The heavy equipment lubricants market is estimated to grow at a CAGR of 2.05% during the forecast period.

NOIDA, UTTAR PRADESH, INDIA, January 22, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the heavy equipment lubricants market is projected to grow at a CAGR of 2.05% between 2021 and 2028.

Heavy equipment lubricants aid in maintaining the optimal performance and longevity of the machinery and increasing construction activities is a major driving force behind the growth of the heavy equipment lubricants market. For instance, according to the International Trade Administration, China is the world's largest construction market, and its 14th Five-Year Plan for 2021-2025 period emphasizes new infrastructure projects with an overall investment of approximately 27 trillion yuan ($ 4.2 trillion).

Heavy equipment lubricants are specialized lubricants that reduce friction, heat, and tear in heavy machinery and equipment. It consists of several product types including gear oil, engine oil, grease, and transmission and hydraulic fluids, and is widely used in numerous sectors such as mining, construction, and agriculture.

Numerous product launches and collaborations are taking place in the market, accelerating the growth of the heavy equipment lubricants market. For instance, in October 2023, Chevron Lubricants announced the launch of a new family of overbased calcium sulfonate greases named Rykon grease that provides optimal equipment protection in heavy-duty and extreme pressure applications. Additionally, in December 2021, Aramco announced its entry into Saudi Arabia's domestic lubricants market and introduced a new line of lubricants under the ORIZON brand. ORIZON offers synthetic and semi-synthetic lubricants for gasoline and heavy-duty diesel-powered engines, as well as driveline, grease, and brake fluids.

Access sample report or view details: https://www.knowledge-sourcing.com/report/heavy-equipment-lubricants-market

The heavy equipment lubricants market, based on base oil is segmented into two main categories namely mineral oil, and synthetic oil. Synthetic base oil is widely used as an equipment lubricant as it is chemically engineered to provide better lubrication properties than mineral oil. It is created by combining various chemical compounds to produce a lubricating fluid with the desired properties and offers numerous advantages, such as increased temperature resistance, improved oxidation stability, reduced sludge formation, and improved overall performance. Synthetic base oil accounts for a major share of the heavy equipment lubricant market.

The heavy equipment lubricants market, based on product type is segmented into five main categories namely gear oil, grease, engine oil, transmission and hydraulic fluids, and others. Engine oil is frequently used to lubricate heavy equipment as they are specifically designed to meet the needs and demands of heavy machinery, resulting in maximum performance and protection. Additionally, engine oil plays an important role in lubricating various components of heavy equipment and accounts for a significant share of the heavy equipment lubricant market.

The heavy equipment lubricants market, based on end-users is segmented into four main categories namely construction, mining, agriculture, and others. Heavy equipment lubricants are heavily used in the mining sector as mining machinery and equipment, such as drilling rigs, excavators, loaders, and conveyor systems, require proper lubrication to ensure peak performance and reduce wear and tear. It reduces friction, dissipates heat, and protects against corrosion in harsh mining environments and regular lubrication maintenance is critical for preventing equipment breakdowns and extending the life of mining equipment, thus accounting for a major share of the heavy equipment lubricant market.

North America is projected to account for a significant share of the heavy equipment lubricants market due to the increasing construction spending in the region. For instance, according to the US Department of Treasury, the United States is experiencing a significant increase in construction spending for manufacturing facilities increasing up to $ 200 billion in 2022.

The research includes coverage of BP PLC, Lubrita, Total Energies, Chevron Lubricants, Exxon Mobil Corporation, Royal Dutch Shell PLC, JX Nippon, Gazprom Neft PJSC, Gulf Oil Corporation Limited, and Sinopec are significant market players in the heavy equipment lubricants market.

The market analytics report segments the heavy equipment lubricants market as follows:

• By Base Oil

o Mineral Oil
o Synthetic Oil

• By Product Type

o Gear oil
o Grease
o Engine oil
o Transmission and Hydraulic Fluids
o Others

• By End-User Industry

o Construction
o Mining
o Agriculture
o Others

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Taiwan
• Others

Companies Profiled:

• BP PLC
• Lubrita
• Total energies
• Chevron Lubricants
• Exxon Mobil Corporation
• Royal Dutch Shell PLC
• JX Nippon
• Gazprom Neft PJSC
• Gulf Oil Corporation Limited
• Sinopec

Explore More Reports:

• Lubricant Additives Market: https://www.knowledge-sourcing.com/report/lubricant-additives-market

• Dry Lubricant Market: https://www.knowledge-sourcing.com/report/dry-lubricant-market

• Global Industrial Lubricants Market: https://www.knowledge-sourcing.com/report/global-industrial-lubricants-market

Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
info@knowledge-sourcing.com
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