Global Construction Lubricants Market Poised for Steady Growth —Projected to Reach worth USD 6.7 billion in 2027
Published | 19 October 2021
The global construction lubricants market is portraying a positive growth. The global market is driven by several factors, including infrastructure booms and rising disposable incomes in emerging economies…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global construction lubricants market was worth USD 5.5 billion in 2020 and is further projected to reach USD 6.7 billion by 2027, at a CAGR of 3.0% during the forecast period (2021-2027). There is an increasing demand for construction lubricants as more commercial and residential structures are built in emerging economies. A rise in population is also expected to boost market growth from 2021 to 2027, while higher costs associated with oil production are expected to limit the market growth.
Rising Constructional Industries is Emerging Economies are Favoring the Market Growth
Growing construction industries in emerging economies are key factors driving demand for construction lubricants. During the past few years, APAC has experienced extensive industrial growth, and this is expected to continue in the future. Construction, cement, steel, and energy are among the industries that have attracted foreign investments across the region. In India, for example, the Ministry of Petroleum and Natural Gas, through the government-owned GAIL, has set aside INR. 5,000 crore (USD 671.14 billion) for the establishment of two plants to produce ethanol and compressed biogas (CBG) from municipal waste in July 2021. NTPC also floated an Expression of Interest (EOI) in June 2021 for a standalone fuel cell-based backup power system and a standalone fuel cell-based microgrid system with hydrogen production using electrolyzers at its premises. NTPC is seeking to further strengthen its footprint in green and clean fuels through the projects. Therefore, the investments in various projects by Indian companies are likely to widen the application scope for construction lubricants during the forecast period.
The Rise in Automation in Construction Industry is Driving the Market Growth
The construction industry is highly labor-intensive. It necessitates a large number of skilled people, improved work quality, and enhanced production, among other things. Innovative technologies, such as automation, which can increase the quality, safety, and productivity of the construction sector, can address challenges associated with construction work, such as diminishing work quality, labour shortages, and labor safety and environmental initiatives. Sensors, for example, are commonly used in welding and fabrication processes to achieve automation. These sensors capture vital environmental data that can instruct the welding equipment to take appropriate action. Therefore, the adoption of automation in the construction industry is likely to enhance the construction lubricants market during the forecast period.
Global Construction Lubricants Market: By Base Oil
Based on base oils, the global construction lubricants market is categorized as mineral oil and synthetic oil. Mineral oil accounted for a significant share of the global construction lubricants market in 2020 and is likely to dominate the segment during the forecast period. Light mixes of alkanes and cyclic paraffin make up mineral oil-based lubricants. Light and heavy grades of mineral oil-based construction lubricants are available, depending on the usage and necessity. The construction industry uses them in significant quantities because of their low cost.
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Impact of COVID-19
The novel coronavirus has harmed the construction lubricants industry significantly. As a result of the pandemic, many countries around the world have been placed on lockdown. The global economy also suffered as a result of a demand-supply imbalance. Manufacturing, mining operations, and infrastructure projects were suspended as a result of the pandemic. The construction lubricants sector has also been harmed by fluctuations in the price of raw materials required to manufacture lubricants. However, as the countries return to normalcy, the market is expected to strengthen throughout the projection period. China and the United States, for example, have already restored normal operations.
Asia-Pacific Leads the Global Construction Lubricants Market
The Asia Pacific dominated the global construction lubricants market in 2020 and is likely to grow further at the fastest rate during the forecast period. The region’s growth can be attributed to the growth in the base oil movement, rapid industrialization & urbanization, rising population, and high growth in significant end-use industries, such as textiles, chemicals, food processing, and metalworking. The market also offers numerous profitable opportunities to innovators who may tap into niche applications and add new products with favorable product characteristics. Moreover, major industry players are also shifting their production facilities to Asia due to low-cost labor, ever-increasing demand, and favorable government policies.
Global Construction Lubricants Market: Competitive Landscape
The global construction lubricants market is highly fragmented due to the presence of numerous leading and emerging players involved in the market. Companies that are actively engaged in new product development, expansion, and acquisition can only remain competitive in the market. Furthermore, some of the biggest players are expanding their global footprint by acquiring overseas producers. Some key players in the global construction lubricants market are Royal Dutch Shell PLC, Exxonmobil Corporation, BP PLC, Chevron Corporation, Totalenergies SE, Petrochina Company Limited, China Petrochemical Corporation (Sinopec Corp.), Fuchs Petrolub SE, Lukoil, Phillips 66 Company, Bel Ray Company LLC., and other prominent players.
In June 2021, BP Plc confirmed the safe start-up of the Manuel project in the US Gulf of Mexico. It is among the fourth of five major projects set to be completed by 2021 globally. Manuel features the most recent subsea production system for two new wells connected to the Na Kika platform. Wells on the platform are expected to boost gross platform output by 20,100 barrels of oil equivalent per day (boe/d).
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global construction lubricants market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global construction lubricants market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Construction Lubricants Market - Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Base Oil (Mineral Oil, and Synthetic Oil [Polyalpha Olefin (PAO), Polyalkylene Glycol (PAG), Esters, and Group III]); By Type (Hydraulic Fluid, Engine Oil, Gear Oil, Automatic Transmission Fluid (ATF), Compressor Oil, Grease, and Others); By Equipment Type (Earthmoving Equipment [Excavators, Loaders, Crawler Dozers, Motor Graders, and Others], Material Handling Equipment, Heavy Construction Vehicles and Others); By Region (North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa)
Publish Date: October 2021
With urbanization and global economic recovery, the global construction industry is poised for tremendous development in the foreseeable future. The usage of construction lubricants is predicted to accelerate due to the enormous growth of the global construction industry.
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