Hydraulic Fluids Market Report

“The Hydraulic Fluids Market was estimated at US$ 8.2 Billion in 2023 and is likely to grow at a decent CAGR of 3.5% in the long run to reach US$ 9.2 Billion by 2030.”

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Market Dynamics

Introduction

Hydraulic fluids are the liquids used in hydraulic systems and are designed to median power. These fluids, which are commonly in the form of oils, are essential in the conversion of mechanical energy into hydraulic energy that facilitates the motion of the pieces of machinery. Apart from playing the role of transmitting power and actuating the hydraulic components, hydraulic fluids also act as a lubricant to reduce wear, coolant to reduce heat, and most importantly a sealant to help maintain pressure.

These include mineral-based oils, synthetic oils, and water-soluble fluids. The selection criteria for hydraulic fluid comprises; the application, operating conditions, and the equipment being used where the appropriate fluid defines the hydraulic system efficiency and durability as well as safety.

Market Drivers

The market for hydraulic equipment is evolving quickly. The global increase in infrastructure and construction activity is responsible for the market's rise. Infrastructure development is a top priority for governments in developing countries. The expansion of infrastructure operations is being aided by elements including the accessibility of funding, emphasis on operational resilience, introduction of new technology, and the affordability of infrastructure.

COVID-19 Impact

In 2020, the market experienced production, distribution, and supply disruptions because of the coronavirus outbreak. Due to a mismatch between supply and demand from end-use industries like automotive, construction, oil and gas, manufacturing, aerospace and defense, electricity, marine, etc., the prices of base oils fell precipitously. The industries came to an abrupt stop as the epidemic restricted the mobility of people and materials.

Following a period of decline, the market for hydraulic equipment is evolving quickly. Accordingly, as new technologies permit more efficient operation, the lubricant business has been evolving to meet the requirements of hydraulic equipment for reliability. The significant trends are as follows: Finer Filtration: Due to the conditions in which they operate, hydraulic pumps are prone to contamination. As a result, the lubricants used on them need to be extremely pure.

Segments Analysis

By Base Oil Type

“Mineral Oil expected to remain dominant as well as will be the fastest-growing base oil in the market during the forecast period.”

• The hydraulic fluids market is segmented into Mineral Oil, Synthetic Oils, Bio-based Oil, and Others.

• Mineral Oils are expected to remain dominant as well as will be the fastest-growing base oil type in the market during the forecast period.

• Mineral Oil represents the largest base oil segment, as 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 classified within Group I. Group I base mineral oil is the most common base stock for modern hydraulic fluids.

By End-Use Type

“Construction is expected to remain the dominant and fastest-growing end-use in the market during the forecast period.”

• The market is segmented into Construction, Oil & Gas, and Agriculture.

• Construction is expected to remain the dominant and fastest-growing end-use type in the market during the forecast period., Some of the popular construction hydraulic equipment that uses hydraulic fluids are excavators, backhoes, bulldozers, trenchers, loaders, dump trucks, graders, etc. Moreover, this segment is preferred because of its lightweight nature and cost-effectiveness.

Regional Analysis

“Asia-Pacific is expected to remain the largest market during the forecast period.”

• In terms of region, Asia-Pacific is expected to remain the largest market for hydraulic fluids during the forecast period.

• Furthermore, major markets in the Asia Pacific are China, Japan, India, and Australia. 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. Moreover, 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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Key Players

The market is moderately concentrated with the presence of over 20 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. 

The following are the key players in the hydraulic fluids market (based on dominance).

• Shell plc
• Exxon Mobil Corporation
• Chevron Corporation
• BP p.l.c.
• TotalEnergies
• PetroChina Company Limited
• China Petrochemical Corporation (SINOPEC)
• FUCHS
• Valvoline
• NYCO
• Idemitsu Kosan Co., Ltd.
• Dow
• Eastman Chemical Company
• LUKOIL
• Gazprommeft - Lubricants Ltd

 Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Hydraulic Fluids Market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view.

The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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