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Hydraulic Fluids Market worth $10.2 billion by 2029 - Exclusive Report by MarketsandMarkets™


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MarketsandMarkets

30 Jul, 2024, 10:00 GMT

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CHICAGO, July 30, 2024 /PRNewswire/ -- The report "Hydraulic Fluids Market by Base Oil (Mineral Oil, Synthetic Oil), Point of Sale (OEM and Aftermarket), Application (Mobile Equipment), End-use Industry (Construction, Agriculture, Transportation, Metal & Mining), and Region - Global Forecast to 2029", Hydraulic Fluids Market size was USD 8.7 billion in 2024 and is projected to reach USD 10.2 billion by 2029, at a CAGR of 3.2%, between 2024 and 2029.

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The market is projected to grow because of growing demand for processed foods, mounting demand from construction, agriculture, mining and marine industries and growing automation in end-use industries. These hydraulic fluids play a crucial role in various applications in various end-use industries such as construction, metal & mining, agriculture, power generation and others. In addition, due to the increasing population, increasing demand for renewable energy, technological advancements and changing consumer preferences the demand for hydraulic fluids can increase due to various applications.

Browse in-depth TOC on "Hydraulic Fluids Market".

331 – Tables     
58 – Figures
298 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71021039

"OEM point of sale are projected to register the highest CAGR, in the global hydraulic fluids market during the forecast period."

The OEM point of sale in hydraulic fluids market is projected to register the highest growth rate during the forecast period. This growth is driven mainly due to direct incorporation with machinery sales. As industrial sectors grow and update themselves, OEMs play a crucial role in offering both equipment and fluids that are compatible. Their expertise in the delivery and the hydraulic fluid installation in the machinery system promotes the efficiency and reliability of the machine, which leads to the increase in demand. In order to achieve efficiency and good customer support, OEMs develop strong, long-term partnerships by sales of hydraulic fluids manufacturers.

"Synthetic oil is estimated to be the largest base oil type of hydraulic fluids market, in terms of value, during the forecast period."

The second-largest base oil type for the hydraulic fluids is synthetic oil-based lubricants due to better performance over the mineral oil in extreme applications. Moreover, their life span is longer than that of air-cooled types, they perform well within both high as well as low temperatures, and they perform a better duty to keep machinery safeguarded. Although they are slightly more expensive initially, their capacity to elongate service times and protect expensive parts within automobiles and aircrafts make them an economical decision for business within the automotive, aerospace, as well as industrial categories. Due to these reasons, they are popular and commonly used in various end-use industries due to their high performance and lower initial and maintenance costs in the long run. As such, the synthetic oil-based lubricants established for steady growth based on the certain complex issues of market on one hand and total solution approach on the other hand with special focus on natural and sustainable lubricants.

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"Europe is estimated to be the second-largest market for the hydraulic fluids market, in terms of value, in 2023."

Europe is the second-largest consumer region for hydraulic fluids. Being home to highly developed industrial segments, Europe holds the second position in terms of the hydraulic fluids consumption. The area has a fairly large manufacturing sector, thus automotive, aerospace and machinery industries, and among others has always need good lubricants for the smooth running and durability of machinery. Also, it is necessary to mention that Europe gives high importance to environmental concerns and energy savings; therefore, today this region demands high-quality environment-friendly advanced lubricants.

The key players profiled in the report include are Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others.

Browse Adjacent Market: Bulk Chemicals & Inorganics Market Research Reports & Consulting

Related Reports:

Synthetic Lubricants Market - GLOBAL FORECAST TO 2028

Metalworking Fluids Market - GLOBAL FORECAST TO 2029

About MarketsandMarkets™ 

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
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USA: +1-888-600-6441
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