An Incisive, In-depth Analysis on the Mining Lubricants Market
This study offers a comprehensive, 360 degree analysis on the Mining Lubricants market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Mining Lubricants market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Mining Lubricants Outlook and Key Findings
- The mining lubricants market is expected to grow at a CAGR of 3.3% through the forecast period (2020-2030)
- The top 3 countries in the mining lubricants market collectively accounted for ~ 54% of the market share
- Asia Pacific is expected to have a stronghold in the market with the presence of key manufacturers of mining lubricants. Shell, for instance has its hegemony in all ASEAN-5 markets
Pandemic-induced tightening of operating costs driving demand for effective lubricants
Mining Lubricants Market Analysis- Cost Savings to be Primary Growth Lever
Pegged to reach a value pool of US$ 2.15 Bn by the end of 2020, mining lubricants such as gear oil, hydraulic oil and grease lubricants are gathering immense traction owing to their ability to protect mining equipment in harsh weather conditions.
The mining lubricants market has a lot of potential. This is evidenced by the estimated savings in terms of cost. Within regions such as North America, savings up to US$ 30 million can be accrued yearly with the proper utilization of mining lubricants.
Modern mining equipment such as rock drills and hydraulic shovels are humungous in order to keep up with the voluminous demand for ore, oil and other minerals. With advancing capabilities of mining equipment, it is imperative that companies enhance their engineering lubricant portfolio with specially engineered formulations to sustain efficacious working of these machines.
The benefits of using specialized engineering lubricants significantly outweigh the time and costs that come with large-scale machinery malfunctions. Lubricant products are helping machines maintain pumpability for longer periods of time thus
Mining Lubricants Market Trends - Water-Based Lubricant Additives Outperform Conventional Variants
The use of traditional lubricants made out of fossil oil comes with one glitch - it is finite and non-renewable. Further it is costly and has an indubitable impact on the environment. Therein lies the need for lubricants that are not only eco-friendlier but also safer and cleaner.
Recent innovations have bought to the fore new water-based lubricant additives that have no traces of oil. The introduction of submicron particles of Inorganic Tungsten Disulfide (IF- WS2) in a lubricant that is primarily water based has proven to outperform conventional oil variants.
It has also shown reduction rates in terms of lubricant disposal. This new, water –based additive has shown huge success in a range of industrial applications such as metalworking, mining and defence, air and space industries.
Mining Lubricants Market Applications – Correct Lubrication Selection can Aid in Total Cost of Ownership (TCO) Savings
The use of engine lubrication in the mining industry is very important to reduce downtime accruing to oil changes and component failures.
- Tackling Soot Build-up - Build-up of soot in engines can lead to oil thickening of oil and wear and tear of engine components. With extended engine idle times, soot build-up is more. The challenge is more in underground mines or mines operating at higher altitudes. The use of mining lubricants can help to reduce accumulation of soot with increased performance
- Prevention of corrosion – Combustion processes during mining operations leads to the emission of toxic gases and acids. Mining lubricants successfully counter these and prevent corrosion
- Longevity of oil life – Oil aging is a common problem with oxidation, soot and thickening of oil. The right additive technology in mining lubricants such as the use of anti-oxidant additives can help enhance performance quotient of the lubricant
- Control of oil viscosity – At low temperatures, oil needs to be thin enough to crank up the engine and lubricate engine parts. Once engine is running at full load, the oil needs to be thick enough to prevent engine wear abd tear. Thus the right lubricant can prevent metal-to metal friction during cold-starts, low temperatures and very high engine loads
In a recent survey 56% of mining companies agree that TCO costs have been considerable when they do not have a lubricant management policy in place for right selection of lubricants for their machines. On the other hand, the use of high performance lubes and greases reduces component failure of mining companies by as much as 80%, saving as much as US$ 190,000 per year.
How Mining Lubricants are making a Subtle Shift towards Environmental Sustainability
With revolutionary developments taking place in key sectors such as marine, aviation, automotive and industrial, lubricants have witnessed exponential demand growth. The negative fallout of this has been its adversarial impact on environment and the availability of renewable sources such as crude oil.
Thus arises the need for proper lubricant transportation, application, storage for protection of environment and habitat. Lubricants while prodigious in overcoming machinery challenges can contribute to environmental degradation if not properly handled.
Protection of the environment and preservation of petroleum resources can only be achieved with the focus on development of eco-friendly processes for used lubricating oils. In this regard, crankcase oils pose a greater threat as they make up more than 50% of all lubricating oils. Re-refining and recycling is an efficient way of managing oil that has been previously used.
With light-weighting of vehicles being the new norm, lubricants and engine oils with lighter viscosity are required to fulfil this demand. Therefore manufacturers of lubricants need to uphold manufacturing practices to develop lubricants that are high performing for increased vehicular and equipment longevity.
Mining Lubricants Regional Analysis- Prolific Opportunities for Manufacturers in Asia Pacific
Lubricants as an industry have rebounded extremely well after the 2008-2009 economic recession. One of the primary factors behind the rapid growth of lubricants can be attributed to Asia Pacific where high industrial and infrastructure activity is fuelling the demand for lubricants.
In the historical past Europe had maintained its hegemony in mining lubricants, capturing nearly 25%-30% of the global market and has declined to 15%-20% with North America showing a similar demand trend. Meanwhile growth has reigned supreme in the Asia Pacific where demand for mining lubricants overshadowed that of Europe and North America.
Within Asia Pacific industrial and mining lubricants represent the second largest market after automotive lubricants. The annual consumption towards these is likely to go up to 1 billion litres by 2020, up from 700-800 million litres in 2015. The region’s high demand for lubricants can be attributed to its pro-business climate, availability of cheap and skilled labor and a key destination for foreign direct investments.
Presently, mining in Europe accounts for a relatively smaller share. However it does export a diversified portfolio of minerals. For instance, Germany is the largest miner of lignite and is also the largest supplier for mining equipment
The share of mining lubricants in terms of application differs from country to country. The mekko chart illustrates application share in BRICS region with coal mining accounting for the maximum market share. This is followed closely by iron ore mining.
Mining Lubricants Market Manufacturers
The mining lubricants market is said to be moderately fragmented with the presence of a large number of players across the globe. Some of the major stakeholders in the market are Exxon Mobil Corporation, Shell, Chevron Corporation, Total S.A, Kluber lubrication and Schaeffer Manufacturing Co.
Major players in the market are working in close collaboration with mining companies to devise strategies that help them to upgrade their lubricant management processes and save on costs. They are also focusing on multipurpose and high performance mining lubricants.
For instance Shell sent out its technical experts to conduct an audit on six BE395 shovels of Zhenzhua Zhungeer coal mine in China. It then replaced faulty injectors and adjusted existing injectors with the correct lubrication technology in accordance with OEM recommendations. This helped the mining company reduce its operating costs by US$ 113,000
Petro-Canada lubricants, a subsidiary of HollyFrontier launched GREASE-N-GO in 2019 which is enhances mining machinery performance and efficiency. The automatic lubricator is helping protect mining equipment and is helping in tangible cost savings for equipment operators.
Mining Lubricants – What’s Next?
The mining lubricants market is actively pursuing opportunities in the lubricants space that will help mining companies overcome odds and challenges in the near future. Future outlook of mining lubricants looks promising with the following aspects set to change the landscape:
- Emission standards are only going to become stricter and so are lubricant regulations in keeping with newer engine designs and modern hardware
- With technological advancements greases and lubes must also undergo a paradigm shift. Investments in innovation will pave way for a robust product portfolio that protects durability and extends ODIs
- Sensor technology will help in real-time analytics of lube performance in critical mining equipment
- Countries in Asia Pacific are incorporating bio-lubes for their mining engines. Over the last 5 years, countries such as Indonesia have nearly 20% of their lubricant portfolio as bio-lubes
- Mining equipment is getting more complex and bigger. This means there will also be a significant amount of machine downtime. Equipment will work at higher loads and at higher temperatures. On the other side, oil sumps in mining engines will become smaller which means a lesser volume of lubricant should perform efficaciously.
Mining Lubricants Market: Global Industry Analysis 2015-2019 & Opportunity Assessment 2020-2030
A recent market study published by Future Market Insights (FMI) on the mining lubricants market includes the global industry analysis for 2015-2019 & opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. Our analysts conduct thorough research on the historical as well as current growth parameters of the market to obtain growth prospects with maximum precision.
Mining Lubricants Market: Taxonomy
Chapter 01 – Executive Summary
The report initiates with the executive summary of the mining lubricants market, which includes a summary of the key findings and statistics of the market. It also includes the demand & supply-side trends pertaining to the mining lubricants market.
Chapter 02 – Market Overview
In this chapter, readers can find the definition and a detailed taxonomy of the mining lubricants market, which will help them understand the basic information about the mining lubricants market. Along with this, comprehensive information about mining lubricants is provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the mining lubricants market report.
Chapter 03 – Key Market Trends
The mining lubricants market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed industry trends are provided in this section.
Chapter 04 – Key Success Factors
This section includes key successful factors and strategies adopted by key market participants.
Chapter 05 – Global Mining Lubricants Market Demand Analysis 2015-2019 & Opportunity Assessment 2020-2030
This section explains the global market volume analysis for the historical period and forecast for next ten years for the mining lubricants market. Readers can also find Y-o-Y trend analysis for the forecast period (2020–2030).
Chapter 06 – Global Mining Lubricants Market - Pricing Analysis
This section provides the pricing analysis for mining lubricants on the basis of various types considered in the report.
Chapter 07 - Global Mining Lubricants Market Value (US$ Mn) Analysis 2015-2019 & Forecast 2020-2030
This section explains the global market value analysis or market size and forecast for the mining lubricants market in the forecast period of 2020-2030. Readers can also find the absolute $ opportunity for the current year (2020), and Y-o-Y trend analysis for the forecast period (2020–2030).
Chapter 08 – Market Background
This chapter explains key macro-economic factors that are expected to influence the growth of the mining lubricant market over the forecast period. This section also covers COVID-19 Impact assessment for the global market. Along with the macroeconomic factors, this section also highlights the value chain and forecast factors for the coolant aftermarket. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Chapter 09 – Global Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, Product Type
Based on product type, the mining lubricants market is segmented into oils and greases. In this chapter, readers can find information about the key trends and developments in the mining lubricants market and market attractiveness analysis based on product type.
Chapter 10 – Global Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, Source
Based on source, the mining lubricants market is segmented into synthetic and bio-based lubricants. In this chapter, readers can find information about the key trends and developments in the mining lubricants market and market attractiveness analysis based on source.
Chapter 11 – Global Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, by Application
This chapter provides details about the mining lubricants market based on application and has been classified into coal mining, iron ore mining, bauxite mining, precious metal & rare earth minerals mining, industrial minerals, and others.
Chapter 12 – Global Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, by Region
This chapter explains how the mining lubricants market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
Chapter 13 – North America Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter includes a detailed analysis of the growth of the North America mining lubricants market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on application and countries in North America.
Chapter 14 – Latin America Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter provides the growth scenario of the mining lubricants market in Latin American countries such as Brazil, Mexico, Peru, Chile, Bolivia and the Rest of Latin America. Along with this, an assessment of the market across target segments has been provided.
Chapter 15 –Europe Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
Important growth prospects of the mining lubricants market based on its end users in several countries such as the Germany, Italy, France, the U.K., Spain, BENELUX, Russia, and the Rest of Europe are included in this chapter.
Chapter 16 – East Asia Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter highlights the growth of the mining lubricants market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand the key factors that are responsible for the growth of the mining lubricants market in East Asia.
Chapter 17 South Asia Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter highlights the growth of the mining lubricants market in South Asia by focusing on India, ASEAN, and Rest South Asia. This section also helps readers understand the key factors that are responsible for the growth of the mining lubricants market in South Asia.
Chapter 18 – Middle East & Africa Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter highlights the growth of the mining lubricants market in Middle East & Africa by focusing on Turkey, GCC Countries, Northern Africa, Western Africa, Eastern Africa, South Africa and Rest of Middle East & Africa. This section also helps readers understand the key factors that are responsible for the growth of the mining lubricants market in the Middle East & Africa.
Chapter 19 – Oceania Mining Lubricants Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter highlights the growth of the mining lubricants market by focusing on Oceania. This section also helps readers understand the key factors that are responsible for the growth of the mining lubricants market in Australia and New Zealand.
Chapter 20 – Key Countries Mining Lubricants Market Analysis 2015-2019 & Forecast 2020-2030
This chapter provides the growth scenario and market split for the base year of the mining lubricant market of 23 key countries / Regions by product type, source, and application.
Chapter 21 – Market Structure Analysis
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the mining lubricants market, along with their market presence analysis by region and product portfolio.
Chapter 22 – Competition Analysis
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the mining lubricants market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Royal Dutch Shell plc, ExxonMobil Corporation, Total S.A., BP plc, PetroChina Company Limited, PETRONAS, FUCHS, Chevron Corporation, Lukoil Company, Kluber Lubrication and others
Chapter 23 – Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the mining lubricants market report.
Chapter 24 – Research Methodology
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the mining lubricants market.
Sources and Primary Research Splits (%)