Hexa Reports Industry Mining Lubricants Market | Page 2
Iron ore mining accounted for 23.5% of the overall share in 2016 and is likely to witness substantial growth as
a result of increased demand for steel in developing nations mainly China and India as well as dependence on
steel for construction and transportation purposes.
Further key findings from the report suggest :
Mineral oil lubricant is likely to witness significant rise at a CAGR of 3.8% from 2017 to 2025 as a result
of their hydrophilic properties and solvency. Moreover, these lubricants are obtained from the
distillation of crude, which are quick to dispose and reuse on account of an existing infrastructure in
place.
Asia Pacific was the dominant market and accounted for 43.54% of the overall share in 2016. Iron is the
most widely used refractory metals, its demand in developing nations like India and China is fueling the
demand for iron ore mining, which in turn is anticipated to augment the demand for the product in
Asia Pacific.
Countries including Germany and japan are switching to coal consumption on account of phasing out
of nuclear power in Germany while the occurrence of Fukushima accident in Japan, thus driving the
demand for product over the forecast period.
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Key participants dominating the industry includes Shell PLC., British Petroleum., ExxonMobil Corp.,
Sinopec, Lukoil, Chevron Corp., Schaeffer Manufacturing Company, Fuchs Petrolub SE, Kluber
Lubrication, and Quaker Chemical Corporation.
Product differentiation along with threat of forward integration by manufacturers to distribute mining
lubricants and to capture market share is anticipated to result in high industry rivalry in the product's
market over the forecast period. In addition, possible entry of new players is further expected to
intensify rivalry in the industry.
In January 2014, Idemitsu began sale of lubricant products in Vietnam, following completion of its
lubricant blending plant in December 2013.
In January 2015, Whitmore Manufacturing Company partnered with Gulf Oil Lubricants India Limited,
which will exclusively launch Whitmore Lubricants in Indian Market. This move will widen the product
offering to the sectors including mining, minerals and metals, construction, power and cement for both
the companies.
Table Of Content
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
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