Hydraulic Fluids Market Size Worth $12.0 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 12, 2022 /PRNewswire/ -- The global hydraulic fluids market size is anticipated to reach USD 12.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.2% from 2022 to 2030. In recent years, industrialization has been on a rise, particularly in emerging economies such as India, China, and Brazil, among others. The share of the manufacturing industry in the GDP is increasing significantly for these countries. Various policies by governments all over the world are being targeted toward the growth of industrial sectors.

Key Industry Insights & Findings from the report:

• The mineral oil segment led the market and accounted for 48.9% of the global revenue share in 2021. Mineral-based oils are the most often utilized hydraulic fluids. They are easily accessible and cost-effective. The only significant downside of petroleum-based hydraulic oils is that they are flammable. Mineral-based hydraulic oils are made from fractions of crude oil. They are also polished to the point where they have suitable lubricating properties.
• The synthetic oil segment is expected to witness a CAGR of 5.9% over the forecast period in terms of revenue. Synthetic oil can combat varnish and sludge build-up, which are common in high-pressure, high-temperature industrial situations.
• The aerospace and defense segment accounted for 8.9% of the global revenue share in 2021. The hydraulic system is a vital aspect of any aircraft. Consumer's increasing preference for air travel and rising demand for cargo flights is expected to drive to hydraulic systems market. In addition, increasing usage of airplanes and helicopters in the defense and commercial sectors is driving the demand for aircraft hydraulic systems which in turn is expected to increase the demand in the sector.
• In June 2020, Gulf Western Oil (GWO) launched SUPERDRAULIC hydraulic fluid products. The high viscosity index products are suitable for harsh conditions and high-temperature applications. The company claimed to have 6,000+ oil hour life for the product.
• In February 2022, South Korea's hydraulic brake fluid exports were USD 791 thousand, while imports totaled USD 618 thousand, creating a USD 173 thousand positive trade balance. Hydraulic brake fluid was predominantly exported to the U.S., India, China, Mexico, and Slovakia and mostly imported from Germany, U.S., Switzerland, Singapore, and the Netherlands.

Read full market research report for more Insights, "Hydraulic Fluids Market Size, Share & Trends Analysis Report By Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), By End-use (Construction, Oil & Gas, Agriculture, Metal & Mining), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Hydraulic Fluids Market Growth & Trends

The digital revolution, combined with artificial intelligence, has opened numerous new opportunities for fluid power. It will take time to turn into high-power electromechanical solutions. The industry must leverage the inherent capabilities of fluid power technology and expand its reach through technological advancements. In terms of energy efficiency, fluid power technology has huge potential. The focus will soon shift to the development of high-speed switching valves, high-efficiency hydraulic fluids, and more efficient pumps and motors. In 2020, the market was severely affected by the global pandemic. Prices were dropped due to the lack of demand for lubricants and oils from end-user industries such as construction, automotive, marine, and aerospace, among others.

In recent years, a huge fluctuation in the prices of base oil and hydraulic fluids has been experienced by the industries. In 2021, the prices of the market skyrocketed owing to the sudden demand for the product after the revival of the end-user industries. In 2022, the Russia-Ukraine war has resulted in the further increase of the base oil and hydraulic fluids prices.

Hydraulic Fluids Market Segmentation

Grand View Research has segmented the global hydraulic fluids market based on base oil, end-use, and region:

Hydraulic Fluids Market - Base Oil Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

Hydraulic Fluids Market - End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Construction
• Metal & Mining
• Oil & Gas
• Agriculture
• Automotive
• Aerospace & Defense
• Others

Hydraulic Fluids Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Russia
• Asia Pacific
• China
• Japan
• India
• Australia
• Central & South America
• Brazil
• Middle East & Africa

List of Key Players in the Hydraulic Fluids Market

• Shell plc
• Exxon Mobil Corporation
• Chevron Corporation
• BP p.l.c.
• TotalEnergies
• PetroChina Company Limited
• China Petrochemical Corporation (SINOPEC)
• FUCHS
• Valvoline
• NYCO
• Idemitsu Kosan Co., Ltd.
• Dow
• Eastman Chemical Company
• LUKOIL
• Gazprommeft - Lubricants Ltd.

Check out more related studies published by Grand View Research:

• Drilling Fluids Market - The global drilling fluid market is expected to reach USD 11.3 billion by 2030, expanding at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing demand in the energy industry, which is anticipated to drive growth in the drilling fluid market.
• Hydraulic Fracturing Market - The global hydraulic fracturing market is expected to reach USD 81.10 billion by 2024, according to a new report by Grand View Research, Inc. Growing E&P companies' concern towards declining production rates in conventional hydrocarbon reserves along with shifting focus towards developing unconventional oil & gas blocks globally is anticipated to drive the market growth.
• Injection Molding Machine Market - The global injection molding machine market size is expected to reach USD 20.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.5% from 2021 to 2028. The growing demand for lightweight and complex components in the automotive and electronics industry is projected to increase industry growth over the years.

Browse through Grand View Research's Petrochemicals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.