Dublin, Sept. 02, 2021 (GLOBE NEWSWIRE) -- The "Construction Lubricants Market by Base Oil (Synthetic Oil, Mineral Oil), Type (Hydraulic Fluid, Engine Oil, Compressor Oil, Gear Oil), Equipment Type (Earthmoving, Material Handling, Heavy Construction Vehicle) - Global Forecasts to 2026" report has been added to ResearchAndMarkets.com's offering.
The construction lubricants market is estimated to grow to USD 6.5 billion by 2026 from USD 5.6 billion in 2021, at a CAGR of 3.0%
. The construction lubricants market is driven mainly by growing demand for construction industry. However, strict government regulations is expected to restrain the market growth.
There has been massive industrial growth in APAC since the past few years, and this is expected to continue during the next five years. The domestic and foreign investments in the construction industry have been consistently growing over the past decade in the region, which is fueling the growth of the construction lubricants market.
The construction industry in the Middle East & Africa is also experiencing high growth, driving the demand for construction lubricants. The outlook on industrialization in Sub-Saharan Africa is positive, which is driving the construction lubricants market
"Hydraulic fluid is expected to be the largest lubricant type of the construction lubricants market, in terms of value, between 2021 and 2026"
Hydraulic fluid lubricant type holds the highest share in the overall market in terms of volume and value for the forecast period. Hydraulic fluid is mainly used for power transmission and lubrication in various heavy load equipment in the construction industry. Hence, to avoid equipment failure, the operator needs to have high-quality hydraulic fluid. This drives the hydraulic fluid consumption in the construction industry.
"High economic growth in APAC to drive the demand for construction lubricants in the region."
APAC is the largest market for construction lubricants, and it is mainly attributed to high economic growth rate, followed by heavy investment across industries such as oil & gas, automotive, infrastructure, chemical, and steel & military among others. With economic contraction and saturation in the European and North American markets, the demand is shifting to the APAC region.
Construction lubricants manufacturers are targeting this region as it is the strongest regional market for various applications, like growing demand for infrastructure, construction and automotive industry. The advantage of shifting production to the Asian region is that the cost of production is low here. Also, it is easier to serve the local emerging market.
The construction lubricants market is dominated by key market players such as Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), BP plc (UK), Chevron Corporation (US), TotalEnergies S.E. (France), Lukoil (Russia), and Fuchs Petrolub SE (Germany).
Market Dynamics
Drivers
- High Growth of Construction Industry in APAC and Middle East & Africa
- Growing Demand for High-Quality Lubricants
- Rise in Automation in Construction Industry
Restraints
- Technological Advancements
- Downfall Due to COVID-19
Opportunities
- Development of Zinc-Free (Ashless) Lubricants
Challenges
- Volatility in Raw Material Prices
- Maintaining Product Quality
Industry Trends
Supply Chain Analysis
- Raw Material
- Manufacturing of Construction Lubricants
- Distribution to End-users
Construction Lubricants Market: Realistic, Pessimistic, Optimistic, and Non-COVID-19 Scenario
Trends/Disruptions Impacting Customer's Business
- Revenue Shifts & Revenue Pockets for Construction Lubricants Market
Connected Markets: Ecosystem
Case Study Analysis
- Case Study on Reduced Hydraulic Fluid Consumption
- Case Study on Controlling Corrosion
Patent Analysis
- Approach
- Document Type
- Patents Registered for Construction Lubricants, 2010-2020
- Patents Publication Trends for Construction Lubricants, 2010-2020
- Jurisdiction Analysis
- 35 Maximum Patents Filed by Companies in China
- Top Applicants
- Nisan Kogyo Registered Maximum Number of Patents Between 2010 and 2020
- Top 10 Patent Owners in US, 2010-2020
Companies Mentioned
- Addinol Lube Oil Gmbh
- Bel Ray Company LLC.
- BP plc
- Chevron Corporation
- China Petrochemical Corporation (Sinopec Corp.)
- Dyade Lubricants
- ENI Spa
- Exxonmobil Corporation
- Fuchs Petrolub Se
- Indian Oil Corporation
- Kluber Lubrication
- Liqui Moly Gmbh
- Lubriplate Lubricants Company
- Lukoil
- Morris Lubricants
- Penrite Oil
- Petro-Canada Lubricants Inc.
- Petrochina Company Limited
- Petronas
- Phillips 66 Company
- Royal Dutch Shell plc
- Sasol
- Totalenergies Se
- US Lubricants
- Valvoline
For more information about this report visit https://www.researchandmarkets.com/r/i3jyls
