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LONDON, GREATER LONDON, UNITED KINGDOM, October 22, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The construction lubricants market has experienced significant growth in recent years, increasing from $12.97 billion in 2023 to $13.95 billion in 2024, with a compound annual growth rate (CAGR) of 7.6%. This growth in the historical period can be attributed to factors such as an infrastructure boom, urbanization trends, industrialization, and global economic growth.
What Is The Estimated Market Size Of The Global Construction Lubricants Market And Its Annual Growth Rate?
The construction lubricants market is projected to witness robust growth in the coming years, reaching $18 billion by 2028, with a compound annual growth rate (CAGR) of 6.6%. This anticipated growth can be attributed to the adoption of smart construction practices, a focus on sustainable construction, the digitalization of construction equipment, and the development of emerging markets.
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Growth Driver Of The Construction Lubricants Market
An increasing population is expected to drive the growth of the construction lubricants market in the future. Population refers to the total number of individuals, whether humans or specific species, living in a specific area at a given time. A larger population typically results in heightened demand for infrastructure development, as more people require additional housing, commercial spaces, transportation networks, and other facilities. This rise in construction activity, in turn, boosts the demand for construction lubricants to ensure that machinery and equipment operate efficiently.
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Which Market Players Are Driving the Construction Lubricants Market Growth?
Key players in the market include ExxonMobil Corporation, Royal Dutch Shell plc, TotalEnergies SE, China Petrochemical Corporation (Sinopec), Chevron Corporation, PetroChina Company Limited, FUCHS Petrolub SE, PJSC LUKOIL, China Petroleum & Chemical Corporation (Sinopec), Phillips 66 Company, Morris Lubricants, Penrite Oil, Valvoline Inc., Liqui Moly GmbH, Eni S. p. A., Addinol Lube Oil GmbH, Indian Oil Corporation Limited, Bel Ray Company LLC., Gulf Oil India, Royal Dutch Shell plc, Petroliam Nasional Berhad (Petronas), BP p. l. c., Gazprom Neft, Idemitsu Kosan Co. Ltd., JXTG Nippon Oil & Energy Corporation, Quaker Chemical Corporation, The Lubrizol Corporation, Warren Oil Company Inc., Klüber Lubrication, Schaeffer Manufacturing Co.
What Are the Emerging Trends Shaping the Construction Lubricants Market
Leading companies in the construction lubricants market are focusing on innovative technologies, including the development of a new line of lubricant solutions for electric vehicles, to enhance their profitability. This new range of lubricant solutions is specifically designed to address the unique requirements of electric-powered vehicles (EVs).
How Is The Global Construction Lubricants Market Segmented?
1) By Basis Type: Hydraulic Fluid, Engine Oil, Gear Oil, Automatic Transmission Fluid (ATF), Grease, Compressor Oil
2) By Base Oil: Synthetic Oil, Mineral Oil
3) By Application: Earthmoving Equipment, Material Handling Equipment, Heavy Construction Vehicles, Other Applications
Geographical Insights: Europe Leading The Construction Lubricants Market
Europe was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Construction Lubricants Market Definition
Construction lubricants are chemical compounds applied to machinery and equipment to reduce friction between surfaces in contact, thereby decreasing the amount of heat generated during movement.
Construction Lubricants Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global construction lubricants market report covering trends, opportunities, strategies, and more
The Construction Lubricants Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on construction lubricants market size, construction lubricants market drivers and trends and construction lubricants market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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