Global Lubricants Market for Mining and Quarry Applications 2017-2021
Lubricants for mining and quarry applications are used to minimize wear and tear in equipment by reducing binding and friction. In some extreme cases, they may also prevent or reduce electrical resistivity, while increasing thermal conduction.One of the integral components of any market estimate and analysis pertains to the definition of the estimates and exclusions. The following section of the report enlists certain key estimates, which we have considered while arriving at the market trends and certain exclusions that have helped to demarcate the market contours.
Technavio’s analysts forecast the global lubricants market for mining and quarry applications to grow at a CAGR of 3.07% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global lubricants market for mining and quarry applications for 2017-2021. To calculate the market size, the report considers the revenue generated by the demand for lubricants for mining and quarry applications by end-users in each region and their corresponding key countries.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Lubricants Market for Mining and Quarry Applications 2017-2021
Technavio recognizes the following companies as the key players in the global lubricants market for mining and quarry applications: BP, Chevron, ExxonMobil, Shell, and TOTAL.
Other Prominent Vendors in the market are: Blue Star Lubrication Technology, Busler Enterprises, D-A Lubricant Company, Eurol, FUCHS, Lubrication Engineers, Lubricon, LUBRILOG, Lubriplate, Lucas Oil Products, Novvi, PetroChoice, Petron, Pro Oil, Quaker Chemical Corporation, Rymax Lubricants, Schaeffer Manufacturing, Valvoline, and Whitmore.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is shifting of mining activities to emerging economies. The mining activities have now started to shift toward the emerging economies, the key reason being their higher economic growth and GDPs compared with the developed economies. Countries such as India, Brazil, South Africa, Indonesia, Mexico, and Kazakhstan have seen an increase in the mining activities. Latin American countries are experiencing a high growth rate in the gold mining sector; these countries accounted for 25% of the overall mining share in 2015. Africa is the second most preferred destination for exploration and mining activities. In 2015, the region registered an increase of 17% in its overall spending toward exploration. In addition, the emerging economies have the largest reserves of tin (95%) and platinum group metals (98%). Commodity demand, higher prices, liberalized mineral policies, advances in technology, and privatization are the other key factors influencing this shift of activities.”
According to the report, one driver in market is global urbanization and industrialization. The global urbanization and industrialization is always on the growing side with some of the co-mediators having consistent default demand for commodities such as iron in ferroalloy metals, bauxite in non-ferrous metals, gold and silver in precious metals, gypsum and talc in industrial minerals, and coal in energy or mineral fuels. These commodities are an essential part of many day-to-day household and construction industry requirements. In addition, there are few other mineral types such as lithium that are slowly gaining pace. In the coming years, these minerals can be one of the leading drivers of the metal and mining industry. For example, lithium, one of the major components of the battery market, will be an essential part of the energy and automotive industries in the coming years.
Further, the report states that one challenge in market is decrease in mining-related investments. There is a huge decline in mining-related investments in the past few years. The economies where mining plays an important role in their GDPs have all shown a decline in the local as well as in the foreign direct investments. There is a lack of demand for minerals and metals due to less demand from the manufacturing and construction industries. BRICS, which represents one-third of foreign direct investments in the mining sector, has shown a decline due to weak economy. Only India has shown some respite from this scenario as its economy is stable due to high spending of government in the infrastructure sector as well as the promotion of its manufacturing sector. In Mongolia, which highly depends on mining, the investments in 2015 declined to 50% of the GDP due to lack in demand.
BP, Chevron, ExxonMobil, Shell, TOTAL, Blue Star Lubrication Technology, Busler Enterprises, D-A Lubricant Company, Eurol, FUCHS, Lubrication Engineers, Lubricon, LUBRILOG, Lubriplate, Lucas Oil Products, Novvi, PetroChoice, Petron, Pro Oil, Quaker Chemical Corporation, Rymax Lubricants, Schaeffer Manufacturing, Valvoline, Whitmore.