Sales of Construction Lubricants is Dominated by Backhoe Loaders Manufacturers during 2021 to 2031

In Brief:

• 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.
• Increasing focus on performance optimization of construction equipment is foreseen to fuel robust investments in the industry. This will create high demand for construction lubricants, as demand for high-quality specialty solutions to serve sophisticated varieties of construction equipment & machinery gains traction.

What are the Key Challenges Faced by Stakeholders of the Construction Lubricants Market?

• Fluctuations in crude oil prices remain one of the key challenges in the construction lubricants market. Construction lubricants are basically petrochemical products manufactured from Brent crude oil. Increasing prices of crude oil results in volatility of the raw material prices, thereby creating significant challenges for the manufacturers in the construction lubricants market.
• Regulations that ensure safety and quality of construction lubricants are likely to create challenges for the unorganized players who commercialize their non-compliant products. While this continues to be a challenge for the unorganized market players, it turns out to be beneficial for the organized companies selling authentic products in the construction lubricants market.

Construction Lubricants Market - Notable Developments

• In 2018, Shell Lubricants announced the launch of ‘Shell LubeChat’, the very-first AI-driven chatbot tool for the B2B customers. Shell LubeChat refers to an online chat robot that has been designed to provide the users with easy and real-time access to technical services, product support, and data pertaining to lubricant varieties. Sensing the fact that customers and distributors lie at the heart of the company’s business, Shell introduced this chatbot to boost customer-brand interaction and repeated sales.
• In 2018, FUCHS Group – a key player in the construction lubricants market- inaugurated a new purpose-built plant in Beresfield, in an attempt to attain a production ramp-up, wherein this new production plant will help to boost the local production capacities. Realization of the importance of having a robust local infrastructure capable of handling the regional demands, the company is investing in this new plant to offer instant yet effective services to the regional customer bases.
• In 2018, PJSC Lukoil- a leading player in the construction lubricants market- signed a definitive supply agreement with XCMG Russia- a subsidiary of the Xuzhou Construction Machinery Group (XCMG), China. According to the terms and conditions of this particular agreement, LUKOIL will be supplying hydraulic oil, grease, auto chemicals, and motor oil to be used for the construction equipment of XCMG. This is a strategic partnership with the end-user that is highly likely to boost Lukoil’s long-term profitability.

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.

Gains Complemented by Rising Demand for Performance Reinforcement of Construction Equipment & Machinery

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.

Research Scope

Construction Lubricants Market – Research Methodology

The Fact.MR 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.

The primary phase in the research methodology employed for construction lubricants market report includes interactions and discussions with the industry players, leaders, and expert regarding opportunities in the construction lubricants market space.

In the secondary phase of the research methodology employed for construction lubricants market report, various credible sources, such as press releases, trade journals, annual reports of companies, white papers, and others. All the information obtained for construction lubricants market report are cross-evaluated by the industry experts to avoid the occurrence of any inconvenience.