The construction lubricants market is estimated to grow to USD 6.5 billion by 2026 from USD 5.6 billion in 2021, at a CAGR of 3.0%. The construction lubricants market is driven mainly by growing demand for construction industry. However, strict government regulations is expected to restrain the market growth.
There has been massive industrial growth in APAC since the past few years, and this is expected to continue during the next five years.The domestic and foreign investments in the construction industry have been consistently growing over the past decade in the region, which is fueling the growth of the construction lubricants market.
The construction industry in the Middle East & Africa is also experiencing high growth, driving the demand for construction lubricants. The outlook on industrialization in Sub-Saharan Africa is positive, which is driving the construction lubricants market
Hydraulic fluid is expected to be the largest lubricant type of the construction lubricants market, in terms of value, between 2021 and 2026 Hydraulic fluid lubricant type holds the highest share in the overall market in terms of volume and value for the forecast period.Hydraulic fluid is mainly used for power transmission and lubrication in various heavy load equipment in the construction industry.
Hence, to avoid equipment failure, the operator needs to have high-quality hydraulic fluid. This drives the hydraulic fluid consumption in the construction industry.
high economic growth in APAC to drive the demand for construction lubricants in the region.
APAC is the largest market for construction lubricants, and it is mainly attributed to high economic growth rate, followed by heavy investment across industries such as oil & gas, automotive, infrastructure, chemical, and steel & military among others. With economic contraction and saturation in the European and North American markets, the demand is shifting to the APAC region.
Construction lubricants manufacturers are targeting this region as it is the strongest regional market for various applications, like growing demand for infrastructure, construction and automotive industry.The advantage of shifting production to the Asian region is that the cost of production is low here.
Also, it is easier to serve the local emerging market. • By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23% • By Designation: C-Level - 46%, Director Level - 27%, and Others - 27% • By Region: North America - 33%, Europe - 27%, APAC - 27%, South America - 7%, Middle East & Africa - 6%,
The key players profiled in the report include ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Chevron Corporation (US), PetroChina Company Limited (China), FUCHS Petrolub SE (Germany), and Lukoil (Russia) and others among others.
Research Coverage This report segments the market for construction lubricants based on base oil, type, equipment type and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, associated with the market for construction lubricants.
Reasons to Buy this Report This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the construction lubricants market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on construction lubricants offered by top players in the global market • Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for construction lubricants across regions • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global construction lubricants market • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the construction lubricants market
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