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Mining Lubricants Market Report 2022 | Share, Growth, Analysis 2027
Mining Lubricants Market
The latest research study "Mining Lubricants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global mining lubricants market reached a value of US$ 2.24 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.91 Billion by 2027, exhibiting a CAGR of 4.30% during 2022-2027.
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Mining lubricants are specialty lubricants used to reduce wear and friction generated between machines. They are used for mobile and processing or stationary equipment, including compressors, gears, pneumatic tools, mining transmissions, hydraulic systems, and turbines. Some commonly available mining lubricants include synthetic and mineral oil lubricants. They exhibit excellent thermal stability, extended oil drain intervals, high viscosity index, and superior corrosion, pressure, and wear-resistance properties. They help improve the operational life of equipment while reducing downtime, dispersing heat, and maximizing energy efficiency. As a result, mining lubricants find extensive applications in rare earth minerals, precious metals, coal, iron ore, and bauxite mining.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Mining Lubricants Market Trends and Drivers:
The global mining lubricants market is primarily driven by rapid growth in the mining industry. Additionally, the surging adoption of advanced mining equipment, such as dragline excavators, motor graders, hydraulic shovels, continuous miners, haul trucks, scalers, and motor graders, has catalyzed the market growth.
Moreover, original equipment manufacturers (OEMs) are encouraging the use of premium-quality lubricants to increase the operational life of mining machines. In line with this, the introduction of novel automated lubrication systems is positively influencing market growth. Besides this, numerous product innovations, such as the launch of biodegradable and recyclable bio-lubricants with minimal aqueous toxicity, are other major growth-inducing factors.
Other factors, including the increasing exploration and drilling activities, improvements in the mining infrastructure, and surging demand for minerals due to the rising population, are also anticipated to create a favorable market outlook.
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Global Mining Lubricants Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BP p.l.c., Chevron Corporation, China Petroleum & Chemical Corporation, ExxonMobil Corporation, Fuchs Group Holding GmbH, Klüber Lubrication (Freudenberg & Co. Kommanditgesellschaft), PetroChina Company Limited, Quaker Chemical Corporation, Royal Dutch Shell Plc and Total SE.
The report has segmented the market on the basis of region, product, equipment function, mining techniques and application.
Breakup by Product:
• Mineral Oil Lubricants
• Synthetic Lubricants
• Bio-Based Lubricants
Breakup by Equipment Function:
• Engine
• Hydraulic
• Transmission
• Gear
Breakup by Mining Techniques:
• Surface Mining
• Underground Mining
Breakup by Application:
• Coal Mining
• Bauxite Mining
• Iron Ore Mining
• Precious Metals Mining
• Rare Earth Mineral Mining
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/mining-lubricants-market
If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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