LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global lubricants market for mining and quarry applications is expected to reach 1.313 MMT by 2021, growing at a CAGR of more than 3%.
This research report titled ‘Global Lubricants Market for Mining and Quarry Applications 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report discusses the major drivers influencing market growth and the challenges faced by vendors and the market.
The global lubricants market for mining and quarry applications is expected to grow at a steady pace during the forecast period. The market is closely linked with the global mining market for metal and energy minerals. The current growth phase of the global mining market is flat. The sluggish behavior of the mining industry is related to the slowdown in the global crude oil and metal commodity prices due to the oversupply of both commodities in the international market as the past investments were huge.
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Technavio’s energy analysts categorize the global lubricants market for mining and quarry applications into three major segments by product type. They are:
- Mineral oil lubricants
- Synthetic lubricants
- Bio-based lubricants
Mineral oil lubricants
Mineral oil lubricants are the most widely used lubricants in the world. This type of lubricant is broadly available and affordable in comparison to other lubricant types such as synthetic oils or bio-based lubricants. Mineral oil lubricants are derived from crude oil and mostly consist of hydrogen and carbon.
As these lubricants are directly made from the crude oil, there is not much modification required in these oils. This type of lubricant oil is suitable for normal working conditions of machines. However, when it comes to extreme temperature and pressure conditions, synthetic lubricant oils are much effective as their properties can be varied to a wide range of viscosity, allowing these oils to be modified for a wide range of applications.
Synthetic lubricants are specially engineered lubricant oils that are created by chemical reactions of components. The chemical reactions need to be carried out at a precise temperature and by the application of precise pressure. Synthetic oils are classified as polyalphaolefins, ester oils, and polyalkylene glycols.
According to Thanikachalam Chandrasekaran, a lead oil and gas research analyst from Technavio, “Synthetic oils have a consistent molecular size as they are produced in controlled conditions with predictable properties. This type of lubricant oil has a wide viscosity range that helps to perform in multiple working conditions and multiple engine types.”
“The industry has begun to use synthetic oil lubricants on a larger scale. The high initial cost of these lubricants is offset by the longer life of the products, and an overall increase in the performance and sustainability of the equipment,” added Thanikachalam.
Bio-based lubricants are the new product arrivals in the global industrial lubricants market. These lubricants are derived from natural sources, mostly plants or mineral oils, and are significantly cleaner than other lubricants. Bio-based lubricants reduce environmental impact, improve the performance of machinery, and ensure operational safety.
The use of bio-based lubricants contributes to the goals of energy independence and a cleaner environment, which is a major driver for the growing demand for bio-based lubricants. The stringent environmental standards in Europe have made the region the largest user of bio-based lubricants. As industrial users realize the benefits of biodegradable oil, its adoption will increase, and its applications will grow across industries where the environmental and safety concerns are high.
The top vendors highlighted by Technavio’s research analysts in this report are:
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