A lubricant is an organic material used to decrease friction between surfaces in mutual contact, reducing the heat generated when the bodies move. Lubricants in the mining industry are used to serve stationary processing, e.g., compressors, crushers, mills, roller presses and mobile equipment used in surface and underground operations, e.g., trucks and shovels, dragline and processing equipment. In addition, mining machines utilize lubricants in components like bearings, gears, pins, ropes, machine tool slideways, pneumatic tools, mining transmissions, turbines, etc.
These lubricants generate high viscosity index, extended oil drain intervals, maximum performance and anti-wear properties. Moreover, it is also used to prevent rusting and corrosion of moving parts in machinery.
The global mining lubricants market growth is driven by demand for better lubricants, and continuous maintenance of mining equipment are among the key factors driving the market growth.
The demand for better-quality mining lubricants is expected to drive market growth in the forecast period.
Lubricants play a vital role in mining operations; these are used in crushers, gears, pins, engines, and various other mining components to increase machine efficiency and avoid failure in opencast and underground mines. High-quality lubricants can immediately impact the operation by increasing machine life, decreasing maintenance cost and energy use. Using low-quality lubricants is a waste as it costs only 1% to 2% of the total maintenance costs. According to Shell report,2020, 60% of companies recognize that effective lubricant selection and management can reduce costs by 5% or more. Still, they undervalue the opportunity - fewer than 10% realize that the impact of lubrication could be up to six times greater.
The demand for multipurpose mining lubricants is expected to drive market growth in the forecast period.
An attempt to reduce the number of lubricants on machines has encouraged the development of multipurpose lubrication, which can meet the requirement of various applications from a single lubrication system like Mobil manufactures Dynagear multipurpose lubricant, which can be used for various open gears.
With GPS offering the potential for remotely operated equipment, lubrication systems are expected to reach new control levels. When it comes to developing and applying lubricating products, it becomes necessary to provide the cleanest possible environment, reducing rehandling and using the right product in the right amount.
The mining lubricants market is consolidated and highly competitive with the presence of a few local players followed by the global companies who contribute to the major share in the market. Leading key players contributing to the growth of the market areExxon Mobil Corporation, Royal Dutch Shell, Fuchs Petrolub, Kluber Lubrication Munchen SE & Co, Total Lubricants, Luk Oil, BP Plc., Chevron Corporation and Idemitsu Kosan Co. Ltd.
The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions and collaborations, which are responsible for the growth of the mining lubricants market globally.