Construction lubricants are specialty lubricants used in various construction equipment, for a variety of purposes. In the construction industry, use of proper constriction lubricants is essential as to lower operating costs, reduce downtime of equipment, and to maximize equipment availability.
Developments in construction lubricants and increasing investment into development of infrastructure in developed and developing economies are major factors boosting growth of the global construction lubricants market. Additionally, rising demand for construction lubricants that contain minimal amount of volatile organic compounds (VOCs) coupled with stringent environmental and governmental regulations limiting use of construction lubricants that contain VOC are other major factors anticipated to fuel growth of the global market over the forecast period. But, high costs associated with manufacturing of specialized construction lubricants is a major factor hampering growth of the global market.
The global construction lubricants market report has been segmented on the basis of base oil, product type, and region. On the basis of region, the global construction lubricants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in Asia Pacific accounted for highest share in the global market, and is expected to maintain its dominance over the forecast period. This can be attributed to rapid industrialization coupled with increasing foreign investments into construction industries in emerging economies such as China and India. Also, revenue from the market in Asia Pacific is projected to witness significant growth over the forecast period, and is anticipated to register a CAGR of X.X%.
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The market in North America is projected to account for second-highest share in the global market closely followed by market in Europe. The market in the Middle East & Africa region is projected to witness significant growth over the next ten years, owing to increasing construction activities in the region. Moreover, revenue from the Latin America region is also anticipated to grow with a moderate CAGR of X.X% over the forecast period.
Prominent players in the global construction lubricants market include Royal Dutch Shell Plc., Exxon Mobil Corporation, Chevron Corporation, Total S.A., PetroChina Company Limited, China Petroleum & Chemical Corporation (Sinopec), The PJSC Lukoil Oil Company, Indian Oil Corporation Limited, and Fuchs Petrolub SE.