Expansions and new product launches were the key strategies adopted by leading players to strengthen their position in the construction lubricants market.
The construction lubricants market is projected to grow from USD 12.63 billion in 2017 to USD 15.64 billion by 2022, at a CAGR of 4.37% between 2017 and 2022. Contracts & agreements, new product launches, and expansions are the strategies adopted by key players to strengthen their position in the construction lubricants market. The maximum number of strategic developments took place in Europe between January 2014 and March 2018.
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Key players operating in the construction lubricants market include Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), Chevron Corporation (US), Total (France), PetroChina (China), Sinopec (China), LUKOIL (Russia), Indian Oil Corporation (India), and Fuchs Petrolub SE (Germany).
Royal Dutch Shell is a leading construction lubricants manufacturer globally. Shell is a vertically integrated company active in both, upstream and downstream activities in the oil & gas industry. It offers engine oil, transmission fluids, grease, and hydraulic fluid for construction equipment. In July 2016, the company launched two new products under its hydraulic fluid brand Shell Tellus. They are Shell Tellus S2 MX and Shell Tellus S2 VX. These products are upgraded forms of Shell Tellus S2 M and S2 V respectively and are used in construction equipment. This has helped the company meet the increasing demand for lubricants from the construction industry.
Fuchs is another leading manufacturer of construction lubricants. The company offers engine oil and hydraulic fluid for the construction industry. It focuses on expansion to enhance its share in the construction lubricants market. In May 2017, Fuchs opened a new grease manufacturing plant at Chicago, US, with an investment of USD 26 million. This new plant will serve automotive, construction, rail, heavy duty trucks, and other off-road applications.
LUKOIL is one of the largest construction lubricants manufacturers in Russia. The company has a strong presence in the Russia construction lubricants market. It focuses on contracts & agreements to strengthen its market presence. For example, in January 2018 and June 2017, the company signed supply agreements with XCMG Russia, a subsidiary of Chinese Xuzhou Construction Machinery Group (XCMG), and Caterpillar, one of the leading manufacturers of construction and mining equipment. Under the terms of this agreement, LUKOIL will supply lubricants to these companies. This is expected to help the company gain a strong foothold in the global construction lubricants market.
Growth of construction industry in APAC and Middle East & Africa regions is expected to drive the construction lubricants market globally.
The construction lubricants market is expected to grow from USD 12.63 billion in 2017 to USD 15.64 billion by 2022, at a CAGR of 4.37% between 2017 and 2022. The market has been segmented on the basis of base oil, product type, and region. Based on base oil, the synthetic oil segment is projected to register the highest CAGR between 2017 and 2022. This growth can be attributed to the high performance and high drain interval of synthetic oil.
Construction lubricant is a mixture of base oils and additives. The additives help enhance or suppress properties of the base oils. Construction lubricants can be produced using base oils such as mineral oil and synthetic oil. Construction lubricants are utilized to reduce friction between moving surfaces of various construction equipment. They also help reduce wear and tear and prevent overheating and corrosion, which, in turn, increases the efficiency of the machine. Most of the construction lubricants consumed globally are mineral oil-based. Synthetic construction lubricants are costlier than mineral oils. Synthetic construction lubricants are mainly used in heavy-duty industrial hydraulic systems, wherein construction lubricants with high viscosity and heavy load-carrying capacity are required to ensure protection against rust and corrosion and enable friction control.
Based on product type, engine oil is projected to be the fastest-growing segment of the construction lubricants market between 2017 and 2022. The rising demand for the synthetic-based engine oil and frequent replacement is a major factor driving the growth of the engine oil segment in the construction lubricants market.
The construction lubricants market in APAC is projected to grow at the highest CAGR between 2017 and 2022. Increasing disposable income in emerging economies of the region, coupled with the growing construction industry in the region makes APAC an attractive market for construction lubricants. Growth in industrial production and increased spending on infrastructure development in the region is also responsible for the high consumption of construction lubricants in this region.
Key players operating in the construction lubricants market include Royal Dutch Shell (Netherlands), ExxonMobil (US), BP (UK), Chevron Corporation (US), Total (France), PetroChina (China), Sinopec (China), LUKOIL (Russia), Indian Oil Corporation (India), and Fuchs Petrolub SE (Germany).
