The recent Technavio Global Lubricants Market for Mining and Quarry Applications 2017-2021 report discusses the major drivers influencing market growth, as well as the challenges faced by the mining and quarrying sectors.
According to the report, the future demand for mining products will come from infrastructure projects that are currently in the planning or development stage.
Likewise, the manufacturing sector in countries such as Australia, China, India, Indonesia and Thailand will also add to the demand.
Global population growth will also drive urbanisation and industrialisation. With these growing populations, governments worldwide will be under pressure to ensure economic developments increase in coming years.
The report also noted the growth of the mining lubricants industry is closely related to the growth of mobile equipment in the mining sector.
This means the downfall in mining industry investments has affected the mining lubricants market, as companies have decided against investments in new projects until prices recover.
Growing worldwide environmental concerns are another reason for the flat global mining market, as many countries such as China, India, Germany and England are closing their coal mines and opting for other sustainable alternatives.
With a lack of demand for minerals and metals due to less demand from the manufacturing and construction industries, the report noted this too was one of the reasons for the decline in mining-related investments over the past few years.
The past century has seen the dominance of fossil fuels as the chief source of energy for the sustenance of the global economy.
The main function of industrial lubricants is to reduce friction, wear, binding and moisture content. Lubricants used in mining and quarry applications include bearings, compressors, gears, metalworking, vacuum greases and vacuum pump oils.
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