construction lubricants market Trends - PowerPoint Presentation

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Construction Lubricants Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2021-2027

Construction Lubricants Market- Industry Trends & Forecast Report

2027

A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global construction lubricants market was worth USD 5.5 billion in 2020 and is further projected to reach USD 6.7 billion by 2027, at a CAGR of 3.0% during the forecast period (2021-2027). There is an increasing demand for construction lubricants as more commercial and residential structures are built in emerging economies. A rise in population is also expected to boost market growth from 2021 to 2027, while higher costs associated with oil production are expected to limit the market growth.

Growth Drivers Product Innovation and Technological Advancement Play Vital Role in the Market GrowthConstruction lubricants that are affordable and meet minimal requirements or standards are in high demand right now. As construction equipment is exposed to high temperatures and dust, consumers look for premium quality and effective lubricants. Increasing demand for innovative products leads to technological and product innovation. The business opportunity and improving product quality for the end-market is creating immense opportunities for the manufacturers of construction lubricants to focus on enhancing Zinc-Free (

Ashless

) lubricant technologies and growth. For instance, Afton Chemical offers a wide array of zinc-free lubricants, such as HiTEC 638.

Restraints Technological Advancements Restricting the Use of Construction LubricantsPortable and small machinery are finding their way into the rapidly expanding construction business. Lubricant usage in the construction industry has declined due to the introduction of small gearboxes and hydraulic equipment and longer drain intervals. The construction sector is introducing new ideas and technology such as proactive lubricant life extension, optimizing

relubrication

intervals, reducing package waste (avoiding bulk purchases to save waste), and reducing leakage to reduce lubricant usage. By eliminating such technological advancements in the construction industry, the need for lubricants is projected to decrease.

Impact of COVID-19The COVID-19 pandemic has negatively impacted the global construction lubricants market. Due to a scarcity of workforce and safety regulations imposed by governments and other regulatory organizations, most building activities were halted due to the pandemic. As a result, the need for construction lubricants has significantly fallen. On the other hand, the real estate sector is seeing a downturn as a result of the global economic slowdown due to the outbreak. This has also contributed to the market's reduced demand for construction lubricants.

Sample

copy:https://www.blueweaveconsulting.com/report/construction-lubricants-market/report-sample

Recent DevelopmentsIn February 2021, POC sports announced the launch of Omne Eternal, the world’s first-ever self-powered helmet equipped with endless energy. The helmet leverages

Powerfoyle

, which is an innovative light-harvesting material for transferring any light source into electrical power. In addition to this, the helmet comes with an automatic self-powered light without charging requirements and an on/off switch. Sample Copy: https://www.blueweaveconsulting.com/report/global-cycling-helmet-market-bwc20216/report-sample

Global Cycling Helmet Market: Regional InsightsGeographically, the global construction lubricants market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among all the regions, Asia-Pacific held the largest market share in the construction lubricants industry in 2020 and is likely to maintain its supremacy even during the forecast period. The growing number of projects in the construction lubricants sector, including dams, airports, and hydropower projects, has prompted several multinational corporations to establish manufacturing operations in this region. The Beijing New International Airport (China) and the South to North Water Transfer Project (China) are two notable instances of construction projects in the region. The Asia Pacific is also predicted to be the most populous globally, offering significant growth potential for the construction lubricants business.

Competitive landscapeThe construction lubricants market is highly fragmented due to the presence of numerous domestic and international players. Besides this, the emergence of new entrants has resulted in healthier competition among long-established service providers in the industry. Some key players in the global construction lubricants market are Royal Dutch Shell PLC,

Exxonmobil

Corporation, BP PLC, Chevron Corporation, Totalenergies SE, Petrochina Company Limited, China Petrochemical Corporation (Sinopec Corp.), Fuchs Petrolub SE, Lukoil, Phillips 66 Company, Bel Ray Company LLC., and other prominent players.

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