The report “Construction Lubricants Market by Base Oil (Mineral Oil and Synthetic Oil), Product Type (Hydraulic Fluid, Engine Oil, Gear Oil, Compressor Oil) and Equipment Type (Earthmoving, Material Handling, Heavy Construction Vehicle) – Global Forecast to 2022”, published by MarketsandMarkets™, 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. Growth of the construction industry in the APAC and the Middle East & Africa regions coupled with the improved quality of construction lubricants is expected to drive the Construction Lubricants Market during the forecast period.
The synthetic base oil segment is projected to grow at a higher CAGR during the forecast period.
The Construction Lubricants Market has been segmented on the basis of base oil into mineral oil and synthetic oil (PAO, PAG, Esters, Group III). The synthetic oil segment is projected to register the highest CAGR during the forecast period. Synthetic oil provides high performance and high drain interval than mineral oil. Moreover, due to the implementation of environmental rules and regulations in the developed regions, the market for synthetic oil is expected to register a higher CAGR between 2017 and 2022.
The hydraulic fluid segment is expected to lead the Construction Lubricants Market during the forecast period.
Hydraulic fluid was the largest product type segment of the Construction Lubricants Market, in terms of volume, in 2016. This dominance is mainly attributed to the high demand for hydraulic fluid for use in the heavy load equipment used in the construction industry. As the primary function of hydraulic fluid is energy transmission, the consumption of hydraulic fluid in the construction industry is high. However, due to the high cost and frequent replacement, the engine oil segment dominated the Construction Lubricants Market in terms of value.
APAC is expected to be the largest market for construction lubricants during the forecast period.
The Construction Lubricants Market has been studied for five regions, namely, APAC, North America, Europe, the Middle East & Africa, and South America. APAC is projected to be the largest Construction Lubricants Market during the forecast period due to the massive industrial growth in emerging countries, such as China, India, and South Korea. Domestic and foreign investments in construction have been consistently growing over the past decade in this region. Moreover, the rising investments in infrastructure development in the developing countries of APAC are also fueling the growth of the Construction Lubricants Market in the region.
Some of the key players 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).