Global Hydraulic Fluids Market Report and Forecast 2024-2032

Global Hydraulic Fluids Market Outlook

The global hydraulic fluids market attained a value of more than USD 8.60 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.6% to reach above USD 15.27 billion by 2032.

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The Asia Pacific Accounts for a Significant Share of the Market for Hydraulic Fluids

The Asia Pacific accounts for a considerable share of the hydraulic fluid industry due to rapid industrialisation in developing economies like India and China. The increasing construction activities owing to the rising requirement to accommodate the growing population in the region is driving the market for hydraulic fluids. With the growing utilisation of hydraulic machines for the precision and optimisation of construction processes, the demand for hydraulic fuels is increasing, hence driving the market growth.

Moreover, the increasing manufacturing of automobiles in countries like China and India, among others, is leading to a surge in the demand for hydraulic fluids, which is significantly contributing to the growth of the market. As hydraulic fluids can effectively handle high pressures, they are increasingly preferred in heavy duty applications in the region, which is providing further impetus to the growth of the hydraulic fluids industry.

Hydraulic Fluids: Market Segmentation

Hydraulic fluids, also known as hydraulic liquid, are medium that transfers power into hydraulic machinery components. They are also used for secondary functions like heat transfer, contamination removal, sealing, and lubrication. Excavators, garbage trucks, lifts, aircraft flight control systems, and industrial machines are some of the equipment that use hydraulic fluids. They find their applications in major industries like oil and gas, automotive, and aerospace, among others.

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The major base oils of hydraulic fluids are:

• Mineral Oil
• Synthetic Oil
• Bio-based Oil

The market can be broadly categorised on the basis of its end uses into:

• Oil and Gas
• Marine
• Automotive
• Aerospace and Defence
• Construction
• Others

The EMR report looks into the regional markets of hydraulic fluids like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Hydraulic Equipment in Various End Use Industries to Augment the Market for Hydraulic Fluids

The growing use of hydraulic equipment in various industries, such as construction and automotive, among others, are driving the growth of the hydraulic fluids industry. As hydraulic systems are designed to operate under high temperatures, high pressures, and various complex circumstances, they are extensively deployed in challenging applications, hence bolstering the market growth. The increasing use of hydraulic fluid to decrease the wear and tear of parts, protect the internal systems from corrosion, and external environments from erosion, is augmenting the growth of the market.

With the growing sustainability concerns, the use of hydraulic fluids for the functional safety of systems is fuelling the market growth. The development of innovative seals that are compatible with hydraulic fluids is projected to propel the market growth. Furthermore, advancements in fluid technology of hydraulic systems are expected to enhance the applications of hydraulic fluid, which is anticipated to fuel the market growth.

Key Industry Players in the Global Hydraulic Fluids Market

The report presents a detailed analysis of the following key players in the global hydraulic fluids market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• BASF SE
• Royal Dutch Shell plc.
• Exxon Mobil Corporation
• Chevron Corporation
• TotalEnergies SE
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report