The construction lubricants market size is projected to reach USD 6.5 billion by 2026 from USD 5.6 billion in 2021, at a CAGR of 3.0%. Growing demand for construction industry is expected to support the growth of the construction lubricants market. However, huge investment in R&D and strict rules and technological advancement is restraining the growth of the market. On the other hand, innovation in product development has created opportunities for manufacturers.
ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), Total Energies SE(France), China Petrochemical Corporation (Sinopec Corp), Chevron Corporation (US), PetroChina Company Limited (China), FUCHS Petrolub SE (Germany), and Lukoil (Russia) are the major players in this market.
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ExxonMobil Corporation is the largest publicly traded oil & gas company, which markets fuel and lubricants under four brands, namely, Esso, Exxon, Mobil, and ExxonMobil. The company operates through three business segments, namely, upstream, downstream, and chemical. The company operates in North America, Europe, APAC, the Middle East & Africa, and South America.
On February 2019, ExxonMobil Corporation expanded their business by setting up a lube blending plant in India.
Royal Dutch Shell plc commonly known as Shell, is an energy and petrochemical company. It is one of the world’s most valuable companies and one of the six oil & gas “supermajors.” The company operates through four segments, namely, integrated gas, upstream, oil products, and chemicals. The company operates in more than 70 countries of APAC, the Middle East & Africa, North America, Europe, and South America
In October 2018, to remain competitive in the construction lubricants market, the company has made an agreement with Raizen (Brazil) for the downstream business segment, which, in turn, drives the construction lubricants business
BP Plc is an integrated oil & gas company. It offers various products such as crude oil, natural gas, aromatics & acetyls, asphalt, aviation and marine fuels, bitumen, petrochemicals, fuel cards, liquefied petroleum gas, marine fuel, oils & lubricants, photovoltaic solar electric products & systems, polymers, purified terephthalic acid, paraxylene, acetic acid, ethylene, propylene, solvents, and industrial chemicals. It has operations in APAC, Europe, the Middle East & Africa, North America, and South America.
BP Plc. Is currently focused on delivering reliable solutions to the customers. Their new strategy consists of three focus areas which are low carbon electricity and energy, convenience and mobility, resilient and focused hydrocarbons. They aim to be an advanced energy company till 2030 by investing in low-carbon and focusing majorly on oil & gas production.
Construction Lubricants Market by base oil [Synthetic oil, Mineral oil], type (hydraulic fluid, engine oil, compressor oil, gear oil), equipment type (Earthmoving, Material Handling, Heavy Construction Vehicle) - Global Forecasts to 2026
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