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Global Hydraulic Fluids Market to Reach USD 11.20 Billion by 2027, Aided by the Rising Demand in Various Industries

According to a new report by EMR titled, ‘Global Hydraulic Fluids Market Report and Forecast 2022-2027’, the global hydraulic fluids industry attained a value of more than USD 7.60 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 6.4% to reach above USD 11.20 billion by 2027.

The global hydraulic fluids market is growing due to the facilities provided by the rising use of hydraulic fluids to increase the demand. It protects the internal systems from corrosion and erosion caused by external environments. Demand is increasing for various types of hydraulic equipment in various industries, with features like high speed and efficiency at higher operating pressures and temperatures is expected to accelerate the growth of hydraulic fluid market. Increasing demand for hydraulic fluids in various industries, especially in the construction and automotive industries is boosting the industry growth. Rising demand for heavy machinery in the construction industry and rapid growth in construction activities are factors expected to drive adoption of hydraulic fluids. Developments in hydraulic fluids, such as fire-resistant hydraulic fluids and enhanced quality are also expected to fuel growth of the hydraulic fluids industry over the forecast period. Factors like rapid industrialisation in emerging economies, increasing infrastructure projects, growing need for material-handling equipment, increasing preference for advanced agricultural instruments, and growing awareness regarding benefits of hydraulic equipment in various sectors are boosting demand for hydraulic fluids. There is a shifting preference for petroleum-oils to bio-based hydraulic fluids due to rising concerns regarding environmental issues. Accessibility of semi-synthetic hydraulic fluid provides potential opportunities for the growth of the hydraulic oil market in the upcoming years. However, few types of hydraulic fluids are highly toxic and stringent environmental regulations limit the use of such fluids. Hydraulic fluids market is highly dependent on the oil industry and fluctuating oil prices is a major factor restraining growth of the market.

The rising competition among the key players is also providing an impetus to the market growth. In October 2021, Royal Dutch Shell plc. (NYSE: RDS.A) added lights, medium, and heavy-duty fluids for electrified commercial vehicles to its existing range of passenger car e-fluids. The new fluids are for battery and fuel-cell EVs and include transmission fluids, greases, and battery coolants. The company claims that new e-fluids provide 50% less oxidation as compared to competitor’s e-fluids, up to eight times lower electrical conductivity when cooling the e-motor under typical operating conditions temperatures compared with a conventional heavy-duty transmission fluid, more than three times less copper erosion compared with a competitor’s specialised e-mobility driveline fluid and up to 9% higher thermal conductivity compared with a competitor‘s e-mobility driveline fluid.

Market Analysis by Base Oil, End Use, and Regions:

  • Based on oil bases, the industry can be divided into mineral oil, synthetic oil, and bio-based oil.
  • On the basis of end uses, the market can be divided into oil and gas, marine, automotive, aerospace and defence, and construction, amongst others.
  • The regional markets for hydraulic fluids include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Growing infrastructure, increasing demand for rapid construction, and increased use of heavy machinery in civil engineering projects are factors driving the growth of hydraulic fluids market.
  • Shifting preference from petroleum-oils to bio-based hydraulic fluids owing to rising environmental concerns boost the demand for hydraulic fluids.
  • Manufacturers, manufacturing new products with better properties, and extended life is fuelling the demand for hydraulic fluids.
  • Technological advancements of hydraulic systems are also propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global hydraulic fluids industry for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for the base oil, end use, and regions of hydraulic fluids.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global hydraulic fluids industry are BASF SE, Royal Dutch Shell Plc, Exxon Mobil Corporation, Chevron Corporation, and TotalEnergies SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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