Off-Highway Construction Equipment Lubricants Market: By Base Oil Type (Mineral Oil, Synthetic Oil), By Product Type (Hydraulic Fluid, Engine Oil, Gear Oil, Compressor Oil, Others), By Equipment Type (Earthmoving, Material Handling, Heavy Construction Vehicle, Others) and Geography    

Off-Highway Construction Equipment Lubricants Market size was valued at USD 764.3 million in 2022 and is poised to grow at a CAGR of 5.1%  from 2023-2029. The global market provides a detailed overview of the market, and that can be segmented by base oil type, product type, and equipment type. By base oil type, the global off-highway construction equipment lubricants market has been segmented into Mineral Oil and Synthetic Oil. The Mineral Oil segment is likely to be the largest and fastest-growing segment in terms of type in 2021 and is expected to maintain the trend in the forecasted years. Based on product type, the global off-highway construction equipment lubricants market is segmented into Hydraulic Fluid, Engine Oil, Gear Oil, Compressor Oil, and Others. Among these, the Hydraulic Fluid segment is expected to have the fastest-growing market during the forecast period according to precision business insights.

Also, Engine oil especially heavy-duty engine oil is also growing at a significant rate due to its capability of reducing friction between engine parts, minimizing wear and tear, reducing the accumulation of dust and sealing the gap, and preventing corrosion. Moreover, they are highly resistant to thermal fluctuations and ensure the smooth functioning and efficiency of the engine which will further boost the market growth in this segment. Based on equipment type, the global off-highway construction equipment lubricants market is segmented into Earthmoving, Material Handling, Heavy Construction Vehicles, and Others. The Heavy Construction Vehicle segment accounts for the largest share in 2021 and is anticipated to register a significant CAGR in the upcoming years.

Off-Highway Construction Equipment Lubricants Market Key Development:

• In Oct 2022, JCB India, India's leading manufacturer of earthmoving and construction equipment, launched three new excavators for infrastructure and mining and quarrying applications.
• In Oct 2022, Takeuchi launched seven sound-suppressed hydraulic hammer models to the Takeuchi attachment program.