COVID 19 Impact on Mining Lubricants Market Opportunities And Strategies till 2025
The global mining lubricants market is likely to be driven by the important role played by it in the global mining industry.
Both surface and underground mining environments could be quite hard on the mining equipment. Draglines, hydraulic shovels, loaders, scoops, and rock drills are made to undergo continuous heavy loads, extreme pressure, and continuous operation. All of these can lead to heavy wear and tear over time. In an effort to reduce downtime and losses arising out of machinery replacement or maintenance, the utilization of high-end lubricants in proper applications is important. This propels growth of the global mining lubricants market over assessment tenure.
Whether one is mining for coal, oil sands, metals or minerals, the expectation with the equipment lies in its reliable performance and efficiency profit maximization. In addition, it is also needed to ensure safe operation at the site and protection of environment at large. As such, such factors are likely to fuel the expansion of the global mining lubricants market in years to come.
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Industrial lubricants are formulated specially so as to safeguard the mining equipment in extremely adverse conditions.
Based on the type of products, the global mining lubricants market is split into
- Bio-based Mining Lubricant
- Mineral Oil
- Synthetic Lubricant
Mineral oil lubricants come cheaper than bio-based mining lubricant and synthetic lubricant. In addition, they make an offering of more working benefits at by providing the equipment with stable structure. Mining is of immense significance in many of the Asian countries like Indonesia, Australia, China, and India. Asia Pacific is estimated to rise rapidly over the tenure of assessment. Coal and iron are widely extracted resources in this part of the world.
In addition, iron is one of the most consumed metal in countries like China and India, which increases demand for iron ore in Asia Pacific region. It is as such likely to boost the growth of the global mining lubricants market in years to come.
Global Mining Lubricants Market: Snapshot
In the recent past, the mining industry has transitioned from underground mining to open pit mining. Open pit mining is increasingly practiced worldwide, especially in developed countries. Numerous machines are used in mining including shovels, long wall machines, loaders, scoops, roof bolters, shuttle cars, draglines, and haul trucks. These machines are in-built with transmission system, bearings, wire ropes, and heavy gear system, which assist in their efficient performance. For these machines to function efficiently, they require to be lubricated periodically. Their performance should also get monitored time to time, to identify any mechanical fault. The lubrications used for these machines must have properties such as hydraulic stability, high boiling point, high viscosity index, good thermal stability, ability to absorb shock loads, resistance to oxidation, and corrosion resistance.
The market of mining lubricants relies on mining activities. Mining lubricant is therefore used in bearings, gear boxes, wire rope, and open gears. Open gear system can suffer pitting and wear due to insufficient lubrication. To lubricate open gear systems, synthetic lubrications are used. Synthetic lubrications do not contain heavy metals and are environment friendly. They are designed to protect open gear systems from heavy shock loads.
Mining lubricants are used in machines used for mining of iron ore, coal ore, and other earth minerals. As the production of coal is higher than other minerals, the demand for mining lubricants from for this end-use industry is higher than others. Expansion of the mining lubrication market is therefore corresponds directly to the growth witnessed in mining activities. On the downside, instability in government policies with regards to the mining industry, environmental upkeeps, and volatility in prices of raw materials may act as restraints for this market. Nevertheless, industrial growth and High energy consumption are expected to boost the mining lubricants market.
The mining industry underwent a transformation, from underground mining to open pit mining, during the 20th century. Open pit mining has become common in developed countries. Haul trucks, draglines, shuttle cars, roofbolters, scoops, loaders, longwall machines, and shovels are some of the machines used in mining. These machines possess heavy gear system, wire ropes, bearings, and transmission system. These need to be lubricated from time to time. A lubricant should be such that it decreases maintenance costs and increases the machine life. It must have high viscosity index, corrosion prevention, high boiling point, resistance to oxidation, ability to absorb shock loads, good thermal stability, and hydraulic stability. The mining lubricants market relies on mining activities. Expansion of the mining lubricants market depends upon the number of mining activities.
Based on application, the mining lubricants market can be segmented into open gears, wire rope, gear boxes, and bearings. The open gears segment dominates the mining lubricants market. Open gears system suffers from wear and pitting because of insufficient lubrication. Asphaltic-based lubricants and synthetic type lubricants are most commonly used in open gears system. Synthetic lubricants do not contain heavy metals. They are environmentally-friendly and are designed to protect from heavy shock loads on open gears system. Mining gear boxes tend to overload. This causes premature failures. A suitable gear oil with properties such as protection due to shock loadings and protection from water contamination should be applied. Lubricant with improper sealing mechanism contaminates the bearing boxes and results in bearing failures.
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Based on end-use industry, the mining lubricants market can be divided into coal ore, iron ore, and other earth minerals. Production of coal ore is higher than that of iron ore and other earth metals. Hence, the coal ore segment leads the mining lubricants market. High energy consumption and industrial growth are anticipated to boost the mining lubricants market.
Based on region, the mining lubricants market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Mining activities in Asia Pacific, especially in China, India, and Australia, are high. Therefore, these countries dominate the mining lubricants market in Asia Pacific. China leads the use of mining lubricants due to the high production of coal ore and iron ore in the country. Asia Pacific is followed by North America.
Key players operating in the mining lubricants market are Total Oil (Australia), Exxon Mobile Lubricants & Specialties (the U.S.), Royal Dutch Shell Plc. (the Netherlands), Chevron (the U.S.), Perma-tec GmbH & Co. KG (Germany), Quaker Chemical Corporation (the U.S.), Petro Canada Lubricants Inc (Canada), BP Lubricants (the U.S.), Conoco Phillips Inc (the U.S.), Aarna Lube Private Limited (India), Lubrication Engineers, Inc. (the U.S.), Engen Botswana Limited (South Africa), Vivo Energy (Mauritius), and Interlube Limited (the U.K.). Large players operating in the mining lubricants market design their products. Total Oil is one of the major players in the mining lubricants market. It manufactures and supplies lubricants across the globe. The company’s lubricants have a long life and ensure complete protection to the mining equipment. Total Oil provides lubricants to drag lines, loaders, excavators, haul trucks, and diggers, among others. Petro Canada Lubricants Inc develops products for underground mining and open pit mining. For underground mining, the company uses VULTREX Rock Drill EP000, which is designed for in-line pneumatic systems and mist-free lubrication of rock drills. It markets products under the brand names VULTREX OGL Synthetic Arctic, an open gear lubricant for cold regions, VULTREX OGL Synthetic All Season, an open gear lubricant for all seasons, and PRODURO for gears and bearings. Volatility in prices of raw materials, environmental upkeeps, and instability in government policies related to the mining industry are some of the restraints of the mining lubricants market.
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