Hydraulic Fluid Market Size and Challenges | Global Industry Top Key Vendors, Drivers ,Trends and Forecast 2023
Hydraulic Fluid Global Market by type, by End Use Industry (Oil & Gas, Automobile, Marine¸ Aircraft, Industrial Machinery, Construction, and Others), and by Region- Forecast to 2023
Pune, India – July 31, 2018 /MarketersMedia/ —
Hydraulic Fluid Market Overview:-
The global hydraulic fluid market is all set to touch an astounding USD 4,317.1 million during the forecast period (2015-2023), asserts Market research Future (MRFR) in a comprehensive study of the said subject. Hydraulic fluid is often used as an energy transfer medium which has various applications across industry verticals. Due to its wide-scale utility, a moderate CAGR of 2.57% can be expected during the forecast period.
Industry Top Key Players:-
Key players of the Global Hydraulic Fluid Market are Exxon Mobil Corporation (US), Royal Dutch Shell Plc (Netherland), BASF SE (Germany), Castrol Limited (UK), Eastman Chemical Company (US), Schaeffer Manufacturing Co (US), Condat (Europe), LUKOIL Lubricants Company (Russia), The Dow Chemical Company (US), British Petroleum Plc. (UK), and others.
The competitive market is witnessing a lot of mergers and acquisitions that can act as a game-changer for their respective profiles. For instance, Eastman Chemical recently acquired Taminco Corporation, a strategic execution that can prove beneficial for the market. ExxonMobil announced that they have signed an agreement with the Ghana government and acquired right for exploration and production in Deepwater Cape Three Point block.
Industry Trends:-
Growing ecological concerns are proving useful in forcing the sector to adopt the latest technologies to ensure better performance. Polyalkylene glycol (PAG) blend, a patented product of EnBio Industries, is the next generation of hydraulic fluid. The product performs better than mineral oil products and lasts three-to-four-times longer than bio-based products. It also enhances the effectiveness of the pumps, directly impacting performance positively and reduces fuel consumption which can be considered exemplary.
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Drivers and Restraints:-
The world is now experiencing industrialization at an unprecedented rate which is triggering the demand for hydraulic systems owing to its benefits such as lesser time consumption and efficiency. Hydraulic fluids are accepted as lubricants and an energy transmission medium which can remove heat as well. At the same time, it gives users an extra edge by providing the machine with ample protection against wear and tear, thus, reducing the operational cost.
The automotive industry is also burgeoning in several areas that are generating demand for hydraulic liquids. Along with it is the transportation industry that is expected to upkeep the escalating curve of the market.
However, dwindling crude oil price can act as a market irritant. Hydraulic liquids are not all together eco-friendly as it leaves toxic impressions in nature. With growing ecological concerns, this aspect of hydraulic liquids can dampen the rapid rise.
Hydraulic Fluid Market Segmentation:-
The Global Hydraulic Fluid Market can be segmented by type and end-users.
Type-wise segmentation includes petroleum-based, bio-based and fire-resistant. The demand for eco-friendly products is rising day by day. Hence, the bio-based fluids are creating more business opportunities. The market is lucrative and is also implementing innovations such as incorporating fire-resistant elements to make it consumer-friendly.
Based on end-users, the market can be segmented into oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others. Governments are investing much in defense and oil & gas sectors. This could expand the horizon of opportunity for associated industries such as a hydraulic liquid. In the Asia Pacific region, the automotive industry is growing by leaps and bounds which can further boost the hydraulic fluid market.
Regional Analysis:-
Region-wise the market includes namely Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and the Middle East and Africa (MEA).
The APAC accounts for the largest market share with a hold of 35% in the global hydraulic fluids market. The region has a number of factors that are contributing in a significant way to the growth of the regional market. For instance, the automotive sector is booming in the region and oil & gas industry is registering a substantial rise along with lenient government policies and the demand for the same is ever increasing from the emerging nations.
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North America is the second largest market and can generate almost USD 990.4 million during the forecast period. The U.S. is contributing the most by generating a hefty share of the market revenue. Canada is also accelerating much and is expected to have impressive growth.
Europe is the third largest market that has strong countries such as Germany, France, and the U.K. with a robust infrastructure for various industries that generate the demand for hydraulic fluids.
The MEA and the LATAM are expected to show moderate growth owing to new developments in industrial sectors.
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