The global hydraulic fluid market is driven by increasing demand from end-use industries such as construction, mining, agriculture, and automotive. The market is expected to witness growth due to the rising demand for environmentally friendly and sustainable hydraulic fluids.
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The global hydraulic fluid market size reached USD 7.96 Billion in 2021 and is expected to register a revenue CAGR of 2.8% during the forecast period, according to latest analysis by Emergen Research.
The market for hydraulic fluids is a crucial component of the fluid power sector as a whole, which has experienced rapid expansion in recent years. Applications for hydraulic fluids include, among others, the aircraft, automobile, and construction equipment industries. The demand for construction and mining equipment, as well as the demand for environmentally friendly and energy-efficient hydraulic fluids, are some of the drivers that are driving the hydraulic fluids market.
The expansion of industry in emerging economies is one of the major factors driving the hydraulic fluids market. Hydraulic fluid demand is anticipated to grow as nations like China and India continue to expand their industrial sectors. The market is also being driven by the expanding usage of hydraulic systems in numerous industrial applications, including the processing of polymers and metal. These reasons have increased the demand for hydraulic fluids in the Asia-Pacific region, which is anticipated to have the quickest rate of growth in the market over the next few years.
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The rising need for mining and construction equipment is another factor driving the hydraulic fluids market. The need for new homes and businesses has increased in recent years, fueling the construction industry’s steady growth. Construction machinery like excavators and backhoes frequently employ hydraulic systems, which are powered by hydraulic fluids. Similar to other industries, the mining sector also significantly relies on hydraulic systems, with hydraulic fluids being utilised in drills, loaders, and haul trucks.
Despite the potential for expansion, there are a number of obstacles facing the hydraulic fluids market. One of the biggest issues is the high price of hydraulic fluids, which can make adoption difficult, especially for small and medium-sized businesses. Additionally, the demand for biodegradable and ecologically friendly hydraulic fluids, which can be more expensive than conventional hydraulic fluids, is rising due to worries about environmental rules and sustainability. The market for hydraulic fluids may be constrained by several reasons, especially in developed economies.
The market for hydraulic fluids is anticipated to have various growth factors in the years to come. The growing need for environmentally friendly and energy-efficient hydraulic fluids is one of the main growth drivers. Hydraulic fluids that are biodegradable and have a smaller environmental impact are becoming more and more popular as worries about sustainability and climate change continue to rise. In the upcoming years, the market is anticipated to be driven by the development of novel hydraulic fluid technologies, such as synthetic and semi-synthetic fluids.
Hydraulic Fluids Market Segmentation:
The hydraulic fluids market can be segmented based on distribution channel, base oil, and end-use. In terms of distribution channel, the market is segmented into OEMs and the aftermarket. The OEM segment is expected to dominate the market during the forecast period, driven by the increasing demand for hydraulic fluids in original equipment manufacturing. The aftermarket segment is also expected to grow at a significant rate, driven by the growing need for replacement and maintenance of hydraulic fluids in industrial machinery.
In terms of base oil, the hydraulic fluids market can be segmented into mineral oil, synthetic oil, and bio-based oil. Mineral oil is expected to dominate the market during the forecast period, owing to its low cost and high availability. Synthetic oil, on the other hand, is expected to grow at a significant rate, driven by its superior properties such as high thermal stability and resistance to oxidation. The bio-based oil segment is also expected to grow at a significant rate, driven by the increasing demand for sustainable and environmentally friendly hydraulic fluids.
In terms of end-use, the hydraulic fluids market can be segmented into construction, metal and mining, agriculture, oil and gas, automotive, and others. The construction segment is expected to dominate the market during the forecast period, driven by the increasing demand for hydraulic fluids in construction equipment such as excavators and backhoes. The metal and mining segment is also expected to grow at a significant rate, driven by the increasing demand for hydraulic fluids in mining equipment such as drills and loaders. The agriculture segment is expected to grow at a steady rate, driven by the increasing use of hydraulic systems in agricultural machinery. The oil and gas segment is expected to grow at a significant rate, driven by the increasing demand for hydraulic fluids in oil and gas exploration and production. The automotive segment is also expected to grow at a steady rate, driven by the increasing use of hydraulic systems in automobiles.
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Some Key Highlights from the Report
The Original Equipment Manufacturers (OEMs) segment accounted for a significantly large revenue share in 2021 due to the increasing demand for hydraulic systems in original equipment manufacturing across various end-use industries. OEMs are companies that manufacture products or components that are used as parts in other products, and in the hydraulic fluids market, OEMs provide hydraulic systems that use hydraulic fluids as a medium to transfer power.
The bio-based oil segment accounted for a significantly robust revenue share in 2021 due to the increasing demand for sustainable and environmentally friendly hydraulic fluids across various end-use industries. Bio-based oils are derived from renewable resources such as plant oils, animal fats, and other biomass sources, and they offer several benefits over traditional mineral oils and synthetic oils.
The automotive segment accounted for a moderate revenue share in 2021 due to several factors such as the increasing demand for fuel-efficient vehicles, the growth of the electric vehicle market, and the rising adoption of advanced hydraulic systems in modern vehicles.
The market in the Asia Pacific region accounted for the largest revenue share in 2021 due to several factors such as the increasing demand for hydraulic fluids in the construction and mining industries, the growth of the agriculture sector, and the rising industrialization in the region.
Some major companies in the global market report include Exxon Mobil Corporation, Shell, Chevron Corporation, PetroChina Company Limited, TotalEnergies, Idemitsu Kosan Co., Ltd., China Petrochemical Corporation, FUCHS Group, Valvoline Inc., Petroliam Nasional Berhad (PETRONAS), LUKOIL, and Petrobras.
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