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- The construction lubricants market reflected moderate growth at a CAGR of over 3% during 2013-2017. The growing demand for construction lubricants can be attributed to the resurgence in construction activities and infrastructure development projects in emerging economies.
- Backhoe loaders account for a significant share of the construction lubricants sales, as they entail high fleet maintenance in comparison to other construction equipment.
- East Asia will continue to lead the construction lubricants industry, given that the region is the home to several emerging economies that have high-focus on infrastructure development.
- South Asia is likely to emerge as a high growth market for construction lubricants, as governments across the key South Asian countries continue to play a pivotal role in boosting the construction & infrastructure landscape.
What are the Key Growth Drivers of Construction Lubricants Market?
- The global construction industry is set for massive growth in the forthcoming years, on account of underlying factors such as urbanization and economic recovery worldwide. This unprecedented growth in the global construction industry is expected to accelerate the adoption of construction lubricants.
- Increasing focus on infrastructure development across developed as well as developing economies is paving lucrative avenues for the construction equipment manufacturers, in turn creating potential growth opportunities for key players in construction lubricants market.
- Proliferation of construction equipment & machinery OEMs across the key regions is estimated to underpin demand for construction lubricants.
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Key players operating in the construction lubricants market include BP plc, Indian Oil Corporation, TOTAL S.A., Balmer Lawrie & Co. Ltd., PetroChina Company Limited, Berg Chilling Systems Inc., Chevron Corporation, and Eni S.p.A.
Construction equipment and machinery operate amid one of the harshest and challenging conditions. Achieving optimal performance without any additional operating costs incurred continues to be a key concern for construction companies worldwide. Apart from the extra-heavy loads and challenging working conditions, demand for cost-efficient and high-performance equipment is further adding to the overall pressure on the industry players. These aspects offer credence to construction lubricants as one of the essential investments for performance reinforcement of construction equipment and machinery. Construction lubricants are being extensively used for various types of construction machinery, including excavators, backhoe loaders, loaders, bulldozers, graders, and others. Ramifications of inadequate lubrication of construction equipment are huge and expensive, which, in turn, is one among the key reasons compelling construction companies to invest in high-quality construction lubricants.
Construction Lubricants Market – Research Methodology
The FactMR report on construction lubricants market offers key insights and intelligence for the market players to boost their sustenance in the global construction lubricants market space. The research report on construction lubricants market offers an in-depth assessment of the construction lubricants market and its behavior over the assessment timeline, along with an all-inclusive segmentation. The research report on construction lubricants market has been backed by a rigorous research methodology that comprises of two phases- primary and secondary research.
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