Wilmington, Delaware , Feb. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Global Lubricants in Construction Market by Base Oil (Synthetic Oil, Mineral Oil, and Bio-based Oil), Product Type (Engine Oil, Gear Oil, Hydraulic Oil, Grease, Coolants, Transmission Oil, and Compressor Oil), Construction Equipment (Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, and Others), and Application (Horizontal Construction and Vertical Construction): Global Opportunity Analysis and Industry Forecast, 2023-2032”. The global lubricants in construction market was valued at $11.4 billion in 2022 and is estimated to reach $16.8 billion by 2032, exhibiting a CAGR of 4.0% from 2023 to 2032.
Prime determinants of growth
The global lubricants in construction market has experienced growth due to several factors such as a surge in government incentives for infrastructure development, an increase in the use of heavy machinery & equipment in the construction industry, and a rise in construction activities in Asia-Pacific. However, environmental concerns concerning construction lubricants hinder market growth to some extent. Moreover, an increase in green construction practices and digitalization and IoT integration in the construction industry offers remunerative opportunities for the expansion of the global lubricants in construction market.
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Report coverage & details:
| Report Coverage | Details | |
| Forecast Period | 2023–2032 | |
| Base Year | 2022 | |
| Market Size in 2022 | $11.4 billion | |
| Market Size in 2032 | $16.8 billion | |
| CAGR | 4.0% | |
| No. of Pages in Report | 978 | |
| Segments Covered | Base Oil, Product Type, Construction Equipment, Application, and Region. | |
| Drivers | Technological advancements in the lubricants in construction industry Increase in use of heavy machinery and equipment in construction industry Surge in construction activities in Asia-Pacific Surge in government incentives for infrastructure development | |
| Opportunities | High-performance formulations of lubricants Digitalization and IoT integration in the construction industry Surge in green construction practices | |
| Restraint | Environmental concern with respect to construction lubricants | |
Impact of the CCOVID-19 on the Global lubricants in construction market
- The pandemic's disruption on supply chains impacted the availability and pricing of lubricant products, particularly those used in construction equipment. Lockdowns and social distancing measures led to project delays and reduced demand as construction equipment operated at diminished capacity. Heightened hygiene practices increased equipment cleaning, potentially raising demand for specific lubricants. Construction companies, prompted by the pandemic, reevaluated resilience plans, considering stockpiling essential lubricants to mitigate future disruptions.
- A notable industry shift emerged toward sustainability, with firms favoring biodegradable or environmentally friendly lubricants. In response to distancing guidelines, companies explored remote monitoring and predictive maintenance technologies, leveraging data analytics to optimize lubricant usage, reduce downtime, and minimize on-site personnel. This transformative period reflects a sector adapting to unforeseen challenges, integrating technology, and embracing eco-conscious practices for long-term resilience and efficiency.
The synthetic oil segment is expected to grow faster throughout the forecast period.
By base oil, the mineral oil segment held the highest market share in 2022, accounting for more than half of the global lubricants in construction market revenue and is likely to retain its dominance throughout the forecast period. The demand for mineral oil in lubricants for construction is driven by the industry's growing machinery and equipment usage. Heavy-duty construction equipment relies on efficient lubrication to enhance performance and longevity. As construction activities expand globally, the need for reliable lubricants containing mineral oil rises to meet the escalating demands of the sector.
However, the synthetic oil segment is projected to manifest the highest CAGR of 4.5% from 2023 to 2032. This can be attributed to the fact that synthetic oil has superior lubrication properties, extended equipment lifespan, enhanced efficiency, environmental benefits, and a growing emphasis on sustainable practices.
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The engine oil segment is expected to grow faster throughout the forecast period.
By product type, the engine oil segment held the highest market share in 2022, accounting for nearly one-third of the global lubricants in construction market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that engine oil is essential for the proper lubrication and protection of these engines, ensuring their reliable operation and longevity.
The earthmoving equipment segment is expected to lead throughout the forecast period.
By construction equipment, the earthmoving equipment segment held the highest market share in 2022, accounting for nearly half of the global lubricants in construction market revenue and is likely to retain its dominance throughout the forecast period. The demand for earthmoving equipment is on the rise due to burgeoning construction projects globally. Urbanization and infrastructure development drive the need for excavators, bulldozers, and loaders. Additionally, advancements in technology, such as GPS integration for precision, enhance efficiency. Growing environmental awareness emphasizes the use of specialized equipment for sustainable construction practices, further fueling the demand for earthmoving machinery in the market.
However, the heavy construction vehicles segment is projected to manifest the highest CAGR of 4.4% from 2023 to 2032. This can be attributed to the increase in infrastructure projects, urbanization, and technological advancements. Rising construction activities, government investments, and the need for efficiency contribute to the growth in demand.
The horizontal construction segment is expected to grow faster throughout the forecast period.
By application, the vertical construction segment held the highest market share in 2022, accounting for more than half of the global lubricants in construction market revenue and is likely to retain its dominance throughout the forecast period. The increasing demand for vertical construction is driven by urbanization, population growth, and the need for efficient land utilization. As cities expand, vertical construction allows for the creation of more space within limited areas, meeting the rising demand for residential and commercial properties. Additionally, vertical structures often offer sustainable solutions, promoting environmentally conscious development practices in response to the growing awareness of ecological concerns.
However, the horizontal construction segment is projected to manifest the highest CAGR of 4.4% from 2023 to 2032. This can be attributed to the increase in population growth, urbanization, infrastructure development, and economic expansion. These trends create a need for roads, bridges, and utilities, stimulating growth in horizontal construction projects.
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Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global lubricants in construction market revenue and is expected to rule the roost in terms of revenue throughout the forecast period. The rapid industrialization in countries like China and India has led to the establishment and expansion of manufacturing facilities, including automotive, machinery, and heavy equipment production. These industries rely heavily on lubricants to maintain the efficient operation of machinery and equipment.
Players: -
- Exxon Mobil Corporation
- FUCHS
- Shell
- PETRONAS Lubricants International
- Chevron Corporation
- Total Energies SE
- Sinopec Corp
- Lukoil
- Morris Lubricants
- BP p.l.c.
The report provides a detailed analysis of these key players in the global lubricants in construction market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to display the competitive scenario.
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