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. In this report, 2016 has been considered as the base year for the study of the construction lubricants market, while the forecast period is 2017–2022.
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Market Dynamics
Drivers
- High growth of construction industry in Asia-Pacific and Middle East & Africa
- Growing demand for high quality lubricants
- Rise in automation in construction Industry
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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Objectives of this study on the construction lubricants market are:
- To analyze and forecast the size of the construction lubricants market, in terms of value and volume
- To provide detailed information regarding the major factors (drivers, restraints, and opportunities) influencing the growth of the market
- To define, describe, and forecast the construction lubricants market on the basis of base oil, product type, and region
- To forecast the market size of different segments based on regions, namely, APAC, Europe, North America, the Middle East & Africa, and South America and the key countries in these regions
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