Lubricants are materials that help reduce the friction between moving parts or surfaces to enhance the efficiency of machines. They are formulated using various base oils including mineral oil, synthetic oil, and bio-based oil. Lubricants are used in various industries such as automotive, manufacturing, construction, and mining among others. Mining lubricants are used to protect the equipment from wear and tear by reducing friction, also to reduce heat and electrical resistivity. The global mining lubricants market was valued at USD 1.95 billion in 2016, and is projected to reach USD 2.56 billion by 2022, at a CAGR of 4.5% from 2017 to 2022. The growth of the mining industry, increase in the demand for coal in electricity generating applications, and the growing demand for base metals such as copper, nickel, lead, zinc, and others are fueling the mining lubricants market.
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Among types, mineral oil is the fastest-growing segment of the mining lubricants market during the forecast period. Mineral oil lubricants are available in light and heavy grades depending on the usage and requirement. They are produced in large quantities because of its high usage in various mining applications. The mining sector continue to utilize high volumes of mineral oil lubricants because of its low cost. The market for this segment is driven by the increasing demand from Asia-Pacific and South America.
Coal mining is projected to be the fastest-growing segment, due to the high consumption of heavy load equipment in the coal mining industry. The coal mining industry accounted for the largest share of 56.3%, in terms of value, of the overall mining lubricants market, in 2016. The market for mining lubricants in the coal mining industry is driven by the improved high-performance lubricants, which offer high viscosity index, better corrosion prevention, and high resistance to oxidation.
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Asia-Pacific led the mining lubricants market having accounted for the largest share (by value) and is projected to grow at the highest CAGR during the forecast period. The increasing coal mining activities in China and India are primarily responsible for the high consumption of mining lubricants.
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