The global construction lubricants market size was evaluated at $9.26 billion in 2023 and is slated to hit $12.51 billion by the end of 2032 with a CAGR of nearly 3.40% between 2024 and 2032.
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Lubricants are essential for the effective operation of machines and their components. The primary function of lubricants is to reduce wear and tear produced by friction. Lubricants reduce residue deposition and sludge accumulation on machinery and equipment. Lubricants are also used for heat transfer, gas sealing, rust and corrosion prevention, and power transmission. Construction lubricants are primarily used to reduce friction between surfaces or moving parts of any equipment used in the construction industry, as well as to improve the efficiency of that equipment. Construction lubricants are used in construction machines and contain a variety of properties that help shape, create, and strengthen the construction structure.
Rapid urbanization, combined with industrialization, is the key driver expected to drive the worldwide construction lubricants market throughout the forecast period. The continued trend of developing smart buildings and infrastructure in emerging markets such as India, China, and Brazil is expected to drive the construction lubricants market in the future. Before industrialization, only one-third of the world’s population resided in cities. However, more than half of the world’s population now lives in cities or semi-urban settings.
Furthermore, the growing demand for hydraulic fluids in the construction industry is expected to increase the construction lubricants market in the approaching years. However, fluctuating crude oil prices may limit the growth of the construction lubricants market in the future.
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The Global Construction Lubricants Market is segmented based on product, application and region
Global Construction Lubricants Market: Product Segment Analysis
● Hydraulic Fluid
● Engine Oil
● Gear Oil
● Compressor Oil
Global Construction Lubricants Market: Application Segment Analysis
● Earthmoving
● Material Handling
● Heavy Construction Vehicles
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The global Construction Lubricants market profiles key players such as:
● Royal Dutch Shell
● ExxonMobil
● British Petroleum (BP)
● Chevron Corporation
● Total S.A.
● PetroChina
● LUKOIL
● Indian Oil Corporation
● Fuchs Petrolub SE
● Morris Lubricants
Construction Lubricants Market: Regional Insights
The geographic segmentation includes historical and projected demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Asia Pacific has a significant revenue share of the global construction lubricants market and is likely to dominate it in the coming years. This can be linked to the region’s continued building operations as a result of fast industrialization and urbanization, as well as increased investments in the construction industry for regional infrastructure growth. The North American region is expected to provide significant growth opportunities in the global construction lubricants market, due to the increasing adoption of synthetic oil lubricants for construction equipment and heavy earthmoving vehicles, as well as ongoing developments regarding zinc-free lubricants.
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