PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1526810
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1526810
In terms of value, the hydraulic fluids market is estimated to grow from USD 8.7 billion in 2024 to USD 10.2 billion by 2029, at a CAGR of 3.2%. The rising industrial growth in the Middle East & Africa and Asia Pacific, growing automating in end-use industries, mounting demand from for processed foods are driving the hydraulic fluids market. Also, as individuals become more conscious of the probable health hazards linked to mineral oil based lubricants, there is an growing desire for synthetic and bio-based lubricant alternatives.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Volume (Kiloton) and Value (USD Million) |
Segments | Base Oil Type, Point of Sale, Application, By End-use Industry, and Region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Mobile Equipment was the largest application of hydraulic fluids market, in terms of value, in 2023."
Mobile equipment is the largest application of hydraulic fluids market. The hydraulic industry has spread to the whole set of industries from the metal & mining, agriculture, construction, power generation, cement production, and others. These industries are mostly using various mobile machinery such as excavators, loaders, tractors, cranes, forklifts, and others. All of these machines are powered by hydraulic systems, which are essential for power transmission and control. The growth of infrastructure projects, building construction operations, and the application of agricultural labor-saving machinery worldwide are the major factors behind the growing demand for hydraulic fluids in the mobile equipment.
"Metal & mining was the second largest end-use industry of the hydraulic fluids market, in terms of value, in 2023."
Metal & mining stands as the second largest end-user industry in the hydraulic fluids market due to its extensive reliance on various equipments for smooth operation and maintenance. These equipments includes excavators, dump trucks, cranes, crushers, and others. The metal & mining industry is heavily relies on various heavy machinery and equipment, which require continuous lubrication to operate efficiently in harsh conditions. With continuous operations, safety concerns, and a global metal demand, metal & mining remains a second largest sector for hydraulic fluids usage.
"The Middle East & AFrica is projected to be the second fastest-growing region, during the forecast period in the hydraulic fluids market."
Petrochemical and downstream industries are equally expected to foster the hydraulic fluids market in the Middle East and Africa as it is expected to be the second fastest growing market during forecast period. This mainly because of the rising industrialization and infrastructure development in mining, oil exploration industries, automobiles and agriculture. Moreover, from these regions, there is the increasing interest in infrastructural development and urbanization and hence, the subsequent demand for hydraulic fluids to be used in the machinery and equipments would enable the market expand in during forecast period 2024 to 2029..
The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), FUCHS SE (Germany), PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and among others.
Research Coverage
This report segments the market for hydraulic fluids based on base oil type, point of sale, application, end-use industry, and region and provides estimations of volume (Kiloton) and value (USD Million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, and key strategies, associated with the market for hydraulic fluids.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the hydraulic fluids market; high-growth regions; and market drivers, restraints, and opportunities.