Increasing construction activities in developing economies are driving the market for construction lubricants
- Himanshu Patni
- November 19, 2022
- Construction Lubricants Market, Construction Lubricants Market Growth, Construction Lubricants Market Share, Construction Lubricants Market Size, Construction Lubricants Market Trends
- 0 Comments
The global construction lubricants market is likely to showcase a growth of around 4% during the forecast period. This can be ascribed to the increasing construction activities in developing economies like China and India, as a result, demand for construction equipment is increasing. Since construction equipment deals with harsh climate conditions resulting in wear and tear of components, thus requires a large amount of lubricants for proper working.
The global construction lubricants market has showcased significant growth in the last couple of decades and is expected to demonstrate rapid growth in the foreseeable future as well due to increasing investment in developing nations’ construction industry to boost the country’s economy coupled with increasing requirement for equipment which can perform high-level operations and rising awareness among the consumer regarding the benefits of using lubricants in a correct manner. For instance, the Government of India announced a USD 1.35 trillion (INR 100 trillion) investment in infrastructure to boost economic growth. This will increase the demand for a large number of construction equipment to complete the work on time. With the increase in the market of equipment, the requirement for lubricants eventually will increase.
For a detailed analysis of the market, drivers browse through – https://univdatos.com/report/construction-lubricants-market/
Based on type, the market is categorized into hydraulic fluid, engine oil, gear oil, transmission fluid, grease, compressor oil, and others. Among these, the hydraulic fluid category held a significant market share owing to a large number of construction equipment in developed countries and growing demand for equipment in developing countries like China and India. Since equipment with hydraulic functionality or machinery shares a significant portion of construction equipment, thereby accounts for higher lubricant consumption.
Based on equipment, the market is categorized into earth moving equipment, material handling equipment, heavy construction vehicle, and others. Among these, earth-moving equipment held a significant position in the global construction lubricant market. This can be ascribed to the fact that construction equipment are large in size and handle harsh wear and tear, thereby to mitigate the risk of equipment failure, frequent lubrication of earth moving equipment take place
Request for a sample of the report browse through – https://univdatos.com/get-a-free-sample-form-php/?product_id=23749
For a better understanding of the market adoption of construction lubricants, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase substantial growth during the forecast period owing to increasing construction activities in countries like China and India. Further, governments of several regional economies are investing heavily to improve the nation’s infrastructure. Owing to such factors, demand for construction equipment and the vehicle is increasing in the region, thereby increasing the demand for lubricants.
Global Construction Lubricants Market Segmentation
Market Insight, by Base Oil
• Mineral Oil
• Synthetic Oil
Market Insight, by Type
• Hydraulic Fluid
• Engine Oil
• Gear Oil
• Transmission Fluid
• Compressor Oil
Market Insight, by Equipment
• Earth Moving Equipment
• Material Handling Equipment
• Heavy Construction Vehicle
Market Insight, by Region
- North America Construction Lubricants Market
- United States
- Rest of North America
- Europe Construction Lubricants Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Construction Lubricants Market
- Rest of Asia-Pacific
- Rest of World Construction Lubricants Market
Top Company Profiles
- Chevron Corporation
- British Petroleum Plc.
- Exxon Mobil Corporation
- PetroChina Company Limited
- Royal Dutch Shell Plc.
- TotalEnergies SE
- The Idemitsu Kosan Company Ltd.
- China Petroleum & Chemical Corporation
- The PJSC Lukoil Oil
- Fuchs Petrolub SE