Mining lubricant manufacturers are focusing on development of antioxidant, waterproof, rust-preventive, and non-toxic products to cater to the evolving mining trends in mining sector.
LONDON, ENGLAND / ACCESSWIRE / February 11, 2020 / Exhibiting a stable CAGR during 2019 - 2029, global value of mining lubricants market is projected to reach US$ 3 Bn by 2029 end. While resurgence of mining industry is the prime driver for market growth, increasing investments in mining exploration activities will be another leg of growth for mining lubricants market over the forecast period.
'The mining lubricants market is growing on the back of rising demand for high-performance lubricants such as process oils, transmission oils, and drilling fluids, in mining projects. Manufacturers are inking partnerships with equipment manufacturers and service providers to create awareness on proper usage and benefits of mining lubricants. Moreover, they are offering customized solutions,' says Future Market Insights.
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Key Takeaways of FMI's Mining Lubricants Market Study
- Bio-based mining lubricants are witnessing significant traction, especially in developed regions, owing to stringent sustainable norms.
- Given abundance of coal and iron ore reserves, mining lubricants market in East Asia represents the most lucrative opportunities.
- Surging energy requirement due to rapid urbanization and industrialization is further creating growth avenues for mining lubricant manufacturers.
Key Growth Drivers - Mining Lubricants Market
- Investment upheaval in mining sector in developing regions including, China, and India are bolstering the growth of mining lubricants market.
- Increasing preference for high-performance eco-friendly lubricants to achieve equipment efficiency, along with regulatory compliance.
- Swelling demand for coal as feedstock for energy production is arguing well for market growth of mining lubricants.
Key Impediments - Mining Lubricants Market
- Fluctuations in raw material pricing due to trade conflicts remain a longstanding concern.
- Fulfilling product standardization criteria adds to R&D expenses of mining lubricant manufacturers.
Explore the full mining lubricants market report with 167 illustrative figures, 41 data tables and the table of contents. Also avail a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-6505
Competition Structure Analysis - Mining Lubricants Market
The global mining lubricants market is moderately consolidated, with leading players accounting for over half of the total market revenues. Manufacturers are focusing on strengthening their partnerships with mining companies and equipment suppliers. They are also entering into strategic mergers & acquisitions with regional players across the globe to expand their presence in domestic landscape.
Some of the key participants in global mining lubricants market that are covered in this Future Market Insights' report, include Royal Dutch Shell plc, ExxonMobil Corporation, Total S.A., BP plc, PetroChina Company Limited, PETRONAS, FUCHS, Chevron Corporation, Lukoil Company, and Kluber Lubrication.
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About the Report
Global, regional, and country levels analysis of the latest industry trends impacting the mining lubricants market. The study provides compelling insights on mining lubricants market on basis of product types (oils, grease), by source (synthetic, bio-based), and by application (coal mining, bauxite mining, iron ore mining, precious metal & rare earth mineral mining, industrial minerals, and others) across 30 countries spanning seven key regions.
About Future Market Insights (FMI)
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SOURCE: Future Market Insights
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