The hydraulic fluid market consists of sales of fire-resistant fluids, antiwear fluids, and high-performance fluids. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The hydraulic fluid market size has grown strongly in recent years. It will grow from $8.16 billion in 2023 to $8.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the increased global population, rise in demand for ecologically friendly hydraulic fluids, increased industrialization, increased demand for precision control and safety in automotive systems, and increased focus on reducing component wear and tear.
The hydraulic fluid market size is expected to see strong growth in the next few years. It will grow to $10.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to the rising generation of crude oil, increasing sales and production of automobiles, regulatory initiatives, rising awareness towards bio-based oils, and growing demand for precision and automation in construction operations. Major trends in the forecast period include advancement in equipment and cost-effectiveness, investments in research and development, technological advancements, industrial automation and digitization, integration of IoT, and data-driven maintenance.
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Segmentation & Regional Insights
The hydraulic fluid market covered in this report is segmented –
1) By Type: Mineral Oil, Synthetic Oil, Bio-Based Oil
2) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By End-Use: Oil And Gas, Marine, Automotive, Aerospace And Defense, Construction, Other End Uses
Asia-Pacific was the largest region in the hydraulic fluid market in 2023. The regions covered in the hydraulic fluid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing industrialization is expected to propel the growth of the hydraulic fluid market going forward. Industrialization refers to the process of economic and social transformation characterized by the widespread adoption of industrial methods of production and organization. Industrialization is on the rise due to advancements in technology, automation, and global demand for manufactured goods, leading to increased productivity and economic growth in many regions. Hydraulic fluid is essential for industrialization, powering machinery and equipment by transmitting force and lubrication, thus enabling efficient and reliable operation in various applications. For instance, in July 2023, according to Eurostat, a Luxembourg-based government statistical agency, in May 2023, seasonally adjusted industrial production in the European area rose by 0.2%, while in the European Union, it increased by 0.1% compared to April 2023. Therefore, increasing industrialization is driving the growth of the hydraulic fluid market.
Key Industry Players
Major companies operating in the hydraulic fluid market are Sinopec Corporation, Exxon Mobil Corporation, Shell Plc, TotalEnergies SE, BP Plc, Chevron Corporation, The Phillips 66 Company , ENI S.p.A., Reliance Industries Limited, Repsol S.A., BASF SE, Idemitsu Kosan Co. Ltd., SK Lubricants Co. Ltd., Dow Inc., Lukoil Oil Co., Caltex Australia Limited, Croda International Plc, FUCHS SE, Ashland Global Holdings Inc., Castrol Limited, Quaker Chemical Corp., Valvoline Inc., Gulf Oil Corporation Limited, Gazpromneft Lubricants Ltd.
The hydraulic fluid market report table of contents includes:
1. Executive Summary
- Hydraulic Fluid Market Characteristics
- Hydraulic Fluid Market Trends And Strategies
- Hydraulic Fluid Market – Macro Economic Scenario
- Global Hydraulic Fluid Market Size and Growth
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32. Global Hydraulic Fluid Market Competitive Benchmarking - Global Hydraulic Fluid Market Competitive Dashboard
- Key Mergers And Acquisitions In The Hydraulic Fluid Market
- Hydraulic Fluid Market Future Outlook and Potential Analysis
- Appendix
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