Hydraulic Fluid Market is expected to grow at 2.19% CAGR during 2023 - 2030

Pune, India, July 13, 2017, /MRFR Press Release/- Market Research Future published a Cooked Research Report on Hydraulic Fluid Market

Market Overview:The increasing demand of Hydraulic Fluid Market is driven by the consumption preference and economic development in various industry. It is highly used in various industries such as oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others. Additionally, the growing oil & gas, automobile industry is a key factor to drive the Hydraulic Fluid Market. On the basis of region, market share of Hydraulic Fluid is high in Asia Pacific due to huge utilization in growing industry such as oil & gas, automotive, and industrial machinery. It is also expected to increase at a higher growth rate as compared to other regions such as North America, Europe, Latin America and Middle East.

Market Forecast:Globally, the Hydraulic Fluid Market is estimated to escalate at a higher growth rate which is supported by the rising consumption of various industries. Furthermore, the developing economic conditions of various regions are fueling up the market demand for Hydraulic Fluid. All these factors contribute to the calculated growth of USD 4,317.10 million with CAGR of 2.57% of Global Hydraulic Fluid Market during forecasted period 2016-2023.

Market Segmentation:Global Hydraulic Fluid Market is divided into types, end user industry, and region. On the basis of type, the hydraulic fluid market is segmented into petroleum based, bio-based, fire-resistant. Among all petroleum based Hydraulic Fluid is the largest segment with market share of more than 72%. Petroleum-based Hydraulic Fluids have high flash points as compared to others. They are easily available and are economical. In addition to this, they provide the best lubrication features, least corrosion complications and are compatible with most seal materials. The only major disadvantage of these fluid is their flammability. They pose fire hazards, mainly from leakages, in high-temperature environments such as steel industries, etc. On the other hand, bio-based Hydraulic Fluid accounts second major type of the total hydraulic fluid with 23% share in 2016.  In general, bio-based hydraulic fluids are used in the same way as petroleum based Hydraulic Fluids. Bio-based hydraulic fluids are derived from vegetable oils, canola oil, sunflower oil, soybean oil, and corn oil. The major driving factors of bio-based Hydraulic Fluids is lower fluid prices, maturing technology, greater environmental and fire safety awareness, and others. The main advantage of bio-based fluid is, it helps to minimize pollution in the case of oil leaks, especially hydraulic hose failures. Bio-based Hydraulic Fluids are finding increased use at military bases, national laboratories and national parks. Fire resistant Hydraulic Fluid has extensive industrial use, such as in military and aircraft industry. However, their market has declined due to environmental, cost, and compatibility factors. Fire resistant Hydraulic Fluids are comparably less consumed owing to high benefits and properties shown by petroleum and Bio-based Hydraulic Fluids.

On the basis of end user the Hydraulic Fluid Market is segmented into oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others. Among all industries, oil & gas has occupied the highest market share especially in Asia Pacific region. The increasing consumption of hydraulic fluid in various industries such as agriculture, pharmaceutical, textiles, plastic, paint & coatings, and others will drive the Global Hydraulic Fluid Market in the forecasted period.

 

Regional Analysis

:The market is classified and analyzed on the basis of various geographic segmentation which includes; North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific hydraulic fluid market is the largest market, owing to the robust industry growth of end user industry in China and India. Rapid industrializations, favorable government regulations and increase in per captia income will significantly contribute to the growth of hydraulic fluid market in emerging economies such as China, India and Japan. Furthermore, growing automotive, marine, and construction industry in North America is expected to drive the demand of hydraulic fluids. Europe witnessed a positive growth in Hydraulic Fluid Market owing to the growing automotive, construction, oil & gas industry across the region. On the other hand, Latin America, Middle East & Africa is another profitable market for hydraulic fluid and likely to show better growth over the forecast period.

Competitive Analysis- Key players of the Global Hydraulic Fluid Market are Royal Dutch Shell plc. (Netherland), Exxon Mobil Corporation (US), The Dow Chemical Company (US), BASF SE (Germany), Condat (Europe), Eastman Chemical Company (US), Schaeffer Manufacturing Co (US), LUKOIL Lubricants Company (Russia), British Petroleum Plc. (UK), Castrol Limited (UK), and others.

Expansion and new product developments are the key strategies followed by major industry players for growth of hydraulic fluid market for instance Royal Dutch Shell entered in agreement with The Carlyle Group to expand lubricant business especially in China. Moreover, Exxon Mobil Corporation had signed an agreement with Chilean company to supply lubricants in Colombia, Ecuador, and Peru. Furthermore, on June, 2015 Royal Dutch Shell opened as a new plant to increase its lubricant business in China, and also expand its downstream business in Australia, Italy, and UK.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.Access Report Details:  Hydraulic Fluid Market Size