Construction Lubricants Market

Construction Lubricants Market Overview:

The global construction lubricants market was valued at USD 5.48 billion in 2022 and is likely to reach USD 6.79 billion by 2030, at a CAGR of 3.1%. Construction lubricants market are materials that find usage in reducing friction between moving parts or surfaces and to improve the efficiency of the machines using the construction sector. Lubricants exhibit different viscosity that is widely used on different equipment which finds usage in building & construction industry. The key advantages of these global construction lubricants market are their ability to reduce the wear and tear of the machinery as well as enable to improve the service life of the equipment. The growing demand for the product is mainly ascribed to the rising construction of residential and commercial buildings in emerging economies. In addition, due to the surging population there will be rising need for residential homes and offices, further augmenting the industry growth.

Construction Lubricants Market Segmentation:

By base oil, the global construction lubricants market is classified into synthetic oil and mineral oil. The mineral oil segment held the largest market share in 2022. Mineral-oil based lubricants are light mixtures of cyclic paraffin and alkanes. Mineral-oil based construction lubricants are available in heavy and light grades, depending on the requirement and usage. These oils are used in significant quantities in the construction sector due to their low cost. Synthetic oil is likely to register the highest CAGR of more than 4%.  Synthetic oils exhibit low-temperature pump-ability, have enhanced stability at high temperatures, and more robust. These oils are minimize overall wear and tear of components by lubricating them more efficiently during cold start-ups.

Based on type, the global construction lubricants market has been classified into hydraulic fluid, engine oil, gear oil, automatic transmission fluid (ATF), grease, and compressor oil. The hydraulic fluid segment witnessed the highest market share in 2022. It is a type of lubricant which is used to lubricate hydraulic equipment. The key functions of hydraulic fluid are lubrication, energy transmission, and heat removal. In addition, it also reduces the maintenance cost of the hydraulic equipment and gears at high speed. Moreover, the segment growth can be attributed to the surging demand from the APAC region as well as expanding construction, automotive, and manufacturing sectors. The engine oil is projected to register a healthy CAGR during the forecast timeline. This is attributed to longer oil life while still protecting the engine from the demand of the workload. It can help to safely extend the oil drain intervals.

Construction Lubricants Market Dynamics and Factors:

The strong growth of the construction industry in the developing countries across geographies along with surge in automation in the construction industry is likely to fuel the global construction lubricants market growth during the review period. Construction equipment are high exposed to dust and extreme temperature conditions, thus consumers are increasingly focused on high quality and long lasting lubricants. Furthermore, the growing demand for innovative and new products further leads to product innovation and technological developments which is expected to create ample opportunities to the market players further fueling the global construction lubricants market. The growing focus of product manufacturers and other industry players on improving zinc-free or ashless lubricants coupled with enhancing product quality and end-market offerings are expected to further bolster the global construction lubricants market industry growth.

However, the reduction in equipment size and lubricant usage in the construction industry owing to technological developments are hindering the global construction lubricants market industry growth. During the pandemic, the construction industry was negatively affected. Many countries across the globe went into lockdown, to prevent the spread of the virus. Due to this, the supply and demand chain got disrupted affected the global construction lubricants market. The manufacturing units, industries, infrastructural projects, and mining operations where these lubricants are extensively used was negatively impacted, thus limited the product usage. In addition to this, the volatile prices of raw materials used to produce construction lubricants and COVID-19 pandemic

Construction Lubricants Market Geographical Analysis:

The Asia Pacific construction lubricants market garnered the highest market share in 2022 and is likely to garner the highest CAGR more than 5% during the review period. China, India, and Japan are the key contributors in the regional market mainly due to rising consumption of construction lubricants in growing residential construction activities. Moreover, high economic growth rate, followed by strong investment in a myriad range of industries such as automotive, oil & gas, chemical, infrastructure, and electronics among others. The European market held a substantial market share in 2022 due to strong renovation activities in the Western Europe in countries of Germany, the UK, France, and Italy, among others. In addition, rising residential construction in the Eastern European countries are further expected to increase the usage of global construction lubricants market.

Construction Lubricants Market Report Scope

Key Market Segmentation

Construction Lubricants Market - By Base Oil 

o   Synthetic Oil

o   Mineral Oil

Construction Lubricants Market - By Type 

o   Hydraulic Fluid

o   Engine Oil

o   Gear Oil

o   Automatic Transmission Fluid (ATF)

o   Grease

o   Compressor Oil

Construction Lubricants Market - By Region

North America

o   US

o   Canada

o   Mexico

Europe

o   Germany

o   UK

o   France

o   Italy

o   Spain

o   Russia

o   Benelux

o   Nordics

Rest of Europe

Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

Rest of Asia-Pacific

Middle East and Africa

South America