Global construction lubricants market is expected to be valued at US$ 19.38 Billion in FY 2022 up from US$ 18.62 Billion in the year 2021. The industry in the last year showed Y-o-Y growth worth 4%. The global construction lubricants market plays a very key role in ensuring efficient and reliable operation of construction machinery and equipment. These lubricants reduce the friction between the moving parts and thereby prevent wear and tear. This reduces the replacement cost, whose overall effect is an increased life expectancy for the equipment; as infrastructure develops, urbanizes, and industrializes around the world, their demand increases proportionally.
Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=3472
Market Dynamics
The drivers for this market would include fast urbanization and infrastructure development in emerging economies such as India, China, and Brazil. Increased investment by public and private entities in the construction sector, especially in renewable energy projects, highways, bridges, and residential projects have increased demand for heavy-duty machinery and equipment. Lubricants are key to the effective performance of such machinery, hence pushing demand upward.
Technological Advances: Advancements in lubricant formulations through synthesis and bio-based products result in more effective machinery, lower maintenance costs, and longer oil change intervals. This, in turn, creates a demand for high-performance premium lubricants, and that is the spark in growing the market.
Obstacles: Environmental factors surrounding the disposal of traditional lubricants include pollution. Such practices inhibit the growth of this market as governments worldwide enforce tougher environmental regulations, thereby burdening companies to look for sustainable alternatives. Another factor is the fluctuation in prices concerning raw materials, particularly crude oil from which many lubricants are derived.
Market opportunities: The Environmentally friendly lubricants currently find a fairly significant market opportunity as the market is dominated by areas with vigorous environmental regulations, especially in the regions of Europe and North America. Bio-based and biodegradable lubricants are likely to be in high demand due to increased awareness of sustainability among the construction companies. Additionally, upgrading technologies in machinery used require specific lubricants that fuel growth in the market.
Market Future Outlook
The construction lubricants market will witness steady growth in the next decade driven by urbanization and industrialization in emerging economies. The expansion of markets in Asia-Pacific and in the Middle East & Africa will be supported by large-scale infrastructure projects at various stages of development.
In North America and Europe, companies will most probably emphasize the development of high-end as well as environment-friendly lubricants. Companies will tend to invest more in research and development to generate more innovative environment-friendly alternatives to meet growing regulatory demands.
The market is expected to shift further toward synthetic and bio-based lubricants by 2030, mainly based on the environmental agenda and efficiency improvement in machinery. This trend will further open up the revenue portfolio of the market through premium pricing.
Key Players
Various large global companies currently possess a huge market share in the construction lubricants market by marketing their widely diversified product line, covering different kinds of machinery and operation conditions. Some key players operating in this market are:
- 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.
Market Trends
Asia-Pacific is expected to dominate the world construction lubricants market, spurred mainly due to the accelerating urbanization process and large-scale infrastructure projects being undertaken particularly in China and India.
Synthetic Lubricants: The demand for these lubricants is increasingly because of their excellent performance under extreme conditions. Further, lubricants last for extended 'operating miles' before oil change leading to relatively less unscheduled downtime of machines.
Green Lubricants: Green lubricants are increasingly being adopted. Firms of today emphasize sustainable lubrication technologies that develop bio-degradable non-toxic lubricants due to stringent environmental regulations.
Customization: There is a strong need for lubricants customized to specific machinery and conditions. Formulations that enhance efficiency under heavy load, temperature conditions, or in specific construction environments are fast becoming popular.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=3472
Competitive Analysis
Great construction lubricants producers and manufacturers are compelled to form partnerships, merge with other companies, buy other firms, and present new software for them to survive the global market. Innovations through constant interaction in maintaining a smooth client-customer relationship are the key focus of the significant market players.
In December 2021, Aker BP announced a proposed statutory merger with the entire oil and gas business owned by Lundin Energy. The combination would create the largest exploration and production company focused exclusively on the Norwegian Continental Shelf. In April 2022, Indian Oil Corporation said that nearly Rs 840 crore would be invested in the expansion of POL storage capacities, including setting up a Greenfield facility, in the Northeast. The company is aiming to take the POL capacities from 3,160 TMTPA to 5,530 TMTPA by 2030.
Construction lubricant market is highly competitive in nature, while major players continue to invest more with regards to research and development of new advanced and eco-friendly products. Companies are also giving much importance towards strategic partnerships, acquisitions, and launches of new products to expand their global presence.
Important Competing Strategies :
Innovation: This industry is spending more on R&D in the areas of creating synthetic and biodegradable lubricants that are standards-compliant for the environment, without a compromise on performance.
Sustainability: As environmental solutions develop demand both from consumers as well as from the regulators, players in the market are keenly showing an interest in developing green products.
Mergers and Acquisitions: To expand their market share, and set foot in new markets, leading companies are chalking out highly competitive merger and acquisition as well as collaborations.
The overall construction lubricants market, however, is expected to growth steadily with factors such as infrastructure development, technological innovation, and a growing focus on sustainability.
About Fact.MR :
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400 Rockville, MD 20852
United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
