Lukoil

According to recent market research "Construction Lubricants Market by base oil [Synthetic oil, Mineral oil], type (hydraulic fluid, engine oil, compressor oil, gear oil), equipment type (Earthmoving, Material Handling, Heavy Construction Vehicle) - Global Forecasts to 2026", The market is projected to reach USD 6.5 billion by 2026, at a CAGR of 3.0% from USD 5.6 billion in 2021. This growth is primarily triggered by the increasing demand from the construction industry. APAC is the largest construction lubricants market due to the stringent industrial standardizations pertaining to the high growth of the construction industry in the emerging countries such as China, India, Japan, and South Korea. The region is estimated to be the most populated in the world, which creates immense opportunity for the construction lubricants market to grow.

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Mineral oil is the largest segment of construction lubricants; the segment accounted for the largest, in terms of value, in the global market in 2020. Mineral oil-based lubricants are light mixtures of alkanes and cyclic paraffin. Mineral oil-based construction lubricants are available in light and heavy grades, depending on the usage and requirement. They are consumed in large quantities in the construction industry because of their low cost. Despite the increasing use of synthetic lubricants, the utilization of high volumes of mineral-based lubricants is expected to continue in the construction industry during the forecast period due to the increasing demand from APAC and the Middle East & Africa.

Hydraulic fluid is the largest type of construction lubricants; in terms of value, in the global market in 2020. Hydraulic fluid is a type of lubricant that is used to lubricate hydraulic equipment. The primary functions of hydraulic fluid are energy transmission, lubrication, and heat removal. It also reduces the maintenance cost of the gears and hydraulic equipment operating at high speed. The use of appropriate hydraulic fluid helps prevent equipment failure, eliminates downtime, and reduces operating cost. The growth of the hydraulic fluid market is primarily triggered by the huge demand from the APAC region and growing industries such as automotive, construction, and manufacturing.

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The construction lubricants market size is projected to reach USD 6.5 billion by 2026 from USD 5.6 billion in 2021, at a CAGR of 3.0%. Growing demand for construction industry is expected to support the growth of the construction lubricants market. However, huge investment in R&D and strict rules and technological advancement is restraining the growth of the market. On the other hand, innovation in product development has created opportunities for manufacturers.

ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Chevron Corporation (US), PetroChina Company Limited (China), FUCHS Petrolub SE (Germany), and Lukoil (Russia) are the major players in this market.

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ExxonMobil Corporation is the largest publicly traded oil & gas company, which markets fuel and lubricants under four brands, namely, Esso, Exxon, Mobil, and ExxonMobil. The company operates through three business segments, namely, upstream, downstream, and chemical. The company operates in North America, Europe, APAC, the Middle East & Africa, and South America.
On February 2019, ExxonMobil Corporation expanded their business by setting up a lube blending plant in India.

Royal Dutch Shell plc commonly known as Shell, is an energy and petrochemical company. It is one of the world's most valuable companies and one of the six oil & gas "supermajors." The company operates through four segments, namely, integrated gas, upstream, oil products, and chemicals. The company operates in more than 70 countries of APAC, the Middle East & Africa, North America, Europe, and South America.

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