Growing investments in Asia Pacific are likely to offset subdued growth in key markets, with coal and iron ore mining sector driving demand. Future Market Insights, in its incisive study on the mining lubricants market, opines that the market is slated for 3.4% growth through the forecast period (2022-2030).
FMI has projected the global mining lubricants sales to reach a value of US$ 2,988.6 Mn by 2030 end
Manufacturers are working on product differentiation strategies to develop lubricants that have prolific anti-friction properties, high pressure additives and the correct anti-wear agents. Sharper profit margins are underpinned by lubricants used in equipment such as coal crawler excavators.
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Key Takeaways of Mining Lubricants Market Study
- The mining lubricants market is slated to reach US$ 2.98 Bn by 2030
- High performing lubricants and greases are growing in demand as covid-19 tightens operating costs
- Coal mining largest application avenue, accounting for over 50% mining lubricants market share
- Open pit mining is heightening the adoption of loaders, roof bolters, draglines and haul trucks thus boosting demand for lubricants
- Bio-based lubricants pipped as a log-term solution, but current market dynamics in favor of synthetic variants
For mining companies, operational and maintenance costs account for a significant share. Increasing awareness among companies about the proper usage of lubricants has decreased the maintenance cost of equipment. Moreover, it has also helped companies to avoid unexpected shutdowns", says an FMI analyst.
Mining Lubricants Market – Competition Landscape
Technological advancements in lubricants is acting as a catalyst for mining lubricants market players to move up the value chain. The mining lubricants marketplace remains moderately fragmented, with Shell, Exxonn Mobil and Chevron as the traditional triumvirate. With size of mining equipment undergoing a seismic shift, manufacturers are strategizing to come out with differentiated offerings that lower maintenance costs.
- Schaeffer, a privately held US company specializing in heavy duty lubricants, has demonstrated the capability of extending working time of mining equipment by several hours. Besides this, the company’s lubricants create a highly durable shield thus reducing metal-to-metal contact and friction
- Total, on the other hand, closely collaborates with its mining company clients, advising them on correct lubricant storage solutions. It recommends the first in, first out approach thus reducing costs on obsolete inventories by as much as 6% - 19%
- Exxon Mobil, in the year 2021, expanded its refinery at Singapore for better upgradation of Group II lubricants stock to remain competitive in the market
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Key Companies Profiled
- BP plc
- Calumet Specialty Products Partners
- Royal Dutch Shell PLC
- Chevron Corporation
- Exxonmobil Corporation
- Fuchs Petrolub SE
- Kluber Lubrication
- Lukoil
- Petrochina Company Limited
- Petronas
- Quaker Chemical Corporation
- Schaeffer Manufacturing Co.
- Total S.A.
- Petro Canada Lubricants Inc. (Holly Frontier acquired)
Mining Lubricants Market by Category
By Product Type:
- Oils
- Grease
By Source:
- Synthetic Lubricants
- Bio-based Lubricants
By Application:
- Coal Mining
- Bauxite Mining
- Iron Ore Mining
- Precious Metals & Rare Earth Minerals Mining
- Industrial Mineral Mining
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
