A recent report on lubricants used in the mining sector has revealed that the demand for grease and gear oil is a major force driving the market.
The study estimated that by the year 2030, the mining lubricants market will have a value of approximately $4.91 billion.
The detailed report explored mining lubricants by type, cross-referencing this with mining techniques. It also looked at major companies like Shell, Mobil and Total, which produce built-for-purpose lubricating solutions that can cope with the extreme operating conditions of the industry.
It found that the mining lubrication market is experiencing substantial growth, propelled by the rising demand for more durable and efficient products that enhance the active service life and performance of expensive mining equipment. The growth of mining activities, especially in emerging economies, is also fuelling the need for more specialised lubrication solutions.
Progress in modern mining equipment, like machinery with larger sumps and high-power ratings, has ramped up demand further for high-performance oils, greases and fluids. Additionally, strict environmental legislation has encouraged mining operations to use more eco-friendly and biodegradable products, bolstering market growth.
While the study examined the effects of transmission oil, hydraulic fluid and engine oil on market worth, it predicted that in terms of value, the segment for grease and gear oil would maintain the largest share for the forecast period.
Grease supplies outstanding adhesion and water resistance, making it excel at lubricating bushings, bearings and other components exposed to harsh mining environments. Gear oil is critical for lubrication for high-torque equipment like transmissions and gearboxes, reducing wear and providing premium performance under heavy loads.
