Hydraulic Fluid Market by Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, Bio-Based Oil), Application (OEM, Mining Equipment, Construction Equipment, Transportation, Oil & Gas, Metal Production, Food & Beverage) - Global Forecast to 2022
“The hydraulic fluid market is projected to grow at a CAGR of 2.59% during the forecast period.”
The hydraulic fluid market is expected to grow from USD 19.42 billion in 2017 to USD 22.07 billion by 2022, at a CAGR of 2.59% between 2017 and 2022. The growth of the hydraulic fluid market can be attributed to the massive industrial growth in APAC and the Middle East & Africa regions, coupled with its increased demand for marine application. In addition, the growing automotive industry in APAC is expected to further fuel the demand for hydraulic fluid between 2017 and 2022. However, factors such as technological advancements led to the development of Hybrid Electric Vehicles (HEV), and stringent environmental regulations are expected to restraint its demand during the forecast period.
“Metal production is expected to be the fastest-growing application segment of the hydraulic fluid market.”
Hydraulic fluid is used in the manufacturing of steel and other ferrous alloys. Based Metal production is projected to be the fastest-growing application segment of the hydraulic fluid market between 2017 and 2022. The increased demand for the metal from automakers is expected to drive the hydraulic fluid market in metal production.
“APAC is projected to be fastest-growing hydraulic fluid market during the forecast period.”
The hydraulic fluid market in APAC is projected to grow at the highest CAGR between 2017 and 2022. Economic growth of emerging countries and the increasing disposable income of the middle-class population of the region are making APAC an attractive market for hydraulic fluid manufacturers. Growth in industrial production and increased trade are primarily responsible for the high consumption of hydraulic fluid in the region.
Breakdown of profiles of primary interviews for the report:
• By Company Type – Tier 1 – 45%, Tier 2 – 22%, and Tier 3 – 33%
• By Designation – C Level – 50%, Director Level – 10%, and Others – 40%
• By Region – North America – 17%, Europe – 33%, APAC – 17%, Middle East & Africa – 25%, and South America – 8%
Some of the key companies profiled in this report are Royal Dutch Shell (Netherlands), ExxonMobile (US), BP (UK), Chevron Corporation (US), Total (France), PetroChina (China), Sinopec (China), LUKOIL (Russia), Indian Oil Corporation (India), and Idemitsu Kosan (Japan).
The hydraulic fluid market has been segmented on the basis of base oil, application, and region. On the basis of base oil, the market has been segmented into mineral oil, synthetic oil (PAO, PAG, Esters, and Group IV), semi-synthetic oil, and bio-based oil. Based on application, the market has been segmented into OEM, mining equipment, construction equipment, transportation (automotive, aerospace, and marine), oil & gas, metal production, food & beverage, and others (cement production, paper, textile, paints & coatings, rubber & plastic, chemical, lumber & wood, pharmaceuticals, medical & pharmaceuticals, power generation, defense and agriculture). The market has also been studied in APAC, Europe, North America, the Middle East & Africa, and South America.
Key Benefits of Buying the Report
This report covers the following studies:
• Market segmentation based on base oil, application, and region, and their subsegments
• Market dynamics, including drivers, restraints, and opportunities
• Value chain analysis
• Porter’s Five Forces analysis with respect to the hydraulic fluid market
• Profile of key players in the hydraulic fluid market
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