Lubricants are viscous fluids that are used in several industrial applications for proper functioning of machines and their components. Just like any other industry, the mining sector requires machinery in abundance for its efficient functioning. This sector uses lubricants for quarry and mining applications. With the surging consumption of mineral oil lubricants and increasing mining activities in developing countries like China and India, the sales of lubricants are expected to boom in the coming years. At present, the mining sector is showing high preference for bio-based lubricants, on account of rising environmental concerns.
The increasing use of these lubricants in the coal mining industry and rising consumption of coal in the power sector in countries like Indonesia, China, and India will drive the lubricants market for mining and quarry applications at 5.0% CAGR during 2017–2023. The market size is expected to grow from $1,890.0 million in 2016 to $2,610.0 million by 2023. Moreover, the burgeoning demand for mineral and metal commodities and escalating consumption of natural resources like uranium, coal, and diamond will support the market growth in the coming years.