Exhibiting a stable CAGR during 2019 – 2029, global value of mining lubricants market is projected to reach US$ 3 Bn by 2029 end. While resurgence of mining industry is the prime driver for market growth, increasing investments in mining exploration activities will be another leg of growth for mining lubricants market over the forecast period.
“The mining lubricants market is growing on the back of rising demand for high-performance lubricants such as process oils, transmission oils, and drilling fluids, in mining projects. Manufacturers are inking partnerships with equipment manufacturers and service providers to create awareness on proper usage and benefits of mining lubricants. Moreover, they are offering customized solutions,” says Future Market Insights.
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Key Takeaways of FMI’s Mining Lubricants Market Study
- Bio-based mining lubricants are witnessing significant traction, especially in developed regions, owing to stringent sustainable norms.
- Given abundance of coal and iron ore reserves, mining lubricants market in East Asia represents the most lucrative opportunities.
- Surging energy requirement due to rapid urbanization and industrialization is further creating growth avenues for mining lubricant manufacturers.
Key Growth Drivers – Mining Lubricants Market
- Investment upheaval in mining sector in developing regions including, China, and India are bolstering the growth of mining lubricants market.
- Increasing preference for high-performance eco-friendly lubricants to achieve equipment efficiency, along with regulatory compliance.
- Swelling demand for coal as feedstock for energy production is arguing well for market growth of mining lubricants.
Key Impediments – Mining Lubricants Market
- Fluctuations in raw material pricing due to trade conflicts remain a longstanding concern.
- Fulfilling product standardization criteria adds to R&D expenses of mining lubricant manufacturers
Explore the full mining lubricants market report with 167 illustrative figures, 41 data tables and the table of contents. Also avail a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-6505
Mining Lubricants Market: Taxonomy
- Coal Mining
- Iron Ore Mining
- Bauxite Mining
- Precious Metal & Rare Earth Mineral Mining
- Industrial Minerals Mining
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Mining Lubricants Market: Global Industry Analysis 2015-2019 & Opportunity Assessment 2020-2030
A recent market study published by Future Market Insights (FMI) on the mining lubricants market includes the global industry analysis for 2015-2019 & opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. Our analysts conduct thorough research on the historical as well as current growth parameters of the market to obtain growth prospects with maximum precision.