Global Hydraulic Oil Market – Industry Trends and Forecast to 2029

Global Hydraulic Oil Market, By Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil and Bio-based Oil), Type (Paraffinic Oils, Naphthenic Oils, Aromatic Oils and Veg and Bio Oils), Application (Original Equipment Manufacturer (OEM), Mining Equipment, Construction Equipment, Transportation, Oil and Gas, Metal Production, Food and Beverage and Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, the production capacity for hydraulic oil has increased significantly across the globe. Moreover, the Group II and III base oils are primarily gaining popularity for utilization in lubricant formulations for automatic transmission engines, heavy-duty trucks, and passenger automobiles. Therefore, these determinants are expected to for drive the development of the global hydraulic oil market in the anticipated period.

Global Hydraulic Oil Market was valued at USD 10.47 billion in 2021 and is expected to reach USD 18.40 billion by 2029, registering a CAGR of 7.30% during the forecast period of 2022-2029. 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.

Report Scope and Market Segmentation

Market Definition

Hydraulic oils can be also referred to as hydraulic liquids, or hydraulic fluids which are a chief part of the hydraulic systems, through which the power is conveyed in the hydraulic gear. Hydraulic oils are chiefly utilized in conveying potential and kinetic energy in a hydraulic system. Hydraulic oils commonly offer a flow of volume in the pumps and the hydrostatic motors.

Hydraulic oil Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Requirement of Hydraulic Oils

As modern industry demands better speeds and efficiency at higher working pressures and temperatures, demand for various types of hydraulic systems is steadily increasing. Hydraulic oils fulfil activities including lubrication, energy transmission, and heat removal from machinery components.

The rise in industrial growth will further propel the growth rate of the hydraulic oil market. Additionally, the enhanced quality of the hydraulic fluids will also drive market value growth. Moreover, the base oils in Groups II and III are suitable for use in lubricant formulations for automatic transmission engines, heavy-duty trucks, and passenger automobiles, and various properties of Group II and III base oils are projected to bolster the growth of the market.

Opportunities

Surge in Popularity and Accessibility of Semi-synthetic oils

Furthermore, the increase in the popularity of utilizing the bio-based hydraulic oils extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the accessibility of semi-synthetic hydraulic fluid will further expand the future growth of the hydraulic oil market.

Restraints/Challenges

• High Costs

On the other hand, the rise in the expenses of the synthetic and bio-based hydraulic fluid and the change towards the synthetic hydraulic fluid is further projected to impede the growth of the hydraulic oil market in the timeline period.

• Fluctuations in Prices

Also, the fluctuations in the prices of raw materials will prove to be a demerit for the hydraulic oil market. Therefore, this will challenge the hydraulic oil market growth rate.

This hydraulic oil 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 the hydraulic oil 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 oil Market

The recent outbreak of coronavirus had a negative impact on the hydraulic oil market. In 2020, the COVID-19 pandemic had a detrimental impact on the hydraulic fluids business. Manufacturing activity in several industries, including automotive, aerospace, construction, oil and gas, and mining, was halted for an extended time during the epidemic. As a result, the demand for hydraulic fluids in these industries has fallen. Automobile manufacturing, for example, fell 15.8% in 2020 compared to the previous year. However, due to the relaxation of lockdown requirements, output in these sectors resumed in the second half of 2020.

Recent Development

• In August 2020, Chevron Products Company, a subsidiary of Novvi LLC and Chevron U.S.A. Inc., announced the production of the first 100 percent renewable base oil from Novvi's Deer Park, Houston facility using ISODEWAXING technology. The novel manufacturing process and molecules are expected to outperform conventional and synthetic base oils while also being made from renewable feedstocks.
• In July 2020, SWEPI LP, a Royal Dutch Shell subsidiary, has completed the sale of its Appalachia shale gas position to Seneca Resources Company, LLC and NFG Midstream Covington, LLC, both subsidiaries of National Fuel Gas Company, for USD 541 million to invest as an asset for quality base oil production.

Global Hydraulic oil Market Scope

The hydraulic oil market is segmented on the basis of base oil, type and application. The growth amongst these segments will help you analyze meagre 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.

 Base Oil

• Mineral Oil
• Synthetic Oil
• Semi-Synthetic Oil
• Bio-based Oil

Type

• Paraffinic Oils
• Naphthenic Oils
• Aromatic Oils
• Veg and Bio Oils

Application

• Original Equipment Manufacturer (OEM)
• Mining Equipment
• Construction Equipment
•  Transportation
• Oil and Gas
• Metal Production
• Food and Beverage
• Others

Hydraulic oil Market Regional Analysis/Insights

The hydraulic oil market is analysed and market size insights and trends are provided by country, baseoil, type  and application as referenced above.

The countries covered in the hydraulic oil 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.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growth of industrial sector within the region.

On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029 due to the rise in the population. Furthermore, the growing of the construction expenses in the advancing countries, the rise in the industrialization and the increase in the demand for the hydraulic oil in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact 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 oil Market Share Analysis

The hydraulic oil 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 oil market.

Some of the major players operating in the hydraulic oil market are

• Chevron Corporation (U.S.)
• Exxon Mobil Corporation (U.S.)
• S-OIL CORPORATION (South Korea)
• Motiva Enterprises LLC (U.S.)
• SK innovation Co., Ltd. (South Korea)
• Shell (Netherlands)
• Neste (Finland)
• AVISTA OIL Deutschland GmbH (Germany)
• Nynas AB (Sweden)
• Repsol (Spain)
• Ergon, Inc. (U.S.)
• Calumet Specialty Products Partners, L.P. (U.S.)
• H&R Group (Germany)
• Sinopec Corp. (China)
• PetroChina Company Limited (China)
• Saudi Aramco (Saudi Arabia)
• Abu Dhabi National Oil Company (ADNOC) (UAE)
• PT Pertamina (Persero) (Indonesia)
• Phillips 66 Company (U.S.)
• Petroliam Nasional Berhad (PETRONAS) (Malaysia)