Chicago, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global Hydraulic Fluids Market size is projected to reach USD 9.6 billion by 2027 from USD 8.2 billion in 2022, at a CAGR of 3.2% between 2022 and 2027 as per the recent study by MarketsandMarkets™. The growing infrastructure and construction industries worldwide is responsible for the market growth. Infrastructure development is now a priority for governments in many developing countries. Infrastructure-related activities are increasing as a result of factors like funding availability, adoption of new technologies, and infrastructure affordability.
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Browse in-depth TOC on "Hydraulic Fluids Market”.
285 - Market Data Tables
59 - Figures
281 - Pages
List of Key Players in Hydraulic Fluids Market:
- Shell Plc. (Netherlands)
- ExxonMobil Corporation (US)
- Chevron Corporation (US)
- BP p.l.c. (UK)
- TotalEnergies SE (France)
- Petrochina Company Limited (China)
- Sinopec Corp (China)
- Fuchs Petrolub AG (Germany)
- Idemitsu Kosan Co. Ltd (Japan)
Drivers, Opportunities and Challenges in Hydraulic Fluids Market:
- Drivers: Increased use of hydraulic fluids in various end-use industry
- Restraint: Shift towards electric vehicles
- Opportunity: Rising awareness towards bio-based oils
Key Findings of the Study:
- Mineral oil was the largest base oil in the global hydraulic fluids market, in terms of value, in 2021
- Food processing segment projected to be the fastest growing end-use industry, in terms of value, during the forecast period
- North America is estimated to be the second-largest market for hydraulic fluids, in terms of value, during the forecast period
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Hydraulic fluids are used to transmit power to hydraulic equipment components. For heat transmission, lubrication, pollution removal, sealing, and contaminant control, hydraulic fluids use the force of non-compressing fluids found in various parts of the vehicle. They are also frequently employed in elevators, hydraulic brakes, excavators, power steering, trash trucks, industrial machinery, and flight control systems for aeroplanes.
Based on point of sale, global hydraulic fluids market is segmented into OEM and aftermarket. Aftermarket segment dominated the global hydraulic fluids market, both in terms of value and volume, in 2021. Hydraulic equipment like excavators, backhoes, bulldozers, dumpers, and motor graders have long life. This increases the change interval for hydraulic fluids, increasing its dominance in aftermarket segment.
The market is divided into mineral oil, synthetic oil, and bio-based oil based on base oil. In the hydraulic fluids industry, mineral oil dominated the global market. This is mostly because it is inexpensive and easily accessible. The most used base oil for making hydraulic fluids is mineral oil, which can be divided into three groups: Group I, Group II, and Group III. Group I is assigned to the solvent-refined mineral oil. The most popular base stock for modern hydraulic fluids is Group I base mineral oil. However, due to its enhanced characteristics, the synthetic oil category is anticipated to grow at highest CAGR during the forecast period.
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On the basis of end-use industry, the hydraulic fluids market is segmented construction, metal & mining, agriculture, transportation, oil & gas, cement production, food processing, power generation, and others (paper, textile, and chemical). The hydraulic fluids market was dominated by the construction industry. Excavators, backhoes, bulldozers, trenchers, loaders, dump trucks, graders, and other common construction hydraulic machinery all require hydraulic fluids. However, food processing industry is projected to witness the highest CAGR during the forecast period.
The Global Hydraulic Fluids Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America based on geography. Throughout the forecast period, Asia Pacific is expected to hold the largest market share for hydraulic fluid globally. This region is expected to become a popular travel destination as a result of the growing population and rising building spending in the expanding markets like China, India, Thailand and Indonesia. The need for hydraulic fluids in the region is being fueled by factors like increasing investments in manufacturing and construction, expansion of the SME sector, and the appearance of new domestic and foreign competitors. Additionally, expanding sales of both passenger and commercial vehicles in the area are contributing to the market growth.
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