Increasing Mining Activities Fueling Requirement for Lubricants in Mining and Quarry Applications

The rapid expansion in the mining sector and the soaring requirement from various end-use industries such as iron ore mining and coal mining are pushing up the demand for lubricants for use in several quarry and mining applications. Moreover, the growing demand for mining systems in the coal mining industry and the surging requirement for coal for power production in countries such as India, Indonesia, and China will massively boost the need for lubricants in the future years.

Furthermore, the rising requirement for mineral and metal commodities will propel the sales of mining devices and equipment in the coming years. This will, in turn, push up the sales of mining lubricants in the future. Besides these factors, the rapid technological advancements and innovations, due to the rising focus on research and development (R&D) activities in several countries such as Australia, India, and China, are also fueling the demand for lubricants for use in mining and quarry applications.

In countries such as South Africa, India, Brazil, Kazakhstan, and Mexico, due to the sharp surge in mining activities, the requirement for lubricants for use in mining and quarry applications is growing rapidly. This is, in turn, driving the advancement of the global lubricants market for mining and quarry applications. Bio-based lubricants, synthetic lubricants, and mineral oil lubricants are the most extensively used lubricants in mining and quarry applications around the world.

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Out of these, the utilization of mineral oil lubricants is currently observed to be significantly high. These lubricants are produced from crude oil and are highly cost-effective in nature. On the other hand, synthetic lubricants are made by the chemical reactions of various components under precise pressure and temperature conditions. Ester oils, polyalkylene glycols, and polyalphaolefins are the most heavily used synthetic lubricants all over the world. Bio-based lubricants are produced from natural sources such as mineral oils or plants. 

Hence, it is safe to say that the demand for lubricants for use in various mining and quarry applications will skyrocket all over the world in the upcoming years, mainly because of the surging mining activities in numerous countries.

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Why Are Increasing Vehicle Sales Key Driver for Lubricants Market?

The most important growth drivers for the worldwide lubricants market are the increasing demand for such products from the automotive industry and rising awareness of people about the benefits of lubricating machines. P&S Intelligence says that due to these two reasons, the sale of lubricants will garner revenue of $115,350.6 million by 2030, increasing from $95,403.9 million in 2019 at a 2.3% CAGR during 2020–2030 (forecast period). The main job of lubricants is to prevent frequent wear and tear of machinery, by reducing the friction between the parts in contact.

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The industry is categorized into synthetic oil, mineral oil, and bio-based oil, under segmentation by base oil. Among these, the mineral oil category dominated the lubricants market during the historical period (2014–2019). This is ascribed to the high demand for mineral-oil-based lubricants from manufacturing facilities, as they are easily available and also cost less than other variants. In addition, more people know about these lubricants compared to bio-based and synthetic-oil-based alternatives.

The various divisions, when the lubricants market is segmented on the basis of end use, are heavy equipment, automotive and other transportation, metallurgy and metalworking, food and beverages, chemical, and others. Among these, the largest share in the industry was held by the automotive and other transportation division in 2019. This was because of the growing vehicle sales, on account of the increasing disposable income of people around the world. As per Organisation Internationale des Constructeurs d'Automobiles (OICA), automobile sales rose from 88.3 million units in 2014 to 91.3 million in 2019.

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Asia-Pacific is the largest lubricants market currently, due to the increasing number of manufacturing plants in China and India, which offer low labor and raw material costs, along with less-strict environmental regulations than Europe and North America. During the forecast period, the Middle East and Africa (MEA) will observe the fastest advance in the industry, as it has some of the largest oil reserves on earth, which makes for cost-effective lubricant production. Further, countries in the region are setting up production facilities to diversify their economy, thus driving the lubricant demand.

Therefore, as automotive sales and the industrialization rate increase, so will the consumption of lubricants around the globe.

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