Hydraulic Fluids Market Size, Share, Growth Analysis, By Base oil Type(Mineral Oil, Synthetic Oil, and Bio-based Oil), By End-use(Construction, Metal & Mining, Oil & Gas, Agriculture), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15E2185 | Region: Global | Published Date: April, 2024
Pages: 184 |Tables: 67 |Figures: 75

Hydraulic Fluids Market Insights

Global Hydraulic Fluids Market size was valued at USD 8.69 Billion in 2022 and is poised to grow from USD 9.21 Billion in 2023 to USD 14.68 Billion by 2031, at a CAGR of 6.0% during the forecast period (2024-2031).

The global hydraulic fluids market are specially designed fluids used in hydraulic systems to transmit power. These fluids are used in a wide range of applications, including construction machinery, agricultural machinery, aerospace, automotive, and marine equipment. The hydraulic fluids market has seen significant growth in recent years due to the increasing demand for hydraulic fluids in various industries. The purpose of the hydraulic fluids market is to provide fluids that can transfer power efficiently and effectively in hydraulic systems. The market serves various industries, including construction, agriculture, automotive, aerospace, and marine. The market is driven by the increasing demand for hydraulic fluids in these industries. The increasing demand for hydraulic fluids in various industries, including construction, agriculture, automotive, aerospace, and marine, is expected to drive the growth of the market. The increasing demand for energy-efficient hydraulic fluids is also expected to drive market growth. The increasing demand for hydraulic fluids in various industries is one of the primary driving factors of the market. The increasing focus on energy efficiency is also driving the market, as energy-efficient hydraulic fluids can help reduce energy consumption and improve overall efficiency. The primary restraining factor of the hydraulic fluids market is the environmental impact of hydraulic fluids. Some hydraulic fluids can be harmful to the environment, and the increasing focus on environmental sustainability is expected to limit the growth of the market. The increasing demand for electric and hybrid vehicles is also expected to limit the growth of the market. One of the primary challenges in the hydraulic fluids market is the development of environmentally friendly hydraulic fluids. The increasing focus on environmental sustainability is expected to drive demand for environmentally friendly hydraulic fluids, which could be a challenge for manufacturers. Additionally, the increasing demand for electric and hybrid vehicles could also be a challenge for the market, as these vehicles require less hydraulic fluids. One of the primary opportunities in the hydraulic fluids market is the development of energy-efficient and environmentally friendly hydraulic fluids. The increasing focus on environmental sustainability is expected to drive demand for such fluids, providing an opportunity for manufacturers. The increasing demand for hydraulic fluids in developing economies is also expected to provide growth opportunities for the market.

US Hydraulic Fluids Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 8.69 Billion

Largest Segment

Mineral Oil

Fastest Growth

Mineral Oil

Growth Rate

6.0% CAGR

Global Hydraulic Fluids Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)

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Hydraulic Fluids Market Segmental Analysis

The global hydraulic fluids market is segmented in terms of base oil, end-use, and region. By base oil, the market is segmented into mineral oil, synthetic oil, and bio-based oil. In terms of end-use, the market is segmented into construction, metal & mining, oil & gas, agriculture, automotive, aerospace & défense, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Hydraulic Fluids Market Analysis by Product

In 2022, the mineral oil segment led the market for hydraulic fluids and accounted for 48.9% of the global revenue. Mineral oil is the most common base oil used for hydraulic fluid production and is categorized into three groups: Group I, Group II, and Group III. The mineral oil which is solvent-refined classifies within Group I. Group I base mineral oil is the most common base stock for modern hydraulic fluids. Other base stocks such as silicone oils or propylene glycol, can be required for certain purposes. Hydraulic fluids are given special qualities by adding additives. The industry would see a shift from Group I to II over the next few years as more factories that produce Group I oil convert to Group II or shut down. The synthetic oil segment is expected to witness a CAGR of 6.2% over the forecast period in terms of revenue. Synthetic hydraulic oil was created to compensate for the drawbacks of mineral hydraulic oil. They have better performance than mineral hydraulic fluids because they are formed of chemically manufactured base oils. This type of oil is fire-resistant and therefore appropriate for high-temperature uses as it has outstanding lubrication properties and high viscosity index. The most common benefit of synthetic fluids is that they remain longer in service. The investment is in response to the growing demand for high-performance lubricants in the Asia Pacific. Mineral oil is the most common base oil used for hydraulic fluid production and is categorized into three groups: Group I, Group II, and Group III. The mineral oil which is solvent-refined classifies within Group I. Group I base mineral oil is the most common base stock for modern hydraulic fluids. Other base stocks such as silicone oils or propylene glycol, can be required for certain purposes. Hydraulic fluids are given special qualities by adding additives. Anti-erosion additives, corrosion inhibitors, anti-foaming agents, and friction reducers are some common additives.

Hydraulic Fluids Market Analysis by Application

In 2022, The construction segment dominated the market for hydraulic fluids and accounted for 25.3% of the global revenue. Maintaining operational flow and end-activity amid often uncontrollable construction situations can be difficult. According to Valvoline, lubricants represent between 1 and 3% of the construction equipment’s maintenance budget. To achieve rigorous deadlines without jeopardizing the bottom line and profitability, construction machinery must stay reliable and available. Lubrication is an important part of the maintenance process. Although it may only account for a tiny fraction of the budget, lubrication can have a significant impact on performance goals and project success. The automotive segment is expected to witness a CAGR of 6.0% over the forecast period in terms of revenue. The demand for hydraulic fluids in the automotive industry is expected to rise over the forecast period owing to the increasing off-highway vehicle production and sales. technological advancement in vehicle braking and suspension systems and the increasing adoption of electronics in automobiles is further expected to increase the growth of the market.

Global Hydraulic Fluids Market Size By Product, 2022(%), 2023 (%)

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Hydraulic Fluids Market Regional Insights

In 2022, Asia Pacific dominated the market for hydraulic fluids and accounted for a revenue share of 36.3%. Rising investments in manufacturing and construction, growth in the SME sector, and the emergence of new domestic and international players are some of the factors driving the demand for industrial lubricants in the region. rising sales of passengers and commercial vehicles in the region and increased demand for synthetic lubricants are also supporting the growth of the market.

In 2022 Europe, the market for hydraulic fluids accounted for a revenue share of 24.2%. Europe is one of the key regions for the construction and automotive industry. Demand for hydraulic fluids is expected to be high in the region over the forecast period. In 2020, the European Union imported prepared liquids for hydraulic transmission and hydraulic fluids for brakes that did not contain or contained less than 70% by weight of petroleum oils or bituminous mineral oils.

Global Hydraulic Fluids Market Size By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Hydraulic Fluids Market Dynamics

Hydraulic Fluids Market Drivers

High Requirement of Hydraulic Oils

  • As modern industry demands better speeds and efficiency at higher working pressures and temperatures, demand for various types of hydraulic systems is steadily increasing. Hydraulic oils fulfill activities including lubrication, energy transmission, and heat removal from machinery components. The rise in industrial growth will further propel the growth rate of the hydraulic oil market. The enhanced quality of the hydraulic fluids will also drive market value growth. Moreover, the base oils in Groups II and III are suitable for use in lubricant formulations for automatic transmission engines, heavy-duty trucks, and passenger automobiles, and various properties of Group II and III base oils are projected to bolster the growth of the market.

Increased Use of Hydraulic Fluids in Various End-use Industry

  • The market for hydraulic fluids is growing as a result of the rising usage of hydraulic equipment in a number of different sectors, including the construction and automobile industries. Hydraulic systems are widely used in difficult applications since they are designed to work under high temperatures, high pressures, and other complex settings, which supports market growth. The market is expanding as a result of the growing usage of hydraulic fluid to reduce component wear and tear, shield internal systems from corrosion, and prevent external surroundings from erosion.

Hydraulic Fluids Market Restraints

Shift towards Electric Vehicles

  • The Electrification of industrial equipment and vehicles is a major restraint to the market growth. Rapid shift of consumer preference towards electric vehicles can negatively impact the market growth. Due to rising awareness towards environmental impact, consumers are rapidly shifting their preferences from fossil fuels to renewable energy sources. In addition, in various regions, government has posed stringent vehicles emission norms. This has prompted manufacturers to significantly reduce the overall vehicle weight by reducing the use of heavy mechanisms, components and materials.

Fluctuations in Prices

  • The fluctuations in the prices of raw materials will prove to be a demerit for the hydraulic oil market. This will challenge the hydraulic oil market growth rate. This hydraulic oil market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyzes opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market.

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Hydraulic Fluids Market Competitive Landscape

The global hydraulic fluids market is highly competitive due to the presence of a large number of multinational and regional players. Manufacturers in the market offer a wide range of base oils and hydraulic fluids including mineral oils, synthetic oils, and bio-based oils. The competition among players is based on numerous parameters including quality, product offerings, sustainability, eco-friendly products offerings, corporate reputation, and price. New product launches, distribution network expansion, innovation, mergers and acquisitions, geographical expansion, and joint ventures are some of the key strategies adopted by the players to strengthen their position in the market and gain a higher market share. The fluid improves machine reliability while simultaneously reducing fire threats in subterranean mines.

Hydraulic Fluids Market Top Player’s Company Profiles

  • ExxonMobil (US)
  • BP (UK)
  • Chevron (US)
  • Shell (Netherlands)
  • Total (France)
  • Fuchs Petrolub SE (Germany)
  • BASF SE (Germany)
  • Petroliam Nasional Berhad (Petronas) (Malaysia)
  • Eastman Chemical Company (US)
  • Lukoil (Russia)
  • Idemitsu Kosan Co. Ltd. (Japan)
  • Indian Oil Corporation Limited (India)
  • Neste Oyj (Finland)
  • Valvoline Inc. (US)
  • Quaker Chemical Corporation (US)
  • PetroChina Company Limited (China)
  • Houghton International Inc. (US)
  • Schaeffer Manufacturing Co. (US)
  • Royal Dutch Shell plc (Netherlands)
  • Sinopec Lubricant Company Limited (China)

Hydraulic Fluids Market Recent Developments

  • The NEC Campus in the West Midlands is home to the largest public electric vehicle (EV) charging hub in the United Kingdom, which was announced by bp p.l.c. The EV Network (EVN) and NEC Group in September 2023. 
  • Exxon Mobil Corporation stated in September 2023 that it will be starting two new chemical production units in Baytown, Texas, as part of its growth of its chemical output.
  • In May 2022- Abu Dhabi’s ADNOC and Masdar to join bp’s UK hydrogen projects.

Hydraulic Fluids Key Market Trends

  • Advancements in hydraulic system technology: There is a growing demand for hydraulic fluids that are derived from renewable sources such as vegetable oils and animal fats. Bio-based hydraulic fluids are gaining popularity due to their low environmental impact and biodegradability. The development of intelligent hydraulic systems that use sensors and control systems to optimize the performance of hydraulic systems is a major advancement in hydraulic system technology. These systems can help reduce energy consumption, improve efficiency, and extend the life of hydraulic components. The demand for high-pressure hydraulic systems is increasing in various industries, including construction, mining, and oil and gas.
  • Increasing focus on energy efficiency: Hydraulic fluids with the right viscosity can help reduce energy consumption in hydraulic systems. Lower viscosity fluids require less energy to move through the hydraulic system, resulting in energy savings. Hydraulic fluids with additives that reduce friction can help reduce energy consumption by reducing the amount of energy required to move hydraulic components. Hydraulic fluids that can withstand high temperatures can help reduce energy consumption by reducing the need for cooling systems to keep hydraulic components within safe operating temperatures. Hydraulic fluids can be optimized for specific hydraulic systems, resulting in improved efficiency and energy savings. Bio-based hydraulic fluids, which are derived from renewable sources, are gaining popularity due to their low environmental impact and energy-efficient properties.

Hydraulic Fluids Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Hydraulic Fluids Market analysis, the increasing demand for hydraulic fluids in various industries, including construction, agriculture, automotive, aerospace, and marine industries are the key drivers boosting growth. The increasing focus on energy efficiency and the development of energy-efficient hydraulic fluids is expected to drive market growth. Mineral oil-based hydraulic fluids dominate the market, accounting for the largest market share in 2020. The demand for bio-based and synthetic hydraulic fluids is expected to increase due to the increasing focus on environmental sustainability. The demand for hydraulic fluids in the aerospace and automotive industries is expected to increase due to the increasing demand for energy-efficient hydraulic fluids. The region is expected to continue to dominate the market over the forecast period due to the increasing demand for hydraulic fluids in developing economies such as China and India. The global hydraulic fluids market is highly competitive, with the presence of several major players. These players focus on product development, expansion, and partnerships to strengthen their market position.

Report Metric Details
Market size value in 2023 USD 8.69 Billion
Market size value in 2031 USD 14.68 Billion
Growth Rate 6.0%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Base oil Type
    • Mineral Oil, Synthetic Oil, and Bio-based Oil
  • End-use
    • Construction, Metal & Mining, Oil & Gas, Agriculture, Automotive, Aerospace & Défense, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ExxonMobil (US)
  • BP (UK)
  • Chevron (US)
  • Shell (Netherlands)
  • Total (France)
  • Fuchs Petrolub SE (Germany)
  • BASF SE (Germany)
  • Petroliam Nasional Berhad (Petronas) (Malaysia)
  • Eastman Chemical Company (US)
  • Lukoil (Russia)
  • Idemitsu Kosan Co. Ltd. (Japan)
  • Indian Oil Corporation Limited (India)
  • Neste Oyj (Finland)
  • Valvoline Inc. (US)
  • Quaker Chemical Corporation (US)
  • PetroChina Company Limited (China)
  • Houghton International Inc. (US)
  • Schaeffer Manufacturing Co. (US)
  • Royal Dutch Shell plc (Netherlands)
  • Sinopec Lubricant Company Limited (China)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Hydraulic Fluids Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Hydraulic Fluids Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Hydraulic Fluids Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydraulic Fluids Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydraulic Fluids Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Hydraulic Fluids Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Hydraulic Fluids Market size was valued at USD 8.69 Billion in 2022 and is poised to grow from USD 9.21 Billion in 2023 to USD 14.68 Billion by 2031, at a CAGR of 6.0% during the forecast period (2024-2031).

The hydraulic fluids market is highly competitive due to the presence of a large number of multinational and regional players. Manufacturers in the market offer a wide range of base oils and hydraulic fluids including mineral oils, synthetic oils, and bio-based oils. The competition among players is based on numerous parameters including quality, product offerings, sustainability, eco-friendly products offerings, corporate reputation, and price. New product launches, distribution network expansion, innovation, mergers and acquisitions, geographical expansion, and joint ventures are some of the key strategies adopted by the players to strengthen their position in the market and gain a higher market share. The fluid improves machine reliability while simultaneously reducing fire threats in subterranean mines. 'ExxonMobil (US)', 'BP (UK)', 'Chevron (US)', 'Shell (Netherlands)', 'Total (France)', 'Fuchs Petrolub SE (Germany)', 'BASF SE (Germany)', 'Petroliam Nasional Berhad (Petronas) (Malaysia)', 'Eastman Chemical Company (US)', 'Lukoil (Russia)', 'Idemitsu Kosan Co. Ltd. (Japan)', 'Indian Oil Corporation Limited (India)', 'Neste Oyj (Finland)', 'Valvoline Inc. (US)', 'Quaker Chemical Corporation (US)', 'PetroChina Company Limited (China)', 'Houghton International Inc. (US)', 'Schaeffer Manufacturing Co. (US)', 'Royal Dutch Shell plc (Netherlands)', 'Sinopec Lubricant Company Limited (China)'

As modern industry demands better speeds and efficiency at higher working pressures and temperatures, demand for various types of hydraulic systems is steadily increasing. Hydraulic oils fulfill activities including lubrication, energy transmission, and heat removal from machinery components. The rise in industrial growth will further propel the growth rate of the hydraulic oil market. The enhanced quality of the hydraulic fluids will also drive market value growth. Moreover, the base oils in Groups II and III are suitable for use in lubricant formulations for automatic transmission engines, heavy-duty trucks, and passenger automobiles, and various properties of Group II and III base oils are projected to bolster the growth of the market.

Advancements in hydraulic system technology: There is a growing demand for hydraulic fluids that are derived from renewable sources such as vegetable oils and animal fats. Bio-based hydraulic fluids are gaining popularity due to their low environmental impact and biodegradability. The development of intelligent hydraulic systems that use sensors and control systems to optimize the performance of hydraulic systems is a major advancement in hydraulic system technology. These systems can help reduce energy consumption, improve efficiency, and extend the life of hydraulic components. The demand for high-pressure hydraulic systems is increasing in various industries, including construction, mining, and oil and gas.

In 2022, Asia Pacific dominated the market for hydraulic fluids and accounted for a revenue share of 36.3%. Rising investments in manufacturing and construction, growth in the SME sector, and the emergence of new domestic and international players are some of the factors driving the demand for industrial lubricants in the region. rising sales of passengers and commercial vehicles in the region and increased demand for synthetic lubricants are also supporting the growth of the market.

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