Dublin, Dec. 23, 2022 (GLOBE NEWSWIRE) -- The "Global Hydraulic Fluids Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Point of Sale (OEM, Aftermarket), End-Use Industry (Construction, Metal & Mining, Power Generation, Oil & Gas, Transportation), Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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%. In a hydraulic system, kinetic and potential energy are largely transported by hydraulic fluids. Typically, hydraulic fluids supply a volume flow in hydrostatic motors and pumps. Hydraulic fluids also help to lessen frictional piston assembly parts' wear and tear. Additionally hydraulic fluids also help in protecting internal systems from corrosion and abrasion brought on by external surroundings.
Synthetic oil was the second-largest base oil of the global hydraulic fluids market, in terms of value, in 2021
Synthetic oil was the second-largest base oil in the global hydraulic fluids market, in terms of value, in 2021. Increasing demand for synthetic oil is due to its superior performance. Synthetic based hydraulic fluid is formulated to with chemicals to perform better than mineral oil. Synthetic oil offers excellent performance at high temperature and has good oxidation capabilities. However, its high cost is impacting overall market share.
By end-use industry, construction accounted for the largest market share in global hydraulic fluids , in terms of value, in 2021
Construction was the largest segment in the global hydraulic fluids industry by end-use industry, in terms of value, in 2021. Rising construction activities globally is major factor for large market share for the construction segment. In addition, growing application of hydraulic fluids in earthmoving equipements in construction industry is driving the market growth. These equipements require special grade of hydraulic fluids for efficient functioning. Moreover, construction activities require machinery with reduced possibility of failure, downtime and better lifespan. Thus, hydraulic fluids are extensively used in this segment for smooth functioning of the equipment.
Asia Pacific is projected to be the fastest-growing market during the forecast period, in terms of both volume and value
Asia Pacific was the largest hydraulic fluids market, in terms of value, in 2021. It is also projected to be the fastest growing market during the forecast period. Rising construction activities in the region coupled with growing automotive and food industry is driving the demand in Asia Pacific. High growth markets like China, India and Thailand are aggressively investing in new construction activities.
Market Dynamics
Drivers
- Massive Industrial Growth in Asia-Pacific and Middle East & Africa
- Improved Quality of Hydraulic Fluids
- Growing Automotive Industry in Asia-Pacific
- Increasing Demand from Marine Application
- Expansion of Refinery Capacities Driving Market for Group Ii and Group Iii Base Oil
- Growing Demand for Processed Food
Restraints
- Shift to Synthetic Oil Causing Shrink in Overall Demand for Hydraulic Fluids
- High Cost of Synthetic & Bio-Based Hydraulic Fluids and Stringent Environmental Regulations
- Technological Advancements in Automotive and Equipment Machine Designs
Opportunities
- Increasing Demand for Bio-Based Hydraulic Fluids
- Rising Usage in Mining, Construction, and Agriculture Industries
- Availability of Semi-Synthetic Hydraulic Fluids
- Availability of Zinc-Free (Ashless) Hydraulic Fluids
- Demand for Renewable Energy to Positively Impact Hydraulic Fluids Market
Challenges
- Volatile Crude Oil Prices
| Report Attribute | Details |
| No. of Pages | 270 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $8.2 Billion |
| Forecasted Market Value (USD) by 2027 | $9.6 Billion |
| Compound Annual Growth Rate | 3.2% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Hydraulic Fluids Market, by Point of Sale
7.1 Introduction
7.2 OEM
7.3 Aftermarket
8 Hydraulic Fluids Market, by Base Oil
8.1 Introduction
8.2 Mineral Oil
8.3 Synthetic Oil
8.3.2 Polyalphaolefins (Pao)
8.3.3 Polyalkylene Glycols (Pag)
8.3.4 Esters
8.3.5 Group Iii (Hydrocracking)
8.4 Bio-Based Oil
9 Hydraulic Fluids Market, by End-Use Industry
9.1 Introduction
9.2 Construction
9.3 Metal & Mining
9.4 Agriculture
9.5 Oil & Gas
9.6 Transportation
9.6.2 Marine
9.6.3 Aviation
9.6.4 Automotive
9.7 Cement Production
9.8 Food Processing
9.9 Power Generation
10 Hydraulic Fluids Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent & Related Markets
14 Appendix
Companies Mentioned
- Balmer Lawrie & Co. Ltd.
- Bel-Ray Company, LLC.
- Bp P.L.C.
- Chevron Corporation
- Citgo Petroleum Corporation
- Eneos Holdings, Inc.
- Exxonmobil Corporation
- Fuchs Petrolub Se
- Harrison Manufacturing Co Pty Ltd.
- Hindustan Petroleum Corporation Limited (Hpcl)
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Limited (Iocl)
- Lubri-Lab Inc.
- Lukoil
- Nyco
- Penrite Oil Company
- Pertamina
- Petrobras
- Petronas
- Phillips 66
- Rosneft
- Shell plc
- Sinopec Corp.
- Totalenergies Se
- Valvoline
For more information about this report visit https://www.researchandmarkets.com/r/pn1x2y
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