Hydraulic Fluids Market worth $9.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

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Dec 05, 2022, 06:30 ET

CHICAGO, Dec. 5, 2022 /PRNewswire/ -- The Global "Hydraulic Fluids Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Point of Sale (OEM, Aftermarket), End-Use Industry (Construction, Metal & Mining, Power Generation, Oil & Gas, Transportation), Region - Global Forecast to 2027", size is projected to reach USD 9.6 billion by 2027, at a CAGR of 3.2% from USD 8.2 billion in 2022.

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Construction activities is expected to grow, as will infrastructure expansion and the usage of heavy equipment in civil engineering projects. These trends are expected to propel the worldwide hydraulic fluids market over the forecast period. The majority of hydraulic fluids are based on poisonous and environmentally dangerous hydrocarbons and mineral oils. For disposal, hydraulic fluids must adhere to a number of environmental and legal requirements. Hydraulic fluid handling and storage safety recommendations and specifications are provided by the manufacturers. Hydraulic fluid spills or splatters must be thoroughly cleaned up using the right absorbents in order to prevent the contaminating of sewage and groundwater systems. The main market restrictions include high toxicity, strict environmental requirements, and the rising popularity of organic hydraulic fluids.

"Mineral oil was the largest base oil in the global hydraulic fluids market, in terms of value, in 2021"

Based on base oil, mineral oil accounted for the largest market share in global hydraulic fluids market, both in terms of value and volume, in 2021. The easy availability of the base oil accompanied with affordable price are key factors for its wide usage in various end-use industries. It is extensively used in price sensitive regions like Asia Pacific, Middle East & Africa and South America. However, rising concerns towards its harmful impact towards environment is restraining its market growth for the forecast period.

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"Food processing segment projected to be the fastest growing end-use industry, in terms of value, during the forecast period"

The growing population across the globe is driving the demand for food products and food-related industries. With the increase in disposable income, consumers are also shifting their preferences towards packaged foods. All these factors are influencing high growth of food industry. Thus, usage of hydraulic fluids in food processing segment is projected to grow at highest CAGR during the forecast period. Developing countries like China, India, Mexico and Brazil offer lucrative opportunities for food processing industry due to rising population.

"North America is estimated to be the second-largest market for hydraulic fluids, in terms of value, during the forecast period"

During the forecast period, it is projected that the market for hydraulic fluids in North America will grow significantly, driven by increased demand from the regions infrastructure and heavy engineering industries. Throughout the forecast period, the European hydraulic fluids market is anticipated to continue growing at a steady rate. The Middle East and Africa hydraulic fluids market is expected to grow over the course of the forecast period due to factors including the expansion of the industrial and infrastructural sectors in the region as well as increased demand from the oil and gas industry.

Due to the strong demand for hydraulic fluids and their growing consumption in heavy construction equipment used for construction and civil engineering projects, the hydraulic fluids market in Asia Pacific is projected to grow at a highest rate during the forecast period. The rapid development of infrastructure, rapid industrialization, economic expansion, and significant capital expenditures by key industrial players in the region are further factors contributing to the increase in demand for hydraulic fluids in Asia Pacific.

Market Players

The key market players profiled in the report include Shell Plc. (Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), TotalEnergies SE (France), Petrochina Company Limited (China), Sinopec Corp (China), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan), among others.

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