APAC is Expected to be The Largest Market For Construction Lubricants During The Forecast Period
Updated on Nov 19, 2019
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The construction lubricants market was valued at USD 12.04 billion in 2016 and is projected to reach USD 15.64 billion by 2022, at a CAGR of 4.37% during the forecast period. Construction lubricants are a type of lubricants used to reduce friction between moving parts or surfaces and to enhance the efficiency of the machines used in the construction industry. They are formulated using various base oils such as mineral oil and synthetic oil.
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- High growth of construction industry in Asia-Pacific and Middle East & Africa
- Growing demand for high quality lubricants
- Rise in automation in construction Industry
- Technological advancements
- Oil Rejuvenation
The synthetic base oil segment is projected to grow at a higher CAGR during the forecast period.
The construction lubricants market has been segmented on the basis of base oil into mineral oil and synthetic oil (PAO, PAG, Esters, Group III). The synthetic oil segment is projected to register the highest CAGR during the forecast period. Synthetic oil provides high performance and high drain interval than mineral oil. Moreover, due to the implementation of environmental rules and regulations in the developed regions, the market for synthetic oil is expected to register a higher CAGR between 2017 and 2022.
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High growth of construction industry in Asia-Pacific and Middle East & Africa
There has been massive industrial growth in APAC since the past few years, and this is expected to continue during the next five years. The domestic and foreign investments in the construction industry have been consistently growing over the past decade in the region, which is fueling the growth of the construction lubricants market. China, home to almost 20% of the global population, has surpassed the US in the consumption of lubricants. Although the GDP growth of China fell to 6.6% in 2016, the outlook for industrial growth in China is positive, with the sales of construction lubricants growing significantly.
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