The Hydraulic Fluid Market Size was valued at USD 20.75 Billion in 2022. The Hydraulic Fluid industry is projected to grow from USD 21 Billion in 2023 to USD 25.93 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.19% during the forecast period (2023 - 2030). The increasing demand from marine applications & processed food is the crucial aspect of the rise in the market revenue of Hydraulic Fluid as well an improved quality of hydraulic fluids will foster market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising generation of crude oil is the principal driver in enlarging market growth ly. Oil & gas is a fundamental industry that widely utilizes hydraulic systems for oil excavation, therefore producing demand for hydraulic fluids. Besides, hydraulic fluids are widely used in the automotive industry for manufacturing automobiles and lubrication purposes. The increasing sales and production of automobiles are further propelling market growth.
Additionally, rapid industrialization in developing countries, such as China, India, Mexico, and Brazil, has led to an increased demand for hydraulic fluid, which is creating lucrative opportunities for the players operating in the hydraulic fluid market. Additionally, on account of growing environmental concerns related to the use of petroleum oils coupled with the rising consumer shift towards bio-based hydraulic fluids is further offering growth opportunities worldwide.
However, fluctuating crude oil prices and stringent environmental regulations about the use of petroleum-based hydraulic fluids are limiting the growth of the market.
The Hydraulic Fluid market segmentation, based on Base Oil, includes Mineral Oil, Synthetic Oil, Semi-synthetic Oil, and Bio-based Oil. Mineral oil is the dominating section of the hydraulic fluid market. This is primarily due to its ease of accessibility and low cost. However, the synthetic oil segment is expected to register the highest CAGR during the forecast period owing to its advanced properties.
Based on Application, the Hydraulic Fluid market segmentation includes OEM, Mining Equipment, Construction Equipment, Transportation, and Others. OEM is anticipated to be the faster-growing segment. Hydraulic fluid companies are producing new commodities with better features and elongated life. Hence, the more the life of the initial hydraulic fluid, the lesser the drain interval in the complete life cycle of the equipment.
Figure 2: Hydraulic Fluid Market, by Base oil, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is likely to lead the hydraulic fluids market during the projected period. This tendency might be ascribed to the region's growing industrial sector, opening up new investment prospects. In 2019, new building projects in Japan occupied 127.55 million square meters. Residential and commercial development in India has increased as the country's service industry has grown. According to the Ministry of Housing and Urban Affairs, the Indian government announced an investment of around USD 27.54 billion for the building of 100 cities under the Smart Cities initiative.
Figure 3: HYDRAULIC FLUID MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Chinese aerospace sector is one of the country's main industries, and the government is significantly investing in expanding local manufacturing capabilities. Furthermore, over the next 20 years, Chinese airlines expect to acquire around 7,690 new aircraft valued at approximately USD 1.2 trillion. In recent years, Asia-Pacific has dominated vehicle production. However, the decrease in the region's car sector has severely impacted the market. With a manufacturing volume of 25.75 million vehicles, China is the world's largest automaker.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Hydraulic Fluid market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Hydraulic Fluid industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Hydraulic Fluid. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Hydraulic Fluid industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Hydraulic Fluid industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Hydraulic Fluid market players, including Idemitsu Kosan Co. Ltd, Royal Dutch Shell Plc., Fuchs Petrolub AG., and others, are attempting to increase market demand by funding R&D initiatives.
Idemitsu Kosan is a company that owns and operates oil platforms and refineries that produce and sell oil and petroleum products. It offers lubricants, petrochemicals, resource development, renewable energy, electronic materials, agri-bio, research, and development services.
Also, Royal Dutch Shell is a group of energy and petrochemical companies. Its operations are divided into businesses: Upstream, Integrated Gas and Renewables and Energy Solutions (formerly New Energies), and Downstream. The Upstream division manages the exploration and extraction of crude oil, natural gas, and natural gas liquids. It also markets and transports oil and gas and operates the related delivery infrastructure.
A few major companies control the hydraulic fluid market. The best corporations have used competitive tactics and investments to keep and extend their hydraulic fluid market share. Hydraulic fluids are employed in automotive applications such as brakes, clutches, and power steering systems. Hydraulic fluids used in the vehicle industry include brake fluids, clutch fluids, and power steering fluids. These fluids aid in the generation of force and protect the surfaces in touch from wear.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 20.75 Billion |
| Market Size 2023 | USD 21 Billion |
| Market Size 2030 | USD 25.93 Billion |
| Compound Annual Growth Rate (CAGR) | 2.19% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Base oil, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Idemitsu Kosan Co. Ltd. (Japan), Royal Dutch Shell Plc. (Netherlands), Fuchs Petrolub AG. (Germany), ExxonMobil Corporation. (USA), Sinopec Limited. (China), LUKOIL. (Russia), Chevron Corporation. (USA), PetroChina Company Limited. (China), BP p.l.c. (United Kingdom) and Total S.A. (France). |
| Key Market Opportunities | Application in the transport sector and manufacturing industries. |
| Key Market Dynamics | The rising production of crude oil is the biggest driver of the hydraulic fluid market. |
Frequently Asked Questions (FAQ) :
The Hydraulic Fluid market size was valued at USD 20.75 Billion in 2022.
The Hydraulic Fluid market is projected to grow at a CAGR of 2.19% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Hydraulic Fluid market.
The key players in the Hydraulic Fluid market are Idemitsu Kosan Co. Ltd. (Japan), and Royal Dutch Shell Plc. (Netherlands), Fuchs Petrolub AG. (Germany), ExxonMobil Corporation. (USA), Sinopec Limited. (China), LUKOIL. (Russia), Chevron Corporation. (USA), PetroChina Company Limited. (China), BP p.l.c. (United Kingdom) and Total S.A. (France).
The Mineral oil categories dominated the Hydraulic Fluid market in 2023.
The OEM had the largest share in the market for Hydraulic Fluid.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
