New York, United States , April 18, 2023 (GLOBE NEWSWIRE) -- The Global Off-Highway Equipment Lubricants Market Size is to grow from USD 3.02 billion in 2022 to USD 7.08 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period.
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Off-Highway Equipment Lubricants are specialized lubricants designed for use in heavy-duty equipment used in various industries such as construction, agriculture, mining, forestry, and other off-highway applications. These lubricants play a crucial role in ensuring efficient operation, durability, and maintenance of off-highway equipment, which is subjected to harsh operating conditions, heavy loads, and extreme temperatures. The off-highway equipment lubricants market is driven by the growing demand for heavy machinery and equipment in infrastructure development projects, increasing mechanization in agriculture, and the expansion of mining and forestry activities globally. These industries rely on off-highway equipment for tasks such as excavation, hauling, material handling, and processing, which require reliable lubrication to reduce friction, wear, and heat, and extend equipment life.
Browse key industry insights spread across 200 pages with 122 market data tables and figures & charts from the report on “Global Off-Highway Equipment Lubricants Market Size, Share, and COVID-19 Impact Analysis, By Type (Heavy-Duty Engine Oils, Transmission Fluids, Hydraulic Fluids, Greases, Gear Oils, and Others), By Equipment (Tractor, Excavator Forklift, Harvesters, and Others), By End-User (Construction, Mining, Agriculture, Forestry, Material Handling, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032”. Get Detailed Report Description Here:
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The heavy-duty engine oils segment is expected to grow at a higher CAGR of around 9.1% over the forecast period.
The global off-highway equipment lubricants market is categorized into various types, including heavy-duty engine oils, transmission fluids, hydraulic fluids, greases, gear oils, and others. Among them, the heavy-duty engine oils sector held the largest share in 2022. This is because engine oils are used in the vast majority of heavy-duty vehicles. They aid in reducing engine wear, improving performance, and lowering pollutants.
The excavator segment accounted for the largest market share of around 23.5% in 2022.
The global off-highway equipment lubricants market is segmented based on equipment type, including tractor, excavator, forklift, harvester, and others. Among these, the excavator segment held the largest market share in 2022 due to increasing usage construction, mining, and other applications for tasks such as digging, lifting, and moving heavy materials, which in turns fuel the demand for off-highway equipment lubricants in the global market.
The construction segment dominated the market with the largest revenue share of 44.8% in 2022.
On the basis of end users, the global off-highway equipment lubricants market is segmented into construction, mining, agriculture, forestry, material handling, and others. Among these, the construction segment is dominating the market with the largest market share over the forecast period due to rising in construction activities that require the use of heavy-duty vehicles, which utilize lubricants.
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Asia-Pacific is leader in the market with highest revenue share of around 34.5% in the global market.
The off-highway equipment lubricants market in the Asia-Pacific region is characterized by its dominant position, which can be attributed to multiple factors. Firstly, the accelerated urbanization and industrialization in countries such as China and India have resulted in substantial investments in construction and mining operations, thereby fueling the demand for lubricants for heavy-duty off-highway equipment. Secondly, the increasing emphasis on agricultural production and mechanization in countries like Australia, Japan, and South Korea has also contributed to the rising demand for lubricants in agricultural equipment. Additionally, the region's growing focus on sustainable practices and adherence to stringent environmental regulations has spurred the adoption of advanced lubricants.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The key players in the global off-highway equipment lubricants market include Exxon Mobil Corporation, Royal Dutch Shell PLC, Chevron Corporation, BP PLC, TotalEnergies SE, FUCHS Lubricants Co., Valvoline Inc., Idemitsu Kosan Co. Ltd., Petroliam Nasional Berhad (PETRONAS), Sinopec Limited, Lukoil Lubricants Company, Phillips 66 Lubricants, Castrol Limited, Quaker Chemical Corporation, Caltex Australia Group, and various other prominent players.
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