Construction Lubricants Market: Current Analysis and Forecast (2024-2032)

Report Description

Construction Lubricants Market Size & Forecast

The Construction Lubricants Market was valued at approximately USD 9.5 Billion in 2023 and is expected to grow at a robust CAGR of around 3.5% during the forecast period (2024-2032). The construction lubricants market is growing rapidly mainly due to the rise in construction activities, high demand for better-performing construction equipment, and improvement in the construction lubricants technology.

Construction Lubricants Market Analysis

Over the years mechanization of industries played a pivoted role in building up the market of lubricants as they improve the equipment life and aid in maintaining efficiency for a longer time due to their properties which help in reducing friction, heat, and wear between the mechanical components that are in contact with each other. The construction industry is one of the prominent consumers of lubricants capturing a significant portion of the pie in the global lubricants market. The industry uses heavy equipment like earth-moving equipment, material handling equipment, and construction vehicles. These types of equipment are commonly operated in harsh conditions resulting in more wear and tear, therefore, to operate efficiently, equipment frequently requires lubricants. Moreover, the construction activity in developing economies is growing at a rapid rate thus increasing the demand for construction equipment, thereby increasing the lubricant consumption.

Construction Lubricants Market Trends

This section discusses the key market trends influencing the fungicide segments as identified by our research experts.

Mineral Oil Segment Transforming Industry

Based on the base oil, the market is categorized into mineral and synthetic oils. Of both, mineral oil accounted for a significant share of the market and is likely to maintain its position during the forecast period. Mineral oil may fall in either of these three: group I, group II, and group III. Currently, group II mineral oil is widely consumed owing to its higher efficiency and lower emission. Further, industries are finding it easy to transition from group I base oil to group II base oil by changing work techniques, working with new base oil manufacturers, and changing equipment compared to group IV, which is fully synthetic oil, resulting in a higher share of mineral oil.

Asia Pacific accounted Largest Share of the market.

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 vehicles is increasing in the region, thereby increasing the demand for lubricants.

Construction Lubricants Industry Overview

Construction Lubricants are competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Chevron Corporation, BP p.l.c., Exxon Mobil Corporation, PetroChina Company Limited, Royal Dutch Shell Plc., TotalEnergies, Idemitsu Kosan Co., Ltd, China Petrochemical Corporation, LUKOIL, and FUCHS. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Recent Development:

In 2023, ExxonMobil has commenced the construction of a state-of-the-art lubricant manufacturing plant in Raigad, Maharashtra. With an investment of INR 900 crore (US$110 million), the plant aims to meet the growing demand for high-performance lubricants in India’s industrial and automotive sectors. Strategically located in the Maharashtra Industrial Development Corporation’s Isambe Industrial Area, it will have a production capacity of 159,000 kiloliters of finished lubricants annually.

Construction Lubricants Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Construction Lubricants can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Construction Lubricants Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Construction Lubricants market were the three major steps undertaken to create and analyze the adoption of Construction Lubricants in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Construction Lubricants market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Construction Lubricants market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Construction Lubricants, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as base oil, type, equipment, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Construction Lubricants market. Further, we conducted factor analysis using dependent and independent variables such as base oil, type, equipment, and Specialty tape regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Construction Lubricants market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Construction Lubricants market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of Construction Lubricants across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Construction Lubricants in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Construction Lubricants. Data was split into several segments and sub-segments after studying various parameters and trends in the base oil, type, equipment, and regions of the global Construction Lubricants market.

The main objective of the Global Construction Lubricants Market Study

The current & future market trends of global Construction Lubricants were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Construction Lubricants market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of base oil, type, equipment, and regions.
• Define and analyze the regulatory framework for the Construction Lubricants
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Construction Lubricants market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Construction Lubricants market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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