Austin, June 19, 2025 (GLOBE NEWSWIRE) -- The global mining lubricants market was valued at USD 4.28 billion in 2024 and is projected to reach USD 5.79 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.85% from 2025 to 2032.
The expansion of surface and underground mining is mainly driven by the growing global demand for minerals, metals, and fossil fuels, which is likely to boost the expansion of the mining lubricants market to meet the lubrication needs in mining. With the expansion and mechanization of mining operations, the need for high-performance lubricants that keep equipment operating, minimize maintenance downtime, and prolong equipment life has become a necessity. Further, increasing implementation of sophisticated and automated mining equipment, which typically works on higher pressures, temperatures, and environmental conditions, requires the use of specially designed lubricants for proper functioning and safety.
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U.S Mining Lubricants market size was USD 747 million in 2024 and is expected to reach USD 1129 million by 2032 and grow at a CAGR of 5.30% over the forecast period of 2025-2032.
It is due to its mature and technologically advanced mining industry that extracts and processes high-value minerals such as coal, copper, gold, and other minerals. The mining industry in the nation is marked by heavy-duty/high-performance machinery that needs similar high-quality oil to run efficiently without issues affecting its operations and life. Furthermore, leading lubricant manufacturers and suppliers have a significant footprint in the U.S., providing customers with access to a variety of high-quality products designed specifically for mining applications.
Key Players:
- ExxonMobil Corporation
- Shell plc
- Chevron Corporation
- TotalEnergies SE
- BP plc
- Fuchs Petrolub SE
- Petro-Canada Lubricants Inc.
- Quaker Houghton
- Kluber Lubrication
- Sinopec Lubricant Company
Mining Lubricants Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | USD 4.28 Billion |
| Market Size by 2032 | USD 5.79 Billion |
| CAGR | CAGR of 3.85% From 2025 to 2032 |
| Base Year | 2024 |
| Forecast Period | 2025-2032 |
| Historical Data | 2021-2023 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Drivers | • Increasing use of high-performance mining equipment drives the market growth. |
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Market Segmentation
By Product
In 2024, synthetic mining lubricants dominated the market by holding about 46% of the market share, owing to their superior properties than the conventional mineral-based lubricants. The lubricants are designed with the critical features of enhanced thermal stability, high oxidation stability, and long drain intervals that suit the harsh conditions of heavy-duty mining equipment, which is subjected to extreme temperature and pressure.
By Application
In 2024, iron ore mining led all mining segments by holding the biggest market share, approximately 32%, owing to the high global demand for steel, which is produced from iron ore as a major raw material. The need for steel in construction, transportation, and manufacturing sectors has been driven significantly by rapid industrialization and infrastructure development, primarily in emerging economies like India, China, and Brazil. Consequently, iron ore miners have also ramped up their operations, which in turn boosts the use of heavy machinery and equipment that work efficiently with high-performance lubricants.
Regional Analysis
Asia-Pacific had the largest market share in the mining lubricants market, which was approximately 43.34% in 2024, owing to the vast mining exploration and high demand for mineral resources in the region. Coal, iron ore, bauxite, copper, and rare earth elements are mined by countries like China, India, Australia, and Indonesia, which are critical for energy, infrastructure, and industrial production. Demand for lubricants used in mining heavy-duty equipment has been further propelled by the mining activities driven by the need for raw materials for the rapid urbanization, expanding construction projects, specifically in the automotive and electronics sectors, representing a wide array of industries in the region. Furthermore, Asia-Pacific is characterized by a large labor force availability, positive governmental policies, and low cost of production, rendering it a mining investment hotspot.
Recent Developments
- In April 2025, TotalEnergies Lubricants announced the launch of a new range of biodegradable hydraulic fluids specifically designed for mining and quarrying equipment operating in environmentally sensitive areas
- In December 2024, ExxonMobil Corporation expanded its synthetic lubricant production facility in Singapore to meet growing demand from Asia-Pacific’s mining and heavy-equipment sectors.
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