Global hydraulic fluid market estimated to foster due to the expansion of refinery capacities, improved quality of hydraulic fluids, and growing automotive industry across the world
The global hydraulic fluid market size was worth over USD 7.6 billion in 2019 and projected to reach USD 10 billion by 2027, with expanding over 3.42% during the forecast period, 2020-2027. The primary factors are massive industrialization, increasing disposable income, and rapid urbanization in emerging countries. Further, the growing environmental concerns related to the use of petroleum oils along with the increasing consumer shift towards bio-based hydraulic fluids are anticipated to drive the growth of the global hydraulic fluid market in the future periods. Additionally, the rapid infrastructure development, rapid industrialization, growth of the economy, and high capital investments by major industrial players are anticipated to fuel the demand for hydraulic fluid across the globe in the coming years. The hydraulic fluid plays a role in energy transmission, anti-wear, system lubrication, anti-corrosion, anti-rust, cooling, sealing, and so on. Hydraulic oil is a special oil for transmitting pressure (power).
Moreover, the growing use of hydraulic fluid in applications such as sealing, providing corrosion resistance, and lubrication will spur the global hydraulic fluid market share in the upcoming periods. Also, the unprecedented rate of industrialization, emerging automotive and transportation industry and growing use of hydraulic fluids in various industries, including marine, aircraft, construction, and oil and gas is strengthening the market growth. Furthermore, the surge in the applications of hydraulic fluid in the manufacturing of steel and other ferrous alloys along with the increased demand for the metal from the transportation industry positively impacts the hydraulic fluid market. Additionally, the increasing use of hydraulic fluids in the automotive and oil & gas sectors, infrastructure, and heavy engineering will accelerate the growth of the global hydraulic fluid in the analysis period in the forecast span.
Base Oil Overview in the Global Hydraulic Fluid Market
Based on base oil, the global hydraulic fluid market classified into mineral oil, synthetic oil, and bio-based oil. The mineral segment is likely to lead the market by 2027, because mineral oil is available in light and heavy grades, depending on its usage and requirements. Additionally, mineral oil hugely demands in various industrial sectors such as construction, metal & mining, cement production, and others.
The bio-based oil will be the fastest-growing segment during the forecast period due to the growing consumer shift towards bio-based hydraulic fluids related to environmental concern.
Point of Sale Overview in the Global Hydraulic Fluid Market
Based on the point of sale, the global hydraulic fluid market bifurcates into OEM and aftermarket. The OEM segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to the development of hydraulic products with better properties and extended life. These extended lives of the initial hydraulic fluid involve a longer maintenance cycle of the equipment.
End-User Industry Overview in the Global Hydraulic Fluid Market
Based on the end-user industry, the global hydraulic fluid market segregated into construction, metal & mining, agriculture, oil & gas, transportation, cement production, food processing, and others. The construction segment projected to lead the market by 2027. It is due to the use of appropriate hydraulic fluid on a construction site that helps to prevent equipment failure, eliminate downtime, and reduces operating costs. Additionally, hydraulic fluid is used in various construction equipment, including bulldozers, dump trucks, draglines, scrapers & shovels, and other heavy equipment.
Metal & mining is estimated to grow with a lucrative CAGR due to the hydraulic fluid used in the manufacturing of steel and other ferrous alloys.
Regional Overview in the Global Hydraulic Fluid Market
By geography, the global hydraulic fluid market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific held a higher market share in the global hydraulic fluid in 2019 and will continue its dominance by 2027. It is attributable to the growing population in the region, improved lifestyle, the rise in employment rate, upsurge in disposable income of the people, and increase in foreign investments in various sectors of the economy and the augmented spending in the construction sector in emerging markets of China, India.
Global Hydraulic Fluid Market: Competitive Landscape
Companies such as ExxonMobil, Royal Dutch Shell PLC, BP p.l.c., Chevron Corporation, Total S.A., Petrochina Company Limited, Idemitsu Kosan Co. Ltd., Sinopec Limited, Fuchs Petrolub AG, Valvoline, Lukoil, Petronas, Gazprom Neft, Pertamina are the key players in the global hydraulic fluid market.
Global Hydraulic Fluid Market Report Content 1. Research Strategic Development 1.1. Market Modelling 1.2. Product Analysis 1.3. Market Trend and Economic Factors Analysis 1.4. Market Segmental Analysis 1.5. Geographical Mapping 1.6. Country Wise Segregation 2. Research Methodology 2.1. Identification of Target Market 2.2. Data Acquisition 2.3. Refining of Data/ Data Transformations 2.4. Data Validation through Primary Techniques 2.5. Exploratory Data Analysis 2.6. Graphical Techniques/Analysis 2.7. Quantitative Techniques/Analysis 2.8. Visual Result/Presentation 3. Executive Summary 4. Market Insights 4.1. Supply Chain Analysis 4.2. Economic Factor Analysis 4.2.1. Drivers 4.2.2. Trends 4.2.3. Opportunities 4.2.4. Challenges 4.3. Technological Landscape 4.4. Competitors & Product Analysis 4.5. Regulatory Framework 4.6. Company market share analysis, 2019 4.7. Porter's Five forces analysis 4.8. New Investment Analysis 4.9. PESTEL Analysis 5. Global Hydraulic Fluid Market Overview 5.1. Market Size & Forecast, 2016-2027 5.1.1. Demand 5.1.1.1. By Value (USD Million) 5.1.2. Consumption 5.1.2.1. By Volume (Kiloton) 5.2. Market Share & Forecast, 2016-2027 5.2.1. By Base Oil 5.2.1.1. Mineral Oil 5.2.1.2. Synthetic Oil 5.2.1.3. Bio-based Oil 5.2.2. By Point of Sale 5.2.2.1. OEM 5.2.2.2. Aftermarket 5.2.3. By End-User Industry 5.2.3.1. Construction 5.2.3.2. Metal & Mining 5.2.3.3. Agriculture 5.2.3.4. Oil & Gas 5.2.3.5. Transportation 5.2.3.6. Cement Production 5.2.3.7. Food Processing 5.2.3.8. Others 5.2.4. By Region 5.2.4.1. North America 5.2.4.2. Europe 5.2.4.3. Asia Pacific 5.2.4.4. South America 5.2.4.5. Middle East & Africa 6. North America Hydraulic Fluid Market Overview 6.1. North America Hydraulic Fluid Market Size & Forecast, 2016-2027 6.1.1. Demand 6.1.1.1. By Value (USD Million) 6.1.2. Consumption 6.1.2.1. By Volume (Kiloton) 6.2. North America Hydraulic Fluid Market Share & Forecast, 2016-2027 6.2.1. By Base Oil 6.2.1.1. Mineral Oil 6.2.1.2. Synthetic Oil 6.2.1.3. Bio-based Oil 6.2.2. By Point of Sale 6.2.2.1. OEM 6.2.2.2. Aftermarket 6.2.3. By End-User Industry 6.2.3.1. Construction 6.2.3.2. Metal & Mining 6.2.3.3. Agriculture 6.2.3.4. Oil & Gas 6.2.3.5. Transportation 6.2.3.6. Cement Production 6.2.3.7. Food Processing 6.2.3.8. Others 6.2.4. By Country 6.2.4.1. US 6.2.4.2. Canada 6.2.4.3. Mexico 6.2.5. Price-Point Analysis 6.2.6. Manufacturer & Distributor List (Top 5) 6.2.7. Company Market Share (Top 3-5) 6.2.8. Economic Impact Study on North America Hydraulic Fluid Market 7. Europe Hydraulic Fluid Market Overview 7.1. Europe Hydraulic Fluid Market Size & Forecast, 2016-2027 7.1.1. Demand 7.1.1.1. By Value (USD Million) 7.1.2. Consumption 7.1.2.1. By Volume (Kiloton) 7.2. Europe Hydraulic Fluid Market Share & Forecast, 2016-2027 7.2.1. By Base Oil 7.2.1.1. Mineral Oil 7.2.1.2. Synthetic Oil 7.2.1.3. Bio-based Oil 7.2.2. By Point of Sale 7.2.2.1. OEM 7.2.2.2. Aftermarket 7.2.3. By End-User Industry 7.2.3.1. Construction 7.2.3.2. Metal & Mining 7.2.3.3. Agriculture 7.2.3.4. Oil & Gas 7.2.3.5. Transportation 7.2.3.6. Cement Production 7.2.3.7. Food Processing 7.2.3.8. Others 7.2.4. By Country 7.2.4.1. Germany 7.2.4.2. UK 7.2.4.3. France 7.2.4.4. Italy 7.2.4.5. Rest of Europe 7.2.5. Price-Point Analysis 7.2.6. Manufacturer & Distributor List (Top 5) 7.2.7. Company Market Share (Top 3-5) 7.2.8. Economic Impact Study on Europe Hydraulic Fluid Market 8. Asia Pacific Hydraulic Fluid Market Overview 8.1. Asia Pacific Hydraulic Fluid Market Size & Forecast, 2016-2027 8.1.1. Demand 8.1.1.1. By Value (USD Million) 8.1.2. Consumption 8.1.2.1. By Volume (Kiloton) 8.2. Asia Pacific Hydraulic Fluid Market Share & Forecast, 2016-2027 8.2.1. By Base Oil 8.2.1.1. Mineral Oil 8.2.1.2. Synthetic Oil 8.2.1.3. Bio-based Oil 8.2.2. By Point of Sale 8.2.2.1. OEM 8.2.2.2. Aftermarket 8.2.3. By End-User Industry 8.2.3.1. Construction 8.2.3.2. Metal & Mining 8.2.3.3. Agriculture 8.2.3.4. Oil & Gas 8.2.3.5. Transportation 8.2.3.6. Cement Production 8.2.3.7. Food Processing 8.2.3.8. Others 8.2.4. By Country 8.2.4.1. China 8.2.4.2. India 8.2.4.3. Japan 8.2.4.4. Australia 8.2.4.5. Rest of Asia Pacific 8.2.5. Price-Point Analysis 8.2.6. Manufacturer & Distributor List (Top 5) 8.2.7. Company Market Share (Top 3-5) 8.2.8. Economic Impact Study on Asia Pacific Hydraulic Fluid Market 9. South America Hydraulic Fluid Market Overview 9.1. South America Hydraulic Fluid Market Size & Forecast, 2016-2027 9.1.1. Demand 9.1.1.1. By Value (USD Million) 9.1.2. Consumption 9.1.2.1. By Volume (Kiloton) 9.2. South America Hydraulic Fluid Market Share & Forecast, 2016-2027 9.2.1. By Base Oil 9.2.1.1. Mineral Oil 9.2.1.2. Synthetic Oil 9.2.1.3. Bio-based Oil 9.2.2. By Point of Sale 9.2.2.1. OEM 9.2.2.2. Aftermarket 9.2.3. By End-User Industry 9.2.3.1. Construction 9.2.3.2. Metal & Mining 9.2.3.3. Agriculture 9.2.3.4. Oil & Gas 9.2.3.5. Transportation 9.2.3.6. Cement Production 9.2.3.7. Food Processing 9.2.3.8. Others 9.2.4. By Country 9.2.4.1. Brazil 9.2.4.2. Argentina 9.2.4.3. Rest of South America 9.2.5. Price-Point Analysis 9.2.6. Manufacturer & Distributor List (Top 5) 9.2.7. Company Market Share (Top 3-5) 9.2.8. Economic Impact Study on South America Hydraulic Fluid Market 10. Middle East & Africa Hydraulic Fluid Market Overview 10.1. Middle East & Africa Hydraulic Fluid Market Size & Forecast, 2016-2027 10.1.1. Demand 10.1.1.1. By Value (USD Million) 10.1.2. Consumption 10.1.2.1. By Volume (Kiloton) 10.2. Middle East & Africa Hydraulic Fluid Market Share & Forecast, 2016-2027 10.2.1. By Base Oil 10.2.1.1. Mineral Oil 10.2.1.2. Synthetic Oil 10.2.1.3. Bio-based Oil 10.2.2. By Point of Sale 10.2.2.1. OEM 10.2.2.2. Aftermarket 10.2.3. By End-User Industry 10.2.3.1. Construction 10.2.3.2. Metal & Mining 10.2.3.3. Agriculture 10.2.3.4. Oil & Gas 10.2.3.5. Transportation 10.2.3.6. Cement Production 10.2.3.7. Food Processing 10.2.3.8. Others 10.2.4. By Country 10.2.4.1. Saudi Arabia 10.2.4.2. UAE 10.2.4.3. South Africa 10.2.4.4. Rest of Middle East & Africa 10.2.5. Price-Point Analysis 10.2.6. Manufacturer & Distributor List (Top 5) 10.2.7. Company Market Share (Top 3-5) 10.2.8. Economic Impact Study on Middle East & Africa Hydraulic Fluid Market 11. Competitor Analysis 11.1. Company Description 11.2. Financial Analysis 11.3. Key Products 11.4. Key Management Personnel 11.5. Contact Address 11.6. SWOT Analysis 11.7. Company Profile 11.7.1. Royal Dutch Shell PLC 11.7.2. ExxonMobil 11.7.3. BP p.l.c. 11.7.4. Chevron Corporation 11.7.5. Total S.A. 11.7.6. Petrochina Company Limited 11.7.7. Idemitsu Kosan Co. Ltd. 11.7.8. Sinopec Limited 11.7.9. Fuchs Petrolub AG 11.7.10. Valvoline 11.7.11. Lukoil 11.7.12. Petronas 11.7.13. Gazprom Neft 11.7.14. Pertamina 11.7.15. IOCL 11.7.16. Phillips 66 11.7.17. HPCL 11.7.18. Other Prominent Players
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