Hydraulic fluid is gaining immense popularity owing to its superior properties such as long life, good performance and better stability at high temperature as compared to ordinary turbine oil. Hydraulic fluid is being widely used in a wide range of applications across various industries including chemical manufacturing, oil and gas, and automotive, among others.
Global Hydraulic Fluids Market was valued at USD 8.07 billion in 2021 and is expected to reach USD 10.59 billion by 2029, registering a CAGR of 3.45% during the forecast period of 2022-2029. Synthetic Oil is expected to witness high growth in the base oil segment of the market owing to the easy availability and low cost. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Market Definition
Hydraulic fluids are an energy transfer medium which is mainly used in all hydraulic systems. Some of the common types of the hydraulic fluids include petroleum-based hydraulic fluid, bio-based hydraulic fluid and fire-resistant type.
Global Hydraulic Fluids Market Scope and Market Size
The hydraulic fluids market is segmented on the basis of base oil, application, type, and connector type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Base Oil
Mineral Oil
Synthetic Oil
Semi- Synthetic Oil
Bio- Based Oil
Application
OEM
Equipment
Construction Equipment
Transportation
Oil and Gas
Metal Production
Food and Beverage
Others
Type
Petroleum-Based Hydraulic Fluid
Bio-Based Hydraulic Fluid
Fire-Resistant Type
Connector Type
Mobile Hydraulic Fluid Connectors
Stationary Hydraulic Fluid Connectors
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Competitive Landscape and Hydraulic Fluids Market
The hydraulic fluids market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hydraulic fluids market.
Some of the major players operating in the hydraulic fluids market are
Shell plc (UK)
Exxon Mobil Corporation (US)
BP (UK)
Chevron Corporation. (US)
Total (France)
LUKOIL Marine Lubricants DMCC (UAE)
Idemitsu Kosan Co.,Ltd. (Japan)
Indian Oil Corporation Ltd (India)
Sinopec (China)
Phillips 66 Company. (US)
Calumet Specialty Products Partners, L.P., LLC (US)
Morris Lubricants (UK)
Penrite Oil (Australia)
Carl Bechem Lubricants India (India)
Valvoline LLC. (US)
PEAK (UK)
Rock Valley Oil & Chemical Co (US)
LIQUI MOLY GmbH (Germany)
ADDINOL. (Germany)
Amalie Oil Company (US)
Global Hydraulic Fluids Market Dynamics
Drivers
High Usage in Oil and Gas Sector
The increased use of the onshore drilling fluids in the chemical, and oil and gas industries acts as one of the major factors driving the growth of hydraulic fluids market. The safe handling of such chemicals is mandatory in these industries.
Enhancement of Industrial Equipment
The rise in the industrial equipment performance and lubricant life with continuous filtration of lubricants accelerate the market growth. Also, the continuous use of these is considered essential in the drilling of well.
Growth in Energy Industry
The rise in requirement of these fluids in the energy industry further influence the market. Also, surge in demand for crude oil and gas by various industrial sectors, such as transportation and power plants assist in the expansion of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the hydraulic fluids market.
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Opportunities
Furthermore, rise in trend of using bio-based hydraulic fluid and availability of semi-synthetic hydraulic fluid extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, availability of zinc-free (ashless) hydraulic fluid will further expand the market.
Restraints/Challenges
On the other hand, high cost associated with the synthetic and bio-based hydraulic fluid, and shift toward synthetic hydraulic fluid shrinking are expected to obstruct market growth. Also, stringent environmental regulations and volatile crude oil prices are projected to challenge the hydraulic fluids market in the forecast period of 2022-2029.
This hydraulic fluids 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, analyses 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. To gain more info on hydraulic fluids market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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