Construction Lubricants Market to Reach US$29 Billion by 2032; Synthetic oils will accumulate more than 2/3 of the turnover: Fact.MR

Asia Pacific is expected to register a CAGR of 2% in the construction lubricants industry by 2032

ROCKVILLE, MARYLAND, USA, May 19, 2022 / — According to a recent report by Fact.MR, the global construction lubricants market is poised to grow at a CAGR of 4.1% from 2022 to 2032. During the said forecast period, the industry is expected to generate a dollar opportunity worth US$19.38 billion in 2022, which is expected to close at a valuation of US$29 billion . The proliferation of OEMs and construction machinery OEMs in key regions is believed to be supporting the demand for construction lubricants.

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From 2015 to 2021, the construction lubricants market grew at a CAGR of 3.8%, closing at a value of US$18.62 billion. As of 2022, the industry is expected to reach US$19.38 billion. The growing focus on optimizing the performance of construction equipment is expected to fuel strong investment in the industry. This will create a strong demand for construction lubricants as the demand for high quality specialized solutions to serve sophisticated varieties of construction equipment and machinery gains momentum.

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Manufacturers of construction lubricants are also focusing on diversifying their product portfolios through the incorporation of bio-based variants, in a context of rapid inclination of end users towards environmentally friendly products. According to the report, companies that hone their digital marketing skills to engage end users are likely to earn significant long-term profitability, supported by the fact that most players in the construction lubricants market are already expending immense efforts. to gain a competitive position. edge.

Why are construction lubricant suppliers venturing into APAC?

APAC is likely to become a very attractive market for construction lubricants, driven by rapid industrialization in developing economies in the region. In addition, increasing government investment, as well as foreign investment apropos of construction activities, further supports the growth of the construction lubricants market in East Asia. The APAC construction lubricants market is expected to reach US$2 billion by 2032 at a CAGR of 2%.
In 2021, Asia-Pacific held a major share of the global construction lubricants market in terms of consumption. Over the past 5 years, domestic and international investment in the Asia-Pacific construction industry has slowly increased.

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Key segments covered by the Synthetic Oil Based Construction Lubricants Industry Survey

• Construction lubricants by application:
o Engine oil
o Gear oil
o Automatic transmission oil
o Fats
o Brake fluid
o Hydraulic fluid

• Base Oil Construction Lubricants:
o Mineral oil-based construction lubricants
o Synthetic oil-based construction lubricants

• Construction Lubricants by Sales Channel:
o Car dealerships
o Independent garages and service stations
o Retailers/Auto Parts Stores

• Construction lubricants by type of formulation:
o Conventional construction lubricants
o Biobased construction lubricants

• Construction lubricants by type of equipment:
o Excavators
o Backhoe
o Bulldozers
o Chargers
o Graders
o Articulated dump truck
o Soil compactor
o Cranes
o Rigid dump trucks
o Others

Competitive landscape

The global construction lubricants market is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to customers. In addition, companies are looking for specialized service providers, offering tailor-made solutions to meet their business objectives. Also, vendors are likely to leverage product upgrading and differentiation to gain advantage over other competitors in the market.

• In December 2021, Aker BP announced its plan to acquire the oil and gas business of Lundin Energy, through a statutory merger. This combination would create the largest exploration and production company focused exclusively on the Norwegian continental shelf.

• In April 2022, Indian Oil Corporation announced that it would invest nearly Rs 840 crore in expanding its oil, petroleum and lubricants (POL) storage capacity, including setting up a Greenfield facility in the northeast. The company plans to increase its POL capacities to 5,530 thousand metric tons per year (TMTPA) by 2030 from the existing 3,160 TMTPA.

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Key Players of the Synthetic Oil Based Construction Lubricants Market

• BP Plc.
• Indian oil company,
• Balmer Lawrie & Co. Ltd.
• PetroChina Company Limited
• Berg Cooling Systems Inc.
• Chevron Corporation
• Eni SpA

Key Findings from the Mineral Oil-Based Construction Lubricants Market Research

• The global construction lubricants market is expected to grow by 0.8x between 2022 and 2032
• Synthetic construction lubricants will be one of the top-selling categories, capturing more than 2/3 of the market and thriving at a CAGR of 4.3% through 2032
• By application, backhoe construction lubricants expand at a CAGR of 5%
• North America to become the fastest growing construction lubricants market, documenting a CAGR of 2.1%
• APAC is the 2nd most opportunistic market, expected to be valued at US$2 billion in 2032

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