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Description
The global off highway construction equipment lubricants market size is expected to be valued at USD 764.3 million in 20. It isis expected to grow at a CAGR of 5.1% during the forecast period 2022 to 2028. The global market provides a detailed overview of the global off highway construction equipment lubricants market, and that can be segmented by base oil type, by product type, and by 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 2022-2028 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, minimizes wear and tear, reduces the accumulation of dust and seals the gap, and prevents 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 Vehicle, 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.
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.
