The global mininglubricants market size was valued at USD 2.77 billion in 2022. The marketis projected to grow from USD 2.88 billion in 2023 to USD 3.94 billion by 2030,
exhibiting a CAGR of 4.6% during the forecast period.
Mininglubricants are engineered to withstand the harsh operational conditions
prevalent in mining operations, including heavy loads, extreme temperatures,
and exposure to contaminants and dust. The anticipated growth in the market
during the forecast period is attributed to the increasing adoption of
automated lubrication systems in the mining industry. These systems are lauded
for enhancing safety measures, improving equipment efficiency, reducing
environmental impact, saving operational time, and providing real-time
monitoring capabilities.
FortuneBusiness Insights™ mentioned this in a report titled, “Mining Lubricants Market, 2023-2030.”
COVID-19 Impact
Delays in Lubricants Supply to Mining Operations HinderedMarket Growth During COVID-19 Pandemic
TheCOVID-19 pandemic had a detrimental effect on the mining lubricants market
growth. Challenges faced by lubricant producers in manufacturing raw materials
and distributing products resulted in delays in lubricant supplies to mining
operations, hindering market growth during the pandemic.
Segments
Increased Investment in R&D Activities to Propel MineralOil Lubricants Segment Growth
Based on type,the market is divided into tires, mineral oil lubricants, synthetic lubricants,
and bio-based lubricants. The mineral oil lubricants segment held the largest
mining lubricants market share. This growth is attributed to increased
investment in R&D activities within the mining sector.
Report Coverage
The report details major growthdrivers, restraining factors, opportunities, and potential challenges for the
market. It also provides comprehensive insights into regional developments,
major industry players, key strategies adopted by market players, and the
latest industry developments, including product launches, partnerships,
mergers, and acquisitions.
Drivers & Restraints
Rising Focus on Environmental Sustainability in the MiningIndustry to Boost Market Growth
Increasedemphasis on environmental sustainability within the mining industry is
anticipated to drive market growth. High-quality lubricants formulated with
more environmentally friendly compositions contribute to reduced contaminant
release and harmful emissions, consequently boosting demand.
However,using incorrect lubricants can lead to injuries and accidents, potentially
impeding the mining lubricants market growth during the forecast period.
Regional Insights
Consistent Demand for Lubricants to Drive Market Growth inAsia Pacific
AsiaPacific leads the market for mining lubricants due to rich mineral resources,
sustaining a consistent demand for lubricants to operate mining equipment.
Europe isexpected to witness significant growth owing to increased demand for
infrastructural development, minerals, and metals.
