CHICAGO, May 19, 2020 /PRNewswire/ -- According to the new market research report "Hydraulic Fluid Market by Point of Sale (OEM, Aftermarket), Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), End-use Industry (Construction, Metal & Mining, Agriculture, Oil & Gas, Transportation, Cement Production), Region – Global Forecast to 2025", published by MarketsandMarkets™, the Hydraulic Fluid Market is projected to reach USD 9.0 billion by 2025 from USD 7.7 billion in 2020.
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Hydraulic fluid is used to transfer power in hydraulic machinery components. It protects the equipment against shearing—the permanent loss of viscosity due to mechanical or oxidation breakdown. It also offers protection against rust, corrosion, and metal fatigue. The hydraulic fluid is combined with "keep clean" additives to prevent clogging of filters, ensuring a long life of system components. Hydraulic fluid is manufactured using base oil, such as mineral oil, synthetic oil, and bio-based oil. The major factors driving the hydraulic fluid market are massive industrialization, increasing disposable income, and rapid urbanization in emerging countries.
OEM to be faster-growing point of sale segment in overall hydraulic fluid market during forecast period.
OEM is expected to be the faster-growing segment between 2020 2025. This is attributed to the development of new products with better properties and extended life. The extended life of the initial hydraulic fluid entails longer maintenance cycle of equipment.
Mineral oil was the largest segment in the overall hydraulic fluid market in 2019.
Mineral oil was the largest segment in the overall hydraulic fluid market in 2019. Mineral oil-based hydraulic fluid is available in light and heavy grades, depending on the usage and requirement. They are produced via petroleum refineries in large quantities because of their high usage in various industrial sectors such as construction, metal & mining, cement production, and others.
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Construction industry accounted for largest share of the hydraulic fluid market in 2019.
The construction industry accounted for the largest share of the hydraulic fluid market in 2019. A construction site is full of harsh conditions, where the majority of construction equipment is exposed to extreme cold, heat, moisture, and dust, which can affect the performance of equipment. The use of appropriate hydraulic fluid on a construction site helps to prevent equipment failure, eliminate downtime, and reduces operating costs. Hydraulic fluid is used in various construction equipment, including bulldozers, dump trucks, draglines, scrapers & shovels, and other heavy equipment.
APAC to be the largest as well as the fastest-growing market for hydraulic fluid during the forecast period
The APAC region led the hydraulic fluid market in 2019 and is expected to witness the highest CAGR between 2020 and 2025. The increasing population in the region and the increased expenditure in the construction sector in emerging markets of China, India, and Indonesia are some of the major factors projected to drive the demand for hydraulic fluid in the region. This increased demand is expected to consequently drive the growth of the hydraulic fluid market in the region. Furthermore, improved lifestyle, increase in employment rate, rise in disposable income of the people, and increase in foreign investments in various sectors of the economy are some of the factors that make APAC an attractive market for hydraulic fluid manufacturers.
The key market players profiled in the report include Royal Dutch Shell PLC (Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co. Ltd. (Japan), and others.
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