Global Hydraulic Fluids Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Hydraulic fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hydraulic fluids industry report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global hydraulic fluids market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.52% during 2023-2028.
Hydraulic fluids, also known as hydraulic oils, are specially formulated liquids that are used to transmit power within hydraulic systems. They comprise mineral oil-based, synthetic, biodegradable, and fire-resistant hydraulic fluids, which include water-glycol, phosphate ester, and diester-based fluids. They include various additives, such as anti-wear agents, anti-foaming agents, corrosion inhibitors, and antioxidants to enhance their properties. They rely on proper filtration and monitoring procedures to maintain fluid quality and performance. They possess efficient temperature stability so that they do not become too thick in cold temperatures or too thin at high temperatures. Hydraulic fluids must be compatible with the materials used in the hydraulic system, including seals, hoses, and other components. They are designed to withstand high pressure and temperature fluctuations and provide lubrication to the moving parts of hydraulic machinery. They have a carefully controlled viscosity to ensure they can flow smoothly while providing adequate lubrication and sealing.
Global Hydraulic Fluids Market Trends and Drivers:
At present, the increasing demand for hydraulic systems in construction, agricultural, and mining equipment to control functions like lifting, digging, and steering represents one of the crucial factors impelling the growth of the market. Besides this, the rising employment of hydraulic systems in manufacturing processes, such as metal stamping, injection molding, and material handling, to provide precise control and force is supporting the growth of the market. In addition, the growing shift towards digitization and automation in various sectors is driving the need for high-performance hydraulic fluids to support advanced hydraulic systems. Apart from this, the increasing purchase of electric vehicles (EVs) as a sustainable alternative to fuel-dependent cars is contributing to the growth of the market. Additionally, the rising adoption of advanced equipment, such as tractors and combine harvesters in agricultural practices, which rely heavily on hydraulic systems for efficient operation, is strengthening the growth of the market. Moreover, key market players are investing in research and development (RD) activities to create hydraulic fluids that offer improved performance, extended service life, and reduced maintenance costs. Furthermore, the maintenance and servicing of hydraulic systems are becoming more predictive and data-driven with the implementation of Internet of things (IoT) technology. This allows for real-time monitoring of hydraulic fluid condition and performance, leading to proactive maintenance practices and optimized fluid replacement schedules.
Global Hydraulic Fluids Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: BASF SE, bp p.l.c., Chevron Corporation, China National Petroleum Corporation, China Petroleum Chemical Corporation, Croda International Plc, Dow Inc., Eastman Chemical Company, Exxon Mobil Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., Lukoil, Phillips 66 Company, Royal Dutch Shell plc and TotalEnergies SE.
The report segmented the market on the basis of region, base oil, point of sale and end user.
Breakup by Base Oil:
- Synthetic Oil
- Mineral Oil
- Bio-based Oil
Breakup by Point of Sale:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Breakup by End User:
- Oil and Gas
- Marine
- Automotive
- Aerospace and Defense
- Construction
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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