Global Hydraulic Fluids Market, By Base Oil (Mineral Oil, Synthetic Oil, Semi- Synthetic Oil, Bio- Based Oil), Application (OEM, Equipment, Construction Equipment, Transportation, Oil and Gas, Metal Production, Food and Beverage, Others), Type (Petroleum-Based Hydraulic Fluid, Bio-Based Hydraulic Fluid , Fire-Resistant Type), Connector Type (Mobile Hydraulic Fluid Connectors, Stationary Hydraulic Fluid Connectors) – Industry Trends and Forecast to 2029
Market Analysis and Size
Hydraulic fluid is gaining immense popularity owing to its superior properties such as long life, good performance and better stability at high temperature as compared to ordinary turbine oil. Hydraulic fluid is being widely used in a wide range of applications across various industries including chemical manufacturing, oil and gas, and automotive, among others.
Global Hydraulic Fluids Market was valued at USD 8.07 billion in 2021 and is expected to reach USD 10.59 billion by 2029, registering a CAGR of 3.45% during the forecast period of 2022-2029. Synthetic Oil is expected to witness high growth in the base oil segment of the market owing to the easy availability and low cost. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Hydraulic fluids are an energy transfer medium which is mainly used in all hydraulic systems. Some of the common types of the hydraulic fluids include petroleum-based hydraulic fluid, bio-based hydraulic fluid and fire-resistant type.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Base Oil (Mineral Oil, Synthetic Oil, Semi- Synthetic Oil, Bio- Based Oil), Application (OEM, Equipment, Construction Equipment, Transportation, Oil and Gas, Metal Production, Food and Beverage, Others), Type (Petroleum-Based Hydraulic Fluid, Bio-Based Hydraulic Fluid , Fire-Resistant Type), Connector Type (Mobile Hydraulic Fluid Connectors, Stationary Hydraulic Fluid Connectors)
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, and Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, and Rest of Middle East and Africa (MEA).
Market Players Covered
Shell plc (UK), Exxon Mobil Corporation (US), BP (UK), Chevron Corporation. (US), Total (France), LUKOIL Marine Lubricants DMCC (UAE), Idemitsu Kosan Co.,Ltd. (Japan), Indian Oil Corporation Ltd (India), Sinopec (China), Phillips 66 Company. (US), Calumet Specialty Products Partners, L.P., LLC (US), Morris Lubricants (UK), Penrite Oil (Australia), Carl Bechem Lubricants India (India), Valvoline LLC. (US), PEAK (UK), Rock Valley Oil & Chemical Co (US), LIQUI MOLY GmbH (Germany), ADDINOL. (Germany), and Amalie Oil Company (US), among others
Global Hydraulic Fluids Market Dynamics
- High Usage in Oil and Gas Sector
The increased use of the onshore drilling fluids in the chemical, and oil and gas industries acts as one of the major factors driving the growth of hydraulic fluids market. The safe handling of such chemicals is mandatory in these industries.
- Enhancement of Industrial Equipment
The rise in the industrial equipment performance and lubricant life with continuous filtration of lubricants accelerate the market growth. Also, the continuous use of these is considered essential in the drilling of well.
- Growth in Energy Industry
The rise in requirement of these fluids in the energy industry further influence the market. Also, surge in demand for crude oil and gas by various industrial sectors, such as transportation and power plants assist in the expansion of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the hydraulic fluids market.
Furthermore, rise in trend of using bio-based hydraulic fluid and availability of semi-synthetic hydraulic fluid extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, availability of zinc-free (ashless) hydraulic fluid will further expand the market.
On the other hand, high cost associated with the synthetic and bio-based hydraulic fluid, and shift toward synthetic hydraulic fluid shrinking are expected to obstruct market growth. Also, stringent environmental regulations and volatile crude oil prices are projected to challenge the hydraulic fluids market in the forecast period of 2022-2029.
This hydraulic fluids market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on hydraulic fluids market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Hydraulic Fluids Market
COVID-19 had a negative impact on various industries including hydraulic fluids market. Both public and government sectors suffered greatly due to the facing financial crises during the outbreak of COVID-19. Businesses were shut down in numerous countries because of the social distancing guidelines and the imposition of lockdown. The hydraulic fluids industry faced huge problems due to the shortage of laborers declining the low production. A decline in the demand hydraulic fluids was witnessed owing to the limited production and shut down of industries, such as oil and gas sectors, building and construction, and chemical, among others. However, the hydraulic fluids market is expected to witness growth in demand after the post-covid-19 situation.
- Total unveiled a wide range of recycled hydraulic fluids for industrial use in November’2019. These are suitable for all varieties of industrial hydraulic systems.
Global Hydraulic Fluids Market Scope and Market Size
The hydraulic fluids market is segmented on the basis of base oil, application, type, and connector type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Mineral Oil
- Synthetic Oil
- Semi- Synthetic Oil
- Bio- Based Oil
- Construction Equipment
- Oil and Gas
- Metal Production
- Food and Beverage
- Petroleum-Based Hydraulic Fluid
- Bio-Based Hydraulic Fluid
- Fire-Resistant Type
- Connector Type
- Mobile Hydraulic Fluid Connectors
- Stationary Hydraulic Fluid Connectors
Hydraulic Fluids Market Regional Analysis/Insights
The hydraulic fluids market is analyzed and market size insights and trends are provided by country, base oil, application, type, and connector type as referenced above.
The countries covered in the hydraulic fluids market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the hydraulic fluids market because of the industrialization and growing demand for the hydraulic fluids within the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in investments in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Hydraulic Fluids Market
The hydraulic fluids market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hydraulic fluids market.
Some of the major players operating in the hydraulic fluids market are
- Shell plc (UK)
- Exxon Mobil Corporation (US)
- BP (UK)
- Chevron Corporation. (US)
- Total (France)
- LUKOIL Marine Lubricants DMCC (UAE)
- Idemitsu Kosan Co.,Ltd. (Japan)
- Indian Oil Corporation Ltd (India)
- Sinopec (China)
- Phillips 66 Company. (US)
- Calumet Specialty Products Partners, L.P., LLC (US)
- Morris Lubricants (UK)
- Penrite Oil (Australia)
- Carl Bechem Lubricants India (India)
- Valvoline LLC. (US)
- PEAK (UK)
- Rock Valley Oil & Chemical Co (US)
- LIQUI MOLY GmbH (Germany)
- ADDINOL. (Germany)
- Amalie Oil Company (US)