Construction Lubricants Market worth $6.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 19, 2021 /PRNewswire/ -- According to the new market research report "Construction Lubricants Market by base oil [Synthetic oil, Mineral oil], type (hydraulic fluid, engine oil, compressor oil, gear oil), equipment type (Earthmoving, Material Handling, Heavy Construction Vehicle) - Global Forecasts to 2026", published by MarketsandMarkets™, the market is projected to reach USD 6.5 billion by 2026, at a CAGR of 3.0% from USD 5.6 billion in 2021. This growth is primarily triggered by the increasing demand from the construction industry.
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APAC is the largest construction lubricants market due to the stringent industrial standardizations pertaining to the high growth of the construction industry in the emerging countries such as China, India, Japan, and South Korea. The region is estimated to be the most populated in the world, which creates immense opportunity for the construction lubricants market to grow.
Mineral oil is the largest base oil of construction lubricants market.
Mineral oil is the largest segment of construction lubricants; the segment accounted for the largest, in terms of value, in the global market in 2020. Mineral oil-based lubricants are light mixtures of alkanes and cyclic paraffin. Mineral oil-based construction lubricants are available in light and heavy grades, depending on the usage and requirement. They are consumed in large quantities in the construction industry because of their low cost. Despite the increasing use of synthetic lubricants, the utilization of high volumes of mineral-based lubricants is expected to continue in the construction industry during the forecast period due to the increasing demand from APAC and the Middle East & Africa.
Hydraulic fluid is estimated to be the largest type of lubricant of the construction lubricant market during the forecast period.
Hydraulic fluid is the largest type of construction lubricants; in terms of value, in the global market in 2020. Hydraulic fluid is a type of lubricant that is used to lubricate hydraulic equipment. The primary functions of hydraulic fluid are energy transmission, lubrication, and heat removal. It also reduces the maintenance cost of the gears and hydraulic equipment operating at high speed. The use of appropriate hydraulic fluid helps prevent equipment failure, eliminates downtime, and reduces operating cost. The growth of the hydraulic fluid market is primarily triggered by the huge demand from the APAC region and growing industries such as automotive, construction, and manufacturing.
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APAC is estimated to be the largest market for construction lubricants during the forecast period.
APAC is the largest market for construction lubricants, followed by North America and Europe. The construction lubricants market has experienced growth in terms of the number of projects such as dams, airports, and hydroelectric projects, because of which many international companies have started their manufacturing plants in this region. Some of the man-made marvels and remarkable construction projects such as the Beijing New International Airport (China) and South to North Water Transfer Project (China) are set up in the region. The region is estimated to be the most populated in the world, which creates immense opportunity for the construction lubricants market to grow.
The key Construction Lubricants Market players profiled in the report include ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Chevron Corporation (US), PetroChina Company Limited (China), FUCHS Petrolub SE (Germany), and Lukoil (Russia) among others.
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