- Hydraulic Fluid Market Size – USD 19.34 Billion in 2018, Market Growth - CAGR of 2.3%, Hydraulic Fluid Industry Trends – The rising demand from the Asia Pacific region
- The growing demand from marine, machinery, and automotive industries are contributing to the growth of the market
New York, Oct. 16, 2019 /PRNewswire/ -- The global hydraulic fluid market is forecast to reach USD 23.31 Billion by 2026, according to a new report by Reports and Data. Hydraulic fluids are widely used in the manufacturing, construction, mining, and automotive industries. Transmission and distribution systems of power have become increasingly sophisticated, with their numerous applications and their operating conditions more demanding. Viscosity changes associated with low starting temperature and high operating temperatures contribute to system efficiency and reliability losses in diverse ways. Selection of the appropriate viscosity grade of hydraulic fluid is an essential and cost-effective technique. This allows the equipment to start smoothly at low temperatures, and also deliver adequate oil flow rates needed for efficient operation at high temperatures.
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Further key findings from the report suggest
- Among the connector type, the mobile hydraulic fluid connectors accounted for the largest market share of ~56% in the year 2018, and is forecast to witness the highest CAGR of 2.8% during the forecast period. The advancements in the market have expanded the power of machines to enable them to move heavier loads faster. These advancements continue today with ever-increasing power capacities; higher energy efficiency by implementing load-sensing circuitry; higher reliability through improved filtration and diagnostic techniques; and enhanced operation through electronic control.
- Among the base oil types, the mineral oil accounted for the largest market share of ~37% in the year 2018. Mineral oil is produced from crude oil. It has outstanding properties that allow it to offer lubrication at high temperatures, as well as maintains its stability for long. The mineral oil is easily available and is less expensive than other base oils.
- The bio-based oil is forecast to witness the highest CAGR of 4.6% during the forecast period. Increasing popularity of bio-based fluids provides product source diversity, creating additional opportunities for the government, commercial, and consumer purchases. The products reduce dependence on oil imports and also decreases the level of pollution in rivers and oceans. Bio-based oils are majorly used in high-performance automotive and industrial lubricant applications. These unique products exhibit many superior characteristics to other lubricant oils and cause less engine friction than them, which in turn improves both machine life and fuel economy.
- The Asia Pacific region held the largest market share of ~29% in the year 2018 and is anticipated to witness the highest CAGR of 3.3% during the forecast period, owing to the rapid infrastructural and industrial development in the region. Also, the fluids are capable of withstanding harsh and abrasive work environment, extreme temperatures, and constant weather changes. These advantages have led to an increased demand for hydraulic fluids in the construction industry. The booming agricultural sector of emerging economies, owing to the increasing demand for food grains by the surging population, are also contributing to the growth of the Asia-Pacific market.
- Key participants include Eastman Chemical Company, British Petroleum Plc., LUKOIL Lubricants Company, Condat, Royal Dutch Shell plc, BASF SE, Castrol Limited, The Dow Chemical Company, Exxon Mobil Corporation, and Schaeffer Manufacturing Co, among others. The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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Segments covered in the report:
For this report, Reports and Data have segmented into the global Hydraulic Fluid market on the basis of base oil type, connector type, industry vertical, and region:
Base Oil Type Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
- Semi-synthetic Oil
- Mineral Oil
- Bio-based Oil
- Synthetic Oil
Connector Type Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
- Mobile Hydraulic Fluid Connectors
- Stationary Hydraulic Fluid Connectors
Industry Vertical Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
- Original Equipment Manufacturers (OEMs)
- Construction Equipment
- Oil & Gas
Regional Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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