Global Hydraulic Fluids Market Size is Estimated to Reach USD 16.20 billion by 2030, Growing at a CAGR of 6.8%: Straits Research
Asia-Pacific dominates the global hydraulic fluids market and is expected to grow at a CAGR of 7.1% during the forecast period. China, Japan, India, South Korea, and Australia are the primary contributors to this region’s growth.
New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) — In hydraulic systems, the transmission of power is accomplished through hydraulic fluids. These fluids are likely to be used in hazardous environments, where the liquid may catch fire if it gushes out of pipes or leaks through while the system is operating. Even though these fluids have good fire-resistance properties, they have a significantly lower number of downsides than petroleum-based fluids. Mineral oil, synthetic oil, and bio-based oil are the three categories of available hydraulic fluids. Mineral oil and hydraulic fluids find employment in various industries, including automatic gearboxes in automobiles, power steering units, elevators, farm equipment, mining, energy, chemical manufacture, metals, and machining.
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Increase in Automobile Production and Sales, Consumer Preference for Synthetic Lubricants, and Creating a Worldwide Transportation Network Drives the Global Market
According to Straits Research, “The global hydraulic fluids market size was valued at USD 8.96 billion in 2021. It is expected to reach USD 16.20 billion by 2030, growing at a CAGR of 6.8% during the forecast period (2022–2030).” The automobile market is rapidly increasing in emerging economies like India, China, Brazil, and others. In addition, the developed regions such as North America and Europe account for the lion’s share of the total demand share in terms of production and sales of automobiles. China has been the significant country-level market with the highest production and sales statistics. It is primarily attributable to technological advancements, superior manufacturing facilities, and a drastic rise in the country’s population, contributing to the high demand for vehicles.
Synthetic lubricants are distinguished from conventional lubricants by their superior viscosity-temperature behavior, compatibility with a broad range of hardware, good oxidation stability, and, most importantly, reduced evaporation rates. Adopting these features into contemporary automobile design increases the vehicle’s prospective longevity, a desirable result.
The global transportation infrastructure is developing rapidly due to the increased global population and the need for efficient transportation facilities. Transportation and mobility are directly correlated to a nation’s level of overall output as well as employment and income levels within the economy. In several countries, the transportation sector contributes between 6 and 12 percent of the gross domestic product. Thus, there has been a significant surge in demand for commercial vehicles due to the rapidly increasing nature of the transportation and logistics industry.
Growing Industrialization in Africa Creates Tremendous Opportunities
European nations have been encouraged to participate in Africa’s industrial manufacturing sector due to the expanding trade between countries and the rise in export operations directed toward Africa. In response to the region’s growth potential, several of the world’s largest oil and gas companies have made investments in African oil and gas projects.
Asia-Pacific dominates the global hydraulic fluid market and is expected to grow at a CAGR of 7.1% during the forecast period. China, Japan, India, South Korea, and Australia are the primary contributors to this region’s growth. In addition, Asia-rapid Pacific’s population growth and rising economy are driving the expansion of the construction and automotive industries. This region’s increase is primarily attributable to China’s automotive solid production and sales.
In North America, the United States is the leading producer and consumer of hydraulic fluids. Canada and Mexico are two other nations in the region that provide enormous potential for hydraulic fluids. These fluids are in high demand from the oil and gas, automotive, and construction industries.
Europe retains the third position in the market for hydraulic fluids, with the automotive industry segment dominating. Germany, France, the United Kingdom, Italy, and Spain are the most significant contributors to this region’s revenue.
- Based on oil type, the global hydraulic fluids market is classified into Mineral Oil, Synthetic Oil, and Bio-Based Oil. Mineral oil is the most dominant in the global hydraulic fluid market and is expected to grow at a CAGR of 6.8% during the projection period.
- Based on the end-user industry, the global hydraulic fluids market is classified into Oil and Gas, Automotive, Marine, Aerospace and Defense, and Construction. Oil and gas own the highest market share and is expected to grow at a CAGR of 7.1% during the forecast period.
- The global hydraulic fluid market is primarily classified into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominates the global hydraulic fluid market and is expected to grow at a CAGR of 7.1% during the forecast period.
The global hydraulic fluids market’s major players are bp P.L.C., Chevron Corporation, Eastman Chemical Company, Exxon Mobil Corporation, Gazprom NEFT PJSC, Lukoil, Petroliam Nasional Berhad (Petronas), Royal Dutch Shell Plc, Sinopec Group, and Total Se.
- In May 2022, Abu Dhabi’s ADNOC and Masdar joined bp’s UK hydrogen projects.
- In May 2022, Chevron, Talos, and Carbonvert announced closing the previously announced joint venture expansion of the Bayou Bend CCS project offshore Jefferson County, Texas.
- In April 2022, Maip Group announced new sustainable polymers for the European automotive market using Eastman’s molecular recycling technologies.
- In May 2022, ExxonMobil and Indonesia’s Pertamina to advance carbon capture and storage cooperation.
Global Hydraulic Fluids Market: Segmentation
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
- Oil and Gas Industry
- Automotive Industry
- Marine Industry
- Aerospace and Defense Industry
- Construction Industry
- North America
Get Detailed Market Segmentation @ https://straitsresearch.com/report/hydraulic-fluids-market/segmentation
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