Construction Lubricants Market by Base Oil (Mineral Oil and Synthetic Oil), Product Type (Hydraulic Fluid, Engine Oil, Gear Oil, Compressor Oil) and Equipment Type (Earthmoving, Material Handling, Heavy Construction Vehicle) - Global Forecast to 2022
“The construction lubricants market is projected to grow at a CAGR of 4.37% during the forecast period.”
The construction lubricants market is expected to grow from USD 12.63 billion in 2017 to USD 15.64 billion by 2022, at a CAGR of 4.37% between 2017 and 2022. The growth of the construction industry in APAC and Middle East & Africa regions, coupled with the rise in automation in construction industry is driving the market for construction lubricants. The improved quality of lubricants is also expected to drive the market between 2017 and 2022. However, factors such as technological advancements that have led to the development of compact equipment and oil rejuvenation are expected to restrain their demand during the forecast period.
“Synthetic oil is expected to be the fastest-growing base oil segment of the construction lubricants market.”
Synthetic oil-based lubricants have several advantages over conventional mineral-based lubricants such as high performance in extreme conditions, higher shear stability & drain intervals, better viscosity index, and chemical resistance. Increased consumer awareness, stringent regulations, and favorable properties of synthetic oil-based lubricants such as water solubility are expected to drive the synthetic construction lubricants market during the forecast period.
“APAC is projected to be fastest-growing construction lubricants market during the forecast period.”
The construction lubricants market in APAC is projected to grow at the highest CAGR between 2017 and 2022. Economic growth of emerging countries and increasing disposable income of the middle-class population of the region are making APAC an attractive market for construction lubricants manufacturers. Domestic and foreign investments in construction have been consistently growing over the past decade in this region. The rising investment in infrastructure development in the developing countries of APAC are also fueling the growth of the construction lubricants market in the region.
Breakdown of profiles of primary interviews for the report:
By Company Type: Tier 1 - 45%, Tier 2 - 22%, and Tier 3 - 33%
By Designation: C Level - 50%, Director Level - 10%, and Others - 40%
By Region: North America - 17%, Europe - 33%, APAC - 17%, Middle East & Africa - 25%, and South America - 8%
Some of the key companies profiled in this report are Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), Chevron Corporation (US), Total (France), PetroChina (China), Sinopec (China), LUKOIL (Russia), Indian Oil Corporation (India), and Fuchs Petrolub SE (Germany).
The construction lubricants market has been segmented on the basis of base oil, product type, and region. On the basis of base oil, the market has been segmented into mineral oil and synthetic oil (PAO, PAG, Esters, Group III). Based on product type, the market has been segmented into hydraulic fluid, engine oil. gear oil, Automatic Transmission Fluid (ATF), compressor oil, grease, and others (brake fluid, rock drill oil, chain & cable fluid). The market has also been studied for APAC, Europe, North America, the Middle East & Africa, and South America.
Key Benefits of Buying the Report
This report covers the following studies:
Market segmentation based on base oil, product type, and region, and their subsegments
Market dynamics, including drivers, restraints, and opportunities
Value chain analysis
Porter’s Five Forces analysis for the construction lubricants market
Profiles of key players in the construction lubricants market