Mining Lubricants Market Size, Share & Trends Analysis Report By Product (Mineral Oil, Synthetic, Bio-based), By Application (Coal Mining, Iron Ore Mining), By Region, And Segment Forecasts, 2022 - 2030

Mining Lubricants Market Size, Share & Trends Analysis Report By Product (Mineral Oil, Synthetic, Bio-based), By Application (Coal Mining, Iron Ore Mining), By Region, And Segment Forecasts, 2022 - 2030

Mining Lubricants Market Growth & Trends

The global mining lubricants market size is estimated to reach USD 8.96 billion by 2030, growing at 3.8% CAGR, according to a new report by Grand View Research, Inc. The rising consumer awareness about the advantages of adopting automatic lubrication systems remains the prominent growth driver.

Mining companies worldwide are gradually transitioning from inefficient manual lubrication techniques to highly effective automatic lubrication procedures. This switch from manual to automatic lubrication systems continues to fuel the growth of the lubricant market globally.

Mineral oil mining lubricants are often used for multipurpose lubrication of mechanical components such as slides, chains, bearings, gears, and other threaded connections. Operating temperatures of mechanical component can range from -62.6°F to 302°F. Hence, the industry extensively uses the synthetic lubricants as it increases equipment productivity,

The bio-based lubricants are known for their biodegradation, renewability, low toxicity, and expulsion of specific substances. This furthers their environmental acceptability of product as these provide a wide range of potential environmental benefits. These include emission reduction, recycling bath, resource conservation, pollution source, and others.

The demand for bio-based lubricants is mainly driven by the depletion of crude oil reserves, the rise in costs of petrochemicals, and the increase in demand for green products. The global demand for bio-based lubricants is being influenced by the strict regulatory standards set by the EU Ecolabel, VGP, and IMO. The impact of other regulations such as Swedish Standard and Blue Angel formulated to reduce carbon dioxide and other harmful emissions into the environment remains a prominent driver of growth.

These products are also used in heavy machinery in mining, increasing demand for mining lubricants. Coal, iron, and bauxite mines require high-performance lubricants with high viscosity index, oxidation resistance, and corrosion prevention qualities.

Mining Lubricants Market Report Highlights

• In 2021, synthetic mining lubricants emerged as the dominant type segment with 53.04% of the revenue share. This is attributed to its compatibility with seals, metals, and coatings as well as the fact that it can be chemically altered to make semi-synthetic via the distillation process
• Iron ore mining was the dominating application segment accounting for a revenue share of 20.7% in 2021 as it is principal source of iron for the global iron and steel industry. As a result, it is crucial for manufacturing steel, which is crucial for the preservation of a robust industrial base
• Asia Pacific is projected to grow at the highest CAGR of 4.7% over the forecast period, owing to abundant natural reserves of bauxite, titanium, coal, diamond, and limestone in the region
• North America accounts for a prominent market share on account of increasing mining activities in the United States. The growing demand for pure minerals is expected to fuel the growth of mining lubricants