A lubricant is a type of chemical used for smooth running of small as well as large equipment by enhancing efficiency of the equipment. The building & construction industry utilizes several equipment that require specialized lubrication to get rid of breakdowns and site stoppages. Continuous maintenance and lubrication of equipment in the construction sector is important to achieve long lifespan of equipment, its correct operation and high efficiency, and fuel savings. For example, Delo 400 LE SAE 15W-40 is a type of mixed-fleet motor oil recommended for turbocharged four-stroke diesel and gasoline engines. It is manufactured by Chevron Corporation.
Several types of construction lubricants are available in the market such as biodegradable oils; gear, gearbox and transmission oils; high-speed greases; and heavy load greases. The construction lubricants market can be classified based on base oil, product type, and equipment type. Based on base oil, the construction lubricants market can be segmented into mineral oil and synthetic oil. Synthetic oil-based lubricants offer several advantages over mineral oil-based lubricants such as high performance in extreme conditions, higher shear stability and drain intervals, better viscosity index, and better chemical resistance. In terms of product type, the market can be divided into hydraulic fluid, engine oil, gear oil, compressor oil, and others. Hydraulic fluid was the leading product type segment of the construction lubricants market, in terms of volume, in 2017. Construction lubricants market is owing to high demand for hydraulic fluid for use in heavy-load equipment employed in the construction industry. Based on equipment type, the construction lubricants market has been divided into earthmoving, material handling, and heavy construction vehicles.
Increased consumer awareness, stringent regulations, and favorable properties of synthetic oil-based lubricants such as water solubility are projected to drive the synthetic lubricant oils during the forecast period. Growth of the construction industry in developing economies, rise in automation in the construction industry, and focus of major players on improved quality of lubricants are driving the construction lubricants market. However, recent technological advancements in construction lubricant formulations have led to the development of oil rejuvenation, which is expected to hamper the demand for construction lubricants market during the forecast period.
Based on region, the global construction lubricants market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific held a major share of the global construction lubricants market in 2017. This trend is likely to continue during the forecast period. The construction lubricants market in Asia Pacific is projected to expand at a significant pace during the forecast period. Construction lubricants market is attributable to extensive growth of the industrial sector powered by rapid economic growth and emergence of a large middle class in China, Japan, South Korea, and India. Domestic and foreign investments in the construction industry in Asia Pacific have been consistently increasing over the last decade. Moreover, rising investments in infrastructure development in developing countries of Asia Pacific are also fueling the construction lubricants market in the region. North America and Europe are anticipated to follow Asia Pacific during the forecast period. The construction lubricants market in these regions is largely driven by the increasing growth rate of the building & construction industry. Middle East & Africa is expected to emerge as a significant construction lubricants market during the forecast period, due to rising number of infrastructural projects in the region. Latin America is expected to emerge as an attractive construction lubricants market from 2018 to 2026, as key players in the global market are expected to move toward this region.
Key players operating in the global construction lubricants market are Sinopec Corporation, ExxonMobil Corporation, Royal Dutch Shell, Chevron Corporation, LUKOLI, Phillips 66 Company, and Indian Oil Corporation Limited.
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