Construction Lubricants Market by Base Oil (Mineral oil, Synthetic oil) Product Type (Hydraulic fluid, Engine oil, Gear oil, ATF, Compressor oil, Grease, Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026126 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 5.8 billion mark in 2022 and is expected to hit US$ 7.4 billion by 2030, recording a CAGR of 3.1% during the forecast period.

Growing construction industries in the developing regions

One of the major drivers for the construction lubricants market is the growth of the construction industry in APAC and the Middle East & Africa. 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 country has attracted several investments in the construction, cement, steel, and energy industries. The high growth in the construction industry in the Middle East is driven by significant purchasing power and a shortage of affordable housing. This is expected to increase real estate transactions in UAE during the forecast period, particularly in Abu Dhabi and Dubai where there is a major focus on construction activities. Qatar is expected to be the fastest-growing country in the construction industry

Within the report, the market is segmented into base oil, product type, and geography. By base oil, the market is further segmented into Mineral oil, Synthetic oil. By product type, the market is categorized into Hydraulic fluid, Engine oil, Gear oil, ATF, Compressor oil, Grease, Others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Technological & product innovation

The current market demand is concentrated on construction lubricants that are cost-effective and meet the minimum standards or regulations mandated. Construction equipment is exposed to high temperatures and dust; hence consumers are more focused on high-quality and long-lasting lubricants. So, the increasing demand for new and innovative products leads to technological and product innovation. Such technological innovations further expected to propel the growth of the construction lubricants market.

Government initiatives accelerating the market growth

Construction Lubricants reduce corrosion and friction while increasing the longevity of machine moveable parts, which drives the market growth of construction lubricants in the commercial industry. The demand for construction lubricants is rapidly growing as government investment in the commercial industry increases. For instance, Kansai International Airport in Japan will spend about 100 billion yen ($911 million) by 2025 to upgrade the larger terminal, to increase space for international flights at the country's No. 2 hub. With the robust growth of the commercial industry due to an increase in government initiatives, the demand for construction lubricants for equipment such as hydraulic fluid, engine oil, grease, and others in construction will rise.

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Recent strategic developments in construction lubricants market

The construction lubricants market has undergone several significant developments, and a few of these have been mentioned below:

  • 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.
  • 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.

The construction lubricants market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Exxon Mobil Corporation, Chevron Corporation, bp p.l.c, China Petrochemical Corporation, Phillips 66 Company are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Construction related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industry of lubricant market
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Base Oil
  • Mineral Oil
  • Synthetic Oil
  • Product Type:
  • Hydraulic fluid
  • Engine oil
  • Gear oil
  • ATF
  • Compressor oil
  • Grease
  • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Exxon Mobil Corporation
    • Chevron Corporation
    • bp p.l.c
    • China Petrochemical Corporation
    • Phillips 66 Company

Companies profiled

- Exxon Mobil Corporation

- Chevron Corporation

- bp p.l.c

- China Petrochemical Corporation

- Phillips 66 Company

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