Market Trends of Mining Lubricants Industry
This section covers the major market trends shaping the Mining Lubricants Market according to our research experts:
Expansions in African Mining Sector
- Due to rise in population and a persistent demand for minerals and their derivatives in different end-user industries, the African mining industries have been witnessing a surge in investments, owing to the presence of heavy mineral deposits in the region.
- West Africa is well-endowed with mineral resources, and many world-class deposits have been discovered in this during the past few years. For instance, gold is a key source resource obtained in the region, with South Africa, Ghana and Sudan leading the production of gold, among all the African countries. The region is also key source of other resources such as iron ore, bauxite, diamonds, phosphate, and uranium. Furthermore, its untapped mineral wealth deposits provide exceptional potential for greenfield development.
- The investments in the mining sector in countries such as South Africa and Congo have increased in 2019, majorly in the production of base metals. The recovery of the prices of several commodities have further augmented the production and investment scenario in the African mining sector recently.
- Changes are also being observed with the gradual adoption of newer technologies, services and renovation requirements for the existing mining equipment in the region.
- Such factors are expected to augment the growth of the mining lubricants market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is the base for global mining powerhouses such as China, Australia, and India and a large proportion of the demand for mining lubricants can be attributed to these countries.
- The exploration and production of coal mining in the Asia-Pacific has been fluctuating in the past five years. However, the production of coal in the Asia-Pacific region has witnessed a growth about 6% in 2018.
- Despite a slight decline in the coal production in Japan and South Korea lately, countries such as Indonesia, Mongolia, and India have been fueling the growth of coal mining sector in the region.
- The overall production of minerals in China has rebounded since 2016. However, the demand for coal in China has declined in 2019 and other factors such as ongoing trade tensions have created an uncertain atmosphere over the growth of the country's mining sector in near future.
- The mining industry production in India is estimated to have exhibited a stable growth. The outlook for the mining production growth in the country remains positive, given the country surpasses few hurdles in the form of high taxations, and policy implementation.
- Australia's mining sector has been expanding owing to growth in investments and start up of new projects in the past five years. The country is expected to be a key driver to support the growth of the mining lubricants in the region during the forecast period.
- Despite a few setbacks in recent times, the Asia-Pacific region is projected to remain the largest consumer of mining lubricants through the forecast period.
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