The Market For Construction Lubricants Is Likely To Be Valued At US$ 29 Billion by 2032

Posted on 2022-11-15 by Fact.MR in Chemicals // 0 Comments

From 2015 to 2021, market research and competitive intelligence provider Fact.MR concluded that construction lubricant sales inclined at a CAGR of 3.8%. Demand for construction lubricants in the backhoe segment proliferated at a rate of 5% during the same period. The APAC will dominate the global market, registering a valuation of nearly US$ 2 Billion.

Fact.MR estimates that the global construction lubricants industry is projected to grow at a CAGR of 4.1% from 2022 to 2032. Resurgence in construction activities and growing investment in infrastructure development projects, particularly in emerging economies, continue to support the growth of the construction lubricants industry.

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Key Drivers Stimulating Construction Lubricants Industry Expansion

The global construction industry is set for massive growth in the forthcoming years, on account of underlying factors such as urbanization and economic recovery worldwide. This unprecedented growth in the global construction industry is expected to accelerate the adoption of construction lubricants.

Increasing focus on infrastructure development across developed as well as developing economies is paving lucrative avenues for the construction equipment manufacturers, in turn creating potential growth opportunities for key players in the construction lubricants market.

The proliferation of construction equipment & machinery OEMs across the key regions is estimated to underpin the demand for construction lubricants. Increasing focus on performance optimization of construction equipment is foreseen to fuel robust investments in the industry. This will create high demand for construction lubricants, as demand for high-quality specialty solutions to serve sophisticated varieties of construction equipment & machinery gains traction.

How Opportunistic are Growth Prospects across North America?

Based on geography, the North American construction lubricants market is likely to expand at a CAGR of about 2% throughout the projection period. Rising demand from construction and power generation industries laterally with snowballing demand for high-performance lubricants are propelling the market.

On the contrary, the escalating number of electrical & hybrid vehicles, upsurge in the lifetime of lubricants, and rigorous environmental regulations linked with unfavourable conditions arising owing to the COVID-19 epidemic are clogging the market growth.

The United States is likely to maintain the status quo in the construction lubricants market with the largest consumption in the North American region. Fact.MR estimates that the projected value for construction lubricants in North America is likely to reach US$ 4.4 Billion by 2032 end.

Based on Equipment Type, which Construction Lubricants Segment is expected to dominate?

Fact.MR’s study finds that backhoe loaders account for larger sales of construction lubricants, as they entail relatively greater fleet maintenance requirements than other construction equipment. Soaring investments in infrastructure by several governments are projected to drive the sales of backhoe loaders across the world.

There are also initiatives ongoing to restructure procedures and policies around infrastructure investment which should kindle the segment further, as should novel funding initiatives. The backhoe segment is estimated to witness moderate growth in the forthcoming years; backed by an upward trend of house renovations and a boom in residential building construction.

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Competitive Landscape

Prominent Construction Lubricants providers are reliant on partnerships, collaborations, acquisitions, and new software launches to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.

In December 2021, Aker BP announced its proposed acquisition of the oil and gas business of Lundin Energy, through a statutory merger. This combination would create the largest exploration and production company focused exclusively on the Norwegian Continental Shelf.
In April 2022, Indian Oil Corporation announced to invest nearly Rs 840 crores in expanding its Petroleum, Oil, and Lubricant (POL) storage capacities, including setting up a Greenfield facility, in the Northeast.
The company is planning to take its POL capacities to 5,530 Thousand Metric Tonnes Per Annum (TMTPA) by 2030 from the existing 3,160 TMTPA.

Key Segments Covered in the Construction Lubricants Industry Survey

· Construction Lubricants by Application :

- Engine Oil
- Gear Oil
- Automatic Transmission Oil
- Greases
- Brake Fluid
- Hydraulic Fluid

· Construction Lubricants by Base Oil :

- Mineral Oil-based Construction Lubricants
- Synthetic Oil-based Construction Lubricants

· Construction Lubricants by Sales Channel :

- Automotive Dealers
- Independent Garages & Service Stations
- Retailers/Automotive Part Stores

· Construction Lubricants by Formulation Type :

- Conventional Construction Lubricants
- Bio-based Construction Lubricants

· Construction Lubricants by Equipment Type :

- Excavators
- Backhoe
- Bulldozers
- Loaders
- Graders
- Articulated Hauler
- Soil Compactor
- Cranes
- Rigid Dump Trucks
- Others

· Construction Lubricants by Region :

- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa

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