The study finds that backhoe loaders account for larger sales of construction lubricants, as they entail relative greater fleet maintenance requirements than other construction equipment.
The study offers a comprehensive forecast of the construction lubricants market for the period, 2018 to 2028. The construction lubricants market is expected to register a volume CAGR of approximately 4 percent through 2028.
According to the study, construction lubricant sales are estimated to surpass 6,400 KT (Myanmar Kyat, national currency) in 2019. Resurgence in construction activities and growing investment in infrastructure development projects, particularly in emerging economies, 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, while expanding their core product lines,” states the report.
According to the report, synthetic oil will continue to be preferred over mineral oil, with global sales estimated to 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 and regulations are also driving demand for synthetic oils.
ZINC-FREE: A KEY TREND
Growing demand for zinc-free construction lubricants is emerging as a key trend in the industry, owing 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 fueling 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.
FOR MORE INFORMATION
These insights are based on a report on Construction Lubricants Market by Fact.MR, a research and consulting firm. For more information, visit www.factmr.com/report/3472/construction-lubricants-market.
Modern Contractor Solutions, May 2019
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