The construction lubricants market is projected to grow from USD 9.0 Billion in 2022 to USD 10.6 Billion by 2027, at a CAGR of 3.3% during the forecast period. The growth of the construction lubricants market is primarily attributed to the rising automation in the construction industry, growing demand for high-quality lubricants, and high growth in the construction industry in the Asia Pacific and Middle East & Africa region.
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Construction lubricants are manufactured using base oil and additives. Construction lubricants are used in manufacturing, repairing, and maintaining earthmoving equipment, material handling equipment, and heavy-duty construction vehicles. The primary factor that is driving the global construction lubricants market is rising automation in the construction and mining industries and the growing demand for high and improved-quality construction lubricants.
Based on base oil, the global construction lubricants market is segmented into mineral oil and synthetic oil. The mineral oil segment dominated the overall construction lubricants market, in terms of value, in 2021, while the synthetic oil segment is projected to grow the fastest in the market during the forecast period. The mineral oil segment accounts for the major share due to its easy availability and low cost, particularly in developing regions.
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Based on type, the global construction lubricants industry is segmented into hydraulic fluid, engine oil, gear oil, automatic transmission fluid, grease, compressor oil, and others. The engine oil segment accounts for the major share of the overall market in terms of value and is also projected to register the highest growth rate during the forecast period. The market for this segment is attributed to the need for high power in various equipment used in the construction industry. Moreover, the frequent replacement of engine oil in various construction equipment and off-road vehicles drives the market.
Based on region, the global construction lubricants market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and South America. Asia Pacific has the largest market share for the construction lubricants market, in terms of value, in 2021. Asia Pacific is also projected to be the fastest-growing construction lubricants market. The growth is mainly attributed to increasing urbanization and rapid population growth. The increasing investments in infrastructural development and huge industrial bases also drive the demand for construction lubricants in the region. China and US are the top two consumers of construction lubricants globally, in terms of value, in 2021.
Major players operating in the construction lubricants market include Shell plc (UK), ExxonMobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), Sinopec Corp. (China), FUCHS Petrolub SE (Germany), Indian Oil Corporation Limited (India), LUKOIL (Russia), and Petronas (Malaysia). These key players have strong distribution networks as well as reliable manufacturing facilities across key regions, such as Europe, North America, and Asia Pacific. These companies have an established portfolio of reputable services and products, a robust market presence, and strong business strategies. Moreover, they have a significant market share, new & better products with wider applications, strong geographical use cases, and a larger product footprint.
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