According to the latest report by IMARC Group, “Global Hydraulic Fluids Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global hydraulic fluids market reached a value of US$ 8.69 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 12.99 Billion by 2027, exhibiting a CAGR of 6.72% during 2022-2027.
Hydraulic fluids refer to various forms of lubricants that act as mediums for transmitting power in hydraulic machinery components. They are comprised of water and mineral oil and are commonly available in the bio-based, petroleum-based, and fire-resistant variants. Hydraulic fluids utilize the force of non-compressing fluids present in the vehicle for heat transfer, sealing, lubrication, contamination removal, and contamination control purposes. They exhibit improved stability at high temperatures, high filterability, thermal and oxidation stability, enhanced viscosity and compressibility, and foam, wear and corrosion resistance. As such, hydraulic fluids are extensively incorporated in aircraft flight control systems, excavators, power steering systems, garbage trucks, hydraulic brakes, industrial machinery equipment, lifts, etc.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Hydraulic Fluids Market Trends and Drivers:
The expanding automotive industry is primarily driving the hydraulic fluids market. In line with this, the growing product usage in power steering systems, engine oils, gear oils, brakes, clutches, etc., to create force, protect against erosion by chemical reaction, reduce friction between components, etc., is further catalyzing the market growth.
Moreover, the introduction of biodegradable variants that are ecologically responsive, non-toxic, environmentally friendly, etc., is acting as another significant growth-inducing factor. Besides this, increasing product demand for heavy equipment, including backhoes, diggers, truck loaders, bulldozers, etc., is also augmenting the global market. Furthermore, the launch of numerous initiatives by government bodies to promote the utilization of bio-based hydraulic fluids is anticipated to stimulate the hydraulic fluids market in the coming years.
Global Hydraulic Fluids Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
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.
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The report has 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
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• 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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