Pune, India, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The global construction lubricants market under COVID-19 has been estimated at a value of USD 6209.65 million in 2021 and is projected to exhibit a CAGR of 3.65% during the forecast period from 2021–2030, according to Quince Market Insights.
A lubricant is a sort of substance that improves the efficiency of small and large equipment by allowing it to run smoothly. To avoid failures and site stoppages, the building and construction sector uses a variety of equipment that requires specialist lubrication. Continuous equipment maintenance and lubrication are critical in the construction industry to ensure equipment longevity, proper operation, and high efficiency, as well as fuel savings.
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Also, to avoid failures and work stoppages, the building and construction sector uses a variety of pieces of equipment that require specialist lubrication. In the construction business, equipment maintenance and lubrication are critical for extended equipment life, smooth operation, and high efficiency, as well as fuel savings. The expansion of the construction industry around the world, as well as the consequent addition of construction equipment to the current fleet, has resulted in a global need for construction lubricants. Gear oil, hydraulic oil, motor oil, and grease are lubricants that help construction equipment work smoothly and last longer by preventing wear and corrosion. Building lubricants are expected to be in high demand due to increased construction and mining operations around the world, particularly in developing nations.
COVID 19 Impact on Global Construction lubricants market
COVID 19 wreaked havoc on the world economy in 2020. Every sector has been altered by the COVID 19 pandemic. The pandemic had spread to nearly every market, and some countries had experienced significant obstacles in containing the disease's spread. Flight bans and lockdown restrictions had a significant impact on the construction lubricants business. During these difficult times, disruptions in the supply chain and production units slowed the growth rate of every market. However, with the issuance of unlock guidelines by governments throughout the world, market shares began to expand at a double-digit rate. Market shares are expected to return to normal by the end of 2021.
Global Construction lubricants market, by Base Oil
Based on Base Oil, the global Construction lubricants market is segmented into Synthetic Oil and Mineral Oil. Mineral oil is available everywhere, thus because of its easy availability and low cost, mineral oils are expected to dominate the construction lubricants market over the forecast period. Although the Synthetic oil-based lubricants have a number of advantages over mineral oil-based lubricants, including improved shear stability and drain intervals, a higher viscosity index, and superior chemical resistance.
Global Construction lubricants market, by Product Type
Based on the Product Type, the market is segmented into Hydraulic Fluid, Engine Oil, Compressor Oil, Gear Oil, Automatic Transmission Fluid (ATF), Grease and Others. Hydraulic fluid is the most used type of construction lubricant by volume. Hydraulic fluid is largely used in the construction industry for power transmission and lubrication in various heavy-duty equipment. In terms of volume, hydraulic fluid is the most popular product type segment in the construction lubricants market. The construction lubricants market is driven by a rising demand for hydraulic fluid for use in heavy-duty construction equipment.
Global Construction lubricants market, by Equipment Type
Based on the Equipment Type, the market is segmented into Excavators, Loaders, Crawler, Dozers, Motor Graders, Material Handling Equipment, and Heavy Construction Vehicles. The construction business has been exposed to portable and compact machines, which are gaining popularity. Motor graders are subjected to dominate the market and it is a fastest growing segment. The construction industry's lubricant consumption has dropped due to smaller gearboxes and hydraulic equipment, as well as longer replacement intervals.
Global Construction lubricants market, by Formulation Type
Based on the Formulation type, the market is segmented into Conventional and Bio-based. The conventional segment dominates the market and is set to be largest segment during the forecast period.
Global Construction lubricants market, by Sales Channel
Based on the Sales Channel, the market is segmented into Automatic Dealers, Independent Garages & Service Station, and Retailers/Auto Part Stores. The Retailers/Auto Part Stores segment dominates the market. It is the fastest growing segment during the forecast period.
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Global Construction lubricants market, by Region
Based on the region, the global access control system market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa and South America.
In this region, construction investment from both domestic and international sources has consistently increased over the last decade. Furthermore, the construction lubricants market is being driven by increased building activity, particularly in the Chinese residential sector, as well as increased spending on infrastructure development in India. Because of the considerable US market share in growing automation in the construction industry, which would raise the demand for machine lubricants in the region, North America dominates the market. Because of the increase in the workforce in emerging countries, the Asia-Pacific area is expected to expand at the fastest rate. This will lead to an increase in building construction in the region. In 2021, Asia-Pacific held a substantial proportion of the global construction lubricants market in terms of consumption. Over the forecast period, the Asia-Pacific construction lubricants market is expected to grow at a steady rate. Strong growth in the industrial sector is driving the construction lubricants market, which is fueled by rapid economic growth and the rise of a significant middle class in China, Japan, South Korea, and India. Over the last decade, domestic and international investment in the building industry in Asia-Pacific has gradually increased.
Some Recent Developments in the Global Construction lubricants market:
- December 2015 - Kobelco has announced the creation of its own brand-name grease to round out its array of excavator lubricants. Our distributors are now able to provide a one-of-a-kind solution to our customers. Kobelco grease will be sold in 20 kilogramme and 180 kg packets at distributors' points of sale.
- Shell Lubricants joins forces with Komatsu to launch a new diesel engine oil for construction and mining equipment. Shell Lubricants, the world leader in finished lubricant market share, has released a specially reformulated lubricant, Genuine Komatsu 15W-40 Oil, in collaboration with Komatsu, Japan's top global manufacturer of construction and mining equipment.
Some Major Findings of the Global Construction lubricants market Include:
- Profiles of major market players operating in the global Construction lubricants market include Royal Dutch Shell(London), Exxonmobil (Irving, Texas), British Petroleum (BP) (London), Chevron Corporation(San Ramon, California), Total(French ), Petrochina Company(Beijing), Lukoil (Moscow), Indian Oil Corporation(New Delhi), Sinopec(Shanghai ), Fuchs Petrolub SE(Germany).
- Impact of COVID-19 on the global Construction lubricants market.
For more details on this topic please visit, “Construction Lubricants Market, by Type (Hydraulic Fluid, Engine Oil, Compressor Oil, Gear Oil, Automatic Transmission Fluid (ATF), Grease and Others), by Equipment Type (Excavators, Loaders, Crawler, Dozers, Motor Graders, Material Handling Equipment, and Heavy Construction Vehicles), by Formulation type (Conventional and Bio-based), by Sales Channel (Automatic Dealers, Independent Garages & Service Station, and Retailers/Auto Part Stores), By Product Type (Hydraulic Fluid, Engine Oil, Gear Oil, ATF, Compressor Oil, Grease, Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)” on Quince Market Insights Website.
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