The Global Hydraulic Fluids Market is projected to reach USD 29.35 billion by 2028, at a CAGR of 3.6% during a forecast period. The significant growth of automotive as well as the construction industries is expected to fuel the growth of the hydraulic fluids market during the forecast period.
Hydraulic Fluids Market
Hydraulic fluids or liquids are used in hydraulic engines as a medium of energy transfer. Hydraulic fluids are used in hydraulic systems as corrosion-resistant, sealant, and lubricating material. Customary hydraulic fluids have mineral oil/emulsion bases. They offer low compressibility and flexibility. Hence, synthetic hydraulic fluids such as polyalkylene glycol and polyalphaolefin are preferred in hydraulic systems. These fluids are expensive but they offer high flexibility and compression combined with very low volatility.
Construction and automotive industries are the major end-users of the hydraulic fluids market. They account for a combined share of, approximately, 52% of the global consumption of hydraulic fluids. Fire-resistant hydraulic fluids are being developed by companies. This will bolster the demand for hydraulic fluids market in sensitive industries such as food and aerospace. Owing to the toxicity of hydraulic fluids, the food industry is reluctant to use these fluids in food preparation. However, this will change since non-toxic, non-flammable fluids are being developed, which will increase the demand for hydraulic fluids market in the food industry.
Hydraulic Fluids Market
The global hydraulic fluid market is dominant in Asia Pacific due to increasing construction activities. China is the largest consumer of the hydraulic fluids market in the Asia Pacific region. India is also witnessing a significant demand for hydraulic fluids due to the fast-growing economy and subsequent growth of the automotive industry due to rapid urbanization. The hydraulic fluids market in the North American region is witnessing steady growth. The UK hydraulic fluids market is on the decline and will remain stagnant due to Brexit resulting in changing oil policies and government regulations. The hydraulic fluid market in the Middle East will register positive growth.
Key Factors Impacting Market Growth:
- Increasing demand for bio-based products
- Growth of the global transportation sector
- Increasing construction activities in the Asia Pacific region
- Introduction of fire-resistant hydraulic fluids in the market
Hydraulic Fluids Market- Key Developments:
- On March 5, 2019, Royal Dutch Shell (Netherlands) completed the acquisition of Sonnen GmbH, a leader in smart energy services.
- On June 7, 2019, ExxonMobil™ announced the launch of Mobil DTETM 20 Ultra Series – a technologically advanced series of hydraulic oils. The new series is designed for all types of hydraulic systems and components such as close clearance servo-valves and high accuracy numerically controlled (NC) machine tools.
What Does This Report Provide?
This report provides a detailed understanding of the global hydraulic fluids market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the hydraulic fluids market during the forecast period and an in-depth analysis of the leading companies operating in the market.
By Base Oil:
- Polyalkylene Glycol (PAG)
By End-Use Industry:
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Region (South America, Africa)
Companies Covered: Major companies profiled in the report which are key players in the global hydraulic fluids market include Royal Dutch Shell, ExxonMobil, BP Corp., Chevron Corporation, Total Corp., PetroChina, Sinopec, LUKOIL, Indian Oil Corporation, and Idemitsu Kosan. Information about companies that are included in this report specifically highlights future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments done by these companies in the hydraulic fluids market.
Years Considered In The Study
CAGR % (2019-2028)
Reasons to Buy This Report:
- Market size estimation of the global hydraulic fluids market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
We provide customization of the study to meet specific requirements:
For more information, contact: [email protected]