The construction lubricants market is projected to grow from USD 9.0 billion in 2022 to USD 10.6 billion by 2027, at a CAGR of 3.3% during the forecast period. The market growth is primarily driven by factors such as rising automation in the construction industry and growing demand for high-quality lubricants. The high growth in the construction industry in the Asia Pacific and, Middle East & Africa region benefits the construction lubricant suppliers and fuels the global construction lubricants market.
The construction lubricants market is evolving, with major players playing a vital role in developing new and advanced products. Shell plc (UK), ExxonMobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), Sinopec Corp. (China), FUCHS Petrolub SE (Germany), Indian Oil Corporation Limited (India), LUKOIL (Russia), and Petronas (Malaysia) are key players in the construction lubricants market. These players have adopted various growth strategies to strengthen their position in the market. These include new product launches, mergers and acquisitions, contracts, partnerships, and product development activities to further expand their presence in the construction lubricants market.
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Shell plc is the largest player in the construction lubricants market. It is vertically active in both downstream and upstream activities in the oil & gas industry. Its well-established brand value and distribution network are vital factors for its growth prospects. The company is focused on its downstream business segment, as it has a strong revenue-generating segment with a high return on investment. It focuses on expansion as the key growth strategy. It has made enormous expansions to meet the increasing customer demand and strengthen its position in the grease market. In March 2020, Shell Indonesia announced to double the production capacity of its world-class Lube Blending Plant (LOBP) in Marunda Center near Jakarta, Indonesia. After the completion, the facility produces up to three hundred million liters of finished lubricants per year on this 9-hectare site.
ExxonMobil Corporation is the second-largest player in the construction lubricants market. ExxonMobil Corporation is one of the largest companies in terms of revenue generation. The company owns hundreds of small subsidiaries across the globe. In the 1970s, the company developed commercial synthetic motor oil and is now a pioneer in synthetic oil technology. The company is currently operating in more than 160 countries with its head offices, sales offices, production plants, and research & development centers.
In July 2019, the company increased its production capacity for low-viscosity polyalphaolefin synthetic base oils, enhancing the reliability of its global supply chain network. In June 2019, the company expanded its business by developing long-term oil reserves in Argentina's Bajo del Choique La Invernada block. The project comprises a central production facility with ninety wells and exported infrastructure connected to the Oideval pipeline and refineries. This was estimated to generate 55,000 oil equivalent barrels per day within five years. Also, in December 2018, the company expanded its Rotterdam refinery to enhance the output of Group II base oils for lubricants. Due to this, the company grew to become the world's largest producer of Group I and Group II base oils.
BP p.l.c. is the third-largest company in the construction lubricants market globally. The company's vertical integration is a major factor in its huge growth. The company has a strong name in the oil & gas industry. Castrol is the flagship lubricant brand of the company that has a broad product line catering to a wide range of industries. BP p.l.c. is vertically integrated and is one of the six oil & gas supermajors. The company operates in gas & low-carbon energy, customer products, oil production & operations, and other business. The company is also involved in renewable energy activities in biofuels and wind power. In June 2021, the company expanded its business by setting up a digital hub in Pune, India. This expansion helped the company grow its digital expertise and meet the changing needs by providing sustainable solutions.
Construction Lubricants Market by Base Oil (Mineral Oil, Synthetic Oil), Type (Hydraulic Fluid, Engine Oil, Gear Oil, ATF, Grease, Compressor Oil), Equipment (Earthmoving, Material Handling, Heavy Construction), and Region - Global Forecast to 2027
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