Mining Lubricant MarketSize and Trends

Mining Lubricant Market Outlook - Surging demand in Asia-Pacific Augmenting Market Growth

Asia Pacific is a major hub for the coal and iron ore mining industries. The major developing infrastructure and growing construction activities has enabled the significant need of these minerals, which in turn is leading to the need of mining lubricants. Australia and China are one of the largest producers of iron ore and bauxite. The mining lubricant market is totally dependent on the mining industry of these countries. Asia Pacific was the largest market for the mining lubricants in 2016. This in turn markets it an attractive market for mining lubricants. Increased mining to achieve energy and mineral resource for enhancing self-sufficiency ability are the major drivers behind this trend.

The downturn in mining related investments in South Africa due to the stringent government regulations adversely affected the mining lubricant industry in the country. Rising costs, labor unrest, and a decrease in commodity prices, has resulted in reduced profit margins from mining projects discouraging new announcements.