Lubricants: Introduction
• Lubricant is a substance that reduces friction between two surfaces after coming in mutual contact with the surfaces. Mining and energy lubricants refer to its usage in mining and energy manufacturing machines such as hydraulic system, turbines, and compressors.
• Based on characteristics of lubricants to be circulated, energy and mining lubricants can be classified into mineral oil lubricants, synthetic lubricants, and bio based mining lubricants. Bio-based lubricants are used because of environmental concern, as there is an increase in pollution caused by numerous chemicals including lubricants.
• Mineral oil lubricants are widely utilized in energy and mining industries, as it is less expensive than bio-based and synthetic lubricants and provides more working benefits
Key Drivers and restraints of Lubricants for Energy & Mining Market
• Rise in investment in exploration & production of mineral reserves, primarily in Africa, is expected to drive the lubricants for energy and mining market. According to INTER PRESS SERVICE (IPS) news agency, the continent holds about 30% of the world’s total mineral reserve including higher share of diamond, vanadium, manganese, and coal reserves.
• Increase in demand for electricity has fueled the focus of power generation giants to expand production and maximize their capacities, driving the demand for lubricants, as lubricant is used in machines to optimize their efficiency and reduce maintenance cost. This, in turn, is anticipated to boost the lubricants for energy and mining industry market.
• Increase in focus to reduce overall maintenance cost of processing equipment is anticipated to propel the demand for lubricants in the energy and mining industry. The lubricant offers various properties, such as high viscosity index, corrosion resistant, high melting point, and resistance to oxidation, in order to decrease maintenance cost and to increase machine life. This is further anticipated to propel the lubricants for energy and mining market.
• Instability in government policies regarding mining and energy industries, environmental norms, and fluctuation in prices of raw material may act as a restraint for the market.
COVID-19 Impact Analysis
• Governments of various countries have imposed nationwide lockdowns as part of measures to limit the spread of COVID-19 pandemic. During the lockdown several restrictions have been placed on movement of individuals during the lockdown. Furthermore, economic activities have come to a halt impacting the mining and energy production activities.
• Manufacturing of lubricants having characteristics such as high boiling point and high viscosity needs production facilities but due to restrictions on industrial activities and absence of workers, in order to limit the spread of coronavirus, has negatively impacted the investment of investors. This, in turn, is expected to hamper the demand of lubricants for the energy and mining industry.
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Key Development in Lubricants for Energy & Mining Market
• In October 2017, an annual congress was held by Union of European Lubricants Industry (UEIL) for discussing on importance of innovation in lubricants. The discussion mainly focused on frameworks such as lubricants formulation for enhancing performance.
Asia Pacific to Account for Significant Share of Lubricants for Energy & Mining Market
• The global lubricants for energy and mining market can be segregated into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America
• The lubricants for energy and mining market in Asia Pacific is expected to expand at a significant pace during the forecast period, due to the increase in investments in the development of lubricants and expansion of mining and energy activities in Indonesia, Mongolia, and Australia
• North America is also projected to hold large share of the global lubricants for mining and energy market during the forecast period, owing to the rise in technological innovation of lubricants to increase life of machineries
• The lubricants for energy and mining market in Europe is likely to expand at a stable pace, owing to the increase in the demand for bio-based lubricants in the region
• The lubricants for energy and mining industry market in Africa is anticipated to expand at rapid pace during the forecast period due to expansion of mining activities in Africa
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Key Players Operating in Global Market
Leading companies operating in the global lubricants for energy and mining market are:
• Total SE
• ExxonMobil
• Royal Dutch Shell
• Chevron Corporation
• Perma-tec GmbH & Co. KG
• Quaker Chemical Corporation
• Idemitsu Kosan
• BP Lubricants Inc.
• Interlube Limited
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