Construction Lubricants Market Analysis of Growing Revenue and Regional Dominance by 2033

The Construction Lubricants Market is projected to reach a value of US$19.38 billion in the fiscal year 2022, marking an increase from the US$18.62 billion recorded in FY 2021. This growth signifies a 4% year-on-year expansion over the preceding 12 months.

According to Fact.MR, a reputable provider of market research and competitive insights, the sales of construction lubricants demonstrated a Compound Annual Growth Rate (CAGR) of 3.8% from 2015 to 2021. During this same timeframe, the demand for construction lubricants in the backhoe segment experienced a growth rate of 5%. With an estimated value of approximately US$2 billion, the Asia-Pacific (APAC) region is poised to exert significant dominance over the global market.

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Competitive Landscape

Leading suppliers of construction lubricants rely on alliances, mergers, purchases, and the introduction of new software to compete in the worldwide market. The key goal of major industry participants is constant innovation to maintain a flawless customer-client relationship.

In December 2021, Aker BP announced its proposed acquisition of the oil and gas business of Lundin Energy, through a statutory merger. This combination would create the largest exploration and production company focused exclusively on the Norwegian Continental Shelf.

In April 2022, Indian Oil Corporation announced to invest nearly Rs 840 crores in expanding its Petroleum, Oil, and Lubricant (POL) storage capacities, including setting up a Greenfield facility, in the Northeast.

The company is planning to take its POL capacities to 5,530 Thousand Metric Tonnes Per Annum (TMTPA) by 2030 from the existing 3,160 TMTPA.
Key Companies Profiled

• BP Plc.
• Indian Oil Corporation,
• TOTAL S.A.
• Balmer Lawrie & Co. Ltd.
• PetroChina Company Limited
• Berg Chilling Systems Inc.
• Chevron Corporation
• Eni S.p.A.

How Opportunistic are Growth Prospects across North America?

Geographically, it is anticipated that the North American construction lubricants market would grow at a CAGR of around 2% during the projected period. The market is being driven by escalating demand for high-performance lubricants as well as growing demand from the construction and power generation industries.

In contrast, the rise in electrical and hybrid vehicles, increased lubricant lifetime, and strict environmental requirements coupled with unfavourable conditions brought on by the COVID-19 epidemic are impeding market expansion.

With the highest consumption in North America, the United States is anticipated to maintain the status quo in the market for construction lubricants. Fact.According to MR, the market for construction lubricants in North America is anticipated to reach US$ 4.4 billion by the end of 2032.

Key Segments Covered in the Construction Lubricants Industry Survey

By Application:
• Engine Oil
• Gear Oil
• Automatic Transmission Oil
• Greases
• Brake Fluid
• Hydraulic Fluid

By Base Oil:
• Mineral Oil-based
• Synthetic Oil-based

By Sales Channel:
• Automotive Dealers
• Independent Garages & Service Stations
• Retailers/Automotive Part Stores

By Formulation Type:
• Conventional
• Bio-based

By Equipment Type:
• Excavators
• Backhoe
• Bulldozers
• Loaders
• Graders
• Articulated Hauler
• Soil Compactor
• Cranes
• Rigid Dump Trucks
• Others

By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa

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Sales of Zinc-Free Construction Lubricants Set to Hit Impressive Numbers

Demand for zinc-free construction lubricants is gaining pace to become a raging trend in the industry. The ability of zinc-free construction lubricants to prevent corrosion of machinery and enhance equipment lifecycle has stirred sales at the global level. Moreover, this special lubricant variety also delivers high performance regardless of high temperature, high moisture or high pressure conditions, thereby, fueling its demand as a supreme construction lubricant.

This report also discourse several other factors like increasing emphasis on performance optimization of construction equipment and its impact to motivate robust investments in the industry. Such an action is likely to cause high demand for construction lubricants, since demand for high-quality specialty solutions for serving sophisticated selections of construction equipment & machinery receives superior attention.

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This release was published on openPR.