Global Mining Lubricants Market to Reach $2.5 Billion by 2024

Mining lubricants are widely used for providing viscosity to machines, lower friction and reduce heat between adjacent surfaces. Mining lubricants play an important role in reducing equipment wear and tear and safeguarding machinery in adverse operating conditions. These lubricants play a vital role in underground as well as surface mining. Amid the COVID-19 crisis, the global market for Mining Lubricants is projected to reach US$2.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.1% over the analysis period. China represents the largest regional market for Mining Lubricants, accounting for an estimated 24.3% share of the global total. The market is projected to reach US$709.3 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 7.2% over the analysis period.

The mining lubricants market is gaining from consistently increasing demand from mining industries, rising mining activities, and rapid industrialization and urbanization in developing economies. Factors like increasing electricity demand and the resulting consumption of coal for power generation along with rising demand for various base metals including nickel, copper, zinc and lead are driving drilling & exploration activities and mining equipment demand. Rising mining activities, especially coal and iron ore mining, across countries like Brazil, China and India boosts market prospects in these regions. In addition, increasing focus on high-performance and high-quality lubricants is anticipated to further augment the mining lubricants market. While the ongoing trend toward automated lubricants system presents lucrative opportunities for manufacturers, stringent regulations toward environmental protection are fueling the demand for bio-based mining lubricants. Asia-Pacific is the leading market, driven by increasing mining activities in India, China, Indonesia and Australia. Factors such as rapid industrialization and urbanization are expected to push steel demand and iron ore mining, which is bound to favor the market growth. In addition, continuous expansion of the automobile industry along with consumer demand for white metal jewelry is anticipated to also benefit the mining lubricants market. North America is another major market for mining lubricants globally owing to its strong position in the field of iron, coal, petroleum and natural gas production.

The market for mineral oil & bio-based lubricants is forecast to account for dominant share of the global mining lubricants market over the analysis period. Produced in large quantities owing to high demand from mining applications, mineral oil lubricants are used extensively due to their compatibility with coatings, seals and metals. Based on their lower prices in comparison to their bio-based counterparts along with the ability to offer operational benefits by providing equipment with a stable structure, these lubricants are expected to gain considerable market share.