Construction lubricant sales are estimated to surpass 6,400 KT in 2019, according to a recent study. This is due to a resurgence in construction activities and growing investment in infrastructure development projects. It is particularly true in emerging economies, as continue to support growth of the construction lubricants industry.
“Extensive analysis of the end-user specifications and requirements continues to be vital for growth in the construction lubricants market. Manufacturers are vying to devise effective strategies for extension of their portfolios with new product developments. They do this while also expanding their core product lines”, states study report.
According to the report, there will continue to be a preference of synthetic oil over mineral oil. Estimates show that global sales will exceed 3,300 KT in 2019. Marked preferences for synthetic oil are on account of its superior performance capabilities and higher drain intervals. Stringent emission norms & regulations are also driving demand for synthetic oils.
The study finds that backhoe loaders account for larger sales of construction lubricants. This is because they entail relative greater fleet maintenance requirements than other construction equipment.
East Asia is likely to emerge as a highly attractive market for construction lubricants. This is driven by rapid industrialization across developing economies in the region. In addition, increasing government as well as foreign investments apropos of the construction activities is further underpinning growth of East Asia construction lubricants market.
Growing Demand for Zinc-Free Construction Lubricants – A Key Trend
Growing demand for zinc-free construction lubricants is emerging as a key trend in the industry. Studies owe this to their ability of preventing corrosion of construction machinery, and improving the equipment lifecycle. Additionally, zinc-free construction lubricants offer high performance even in high temperature, high pressure, and high moisture conditions, which in turn is fuelling their demand as an ideal type of construction lubricant.
The study opines that leading players in the construction lubricants market are focusing on offering high-performance products, which will help end-users to safeguard expensive machinery and reduce unwanted downtime. In order to serve a larger end-user base and effectively meet their specifications and requirements, players are making headway with value-added services and offerings.
Manufacturers of construction lubricant are also focusing on diversifying their product portfolios via incorporation of bio-based variants, against the backdrop of rapid end-user inclination toward environment-friendly products. According to the report, companies that hone their digital-marketing skills to engage end-users are likely to gain significant profitability in the long-run, upheld by the fact that most players in the construction lubricants market are already putting immense efforts to gain a competitive edge.
These insights come from a report on Construction Lubricants Market by Fact.MR.