DUBLIN--(BUSINESS WIRE)--The "Heavy Equipment Lubricants Market - Growth, Trends, and Forecast (2019-2024)" report has been added to ResearchAndMarkets.com's offering.
The heavy equipment lubricants market is projected to register a CAGR of over 1.9% during the forecast period 2019-2024.
- The major factors driving the growth of the heavy equipment lubricants market are the increasing manufacturing activities in the Asia-Pacific region and the growing usage of high-performance lubricants in the construction and mining sectors.
- The shifting focus towards dry machining & minimum quantity lubrication is acting as a restraint to the market
- The industrial growth in the middle east & africa and increase in the exploration of natural gas are likely to act as an opportunity to the heavy equipment lubricants market in the forecast period.
Key Market Trends
Greases to Witness Steady Growth
- Greases used in the heavy equipment lubricants are expected to witness consistent growth in the coming years. This can be attributed to the increasing demand from the growing construction industry, majorly in the Asia-Pacific and Middle East regions.
- Governments in countries, such as China and India are introducing new projects for the development of infrastructure, along with providing incentives for growth in FDI. The construction industry in Qatar is growing at a strong rate with booming public infrastructure sector.
- The FIFA World Cup 2022 is expected to create a huge potential for the heavy equipment and machinery used in the country. Kuwait, Algeria, and Morocco have a similar trend of moderately high growth rate during the forecast period. Iran is also expected to have higher growth in the construction sector, with an average growth rate, during the forecast period. The lifting of international sanctions has given a boost to the infrastructure activities in the country with an easier trade-off.
- Overall, the demand for greases is anticipated to grow with the growing end-user industries.
China to Dominate the Asia-Pacific Market
- In 2018, China's lubricants market amounted to about 7.2 million tons, making it the world's largest lubricant demanding country. India's lubricant market amounted to 1.6 million tons, followed by Japan 1.3 million ton.
- China has spent around USD 570 billion on railway projects, between 2013 to 2017. Between 2013 and 2017, 29,400 km of new tracks were built in the country. The country has spent about USD 106 billion in 2018 on railway projects, to continue building the leading rail system in the world.
- The Chinese government has announced its plans to spend about USD 120 billion on railway projects in 2019, of which, a major allocation is for high-speed rail systems.
- In the real estate sector, China has shown volatile growth. Nevertheless the country has seen substantial development in rail & road infrastructure by the Chinese government (in order to withstand the demand stemming from the growing industrial and service sectors) has resulted in significant growth of the Chinese construction industry in the recent years, in turn, driving the consumption of heavy equipment lubricants.
- In recent years, the entry of major construction players (from the European Union) in China has further fuelled the growth of heavy equipment lubricants market.
The global heavy equipment lubricants market is fragmented in nature. The major companies include BP p.l.c., Chevron U.S.A. Inc., Exxon Mobil Corporation, Shell, and China National Petroleum Corporation.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Manufacturing Sector in Asia-Pacific
4.1.2 Growing Usage of High-performance Lubricants
4.2.1 Shifting Focus Towards Dry Machining & Minimum Quantity Lubrication
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1.1 Engine Oil
5.1.2 Transmission & Hydraulic Fluids
5.1.3 General Industrial Oils
5.1.4 Gear Oil
5.2 End-user Industry
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle East & Africa
22.214.171.124 Saudi Arabia
126.96.36.199 Rest of Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BP PLC
6.4.2 Chevron U.S.A. Inc.
6.4.3 China Petroleum & Chemical Corporation
6.4.4 ExxonMobil Corporation
6.4.6 Gazprom Neft PJSC
6.4.7 Gulf Oil Corporation Limited
6.4.8 Idemitsu Kosan Co. Ltd.
6.4.9 Indian Oil Corporation Ltd.
6.4.10 JX Nippon Oil & Energy Corporation
6.4.12 Quepet Lubricants
6.4.13 Royal Dutch Shell PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Industrial Growth in Middle East & Africa
7.2 Increase in the Exploration of Natural Gas
For more information about this report visit https://www.researchandmarkets.com/r/yg18eg