Global Hydraulic Fluids Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Hydraulic Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hydraulic fluids market report, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global hydraulic fluids market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.52% during 2023-2028.
Hydraulic fluids, also known as hydraulic oils or liquids, are used in hydraulic systems to transmit power and control the movement of machinery and equipment. They often contain additives that provide protection against corrosion, which is especially suitable in environments where equipment is exposed to moisture or harsh conditions. They are versatile and can be customized to meet specific industry requirements. They are engineered to provide a non-compressible medium that transfers power efficiently and reliably, making them a preferred choice for a wide range of applications. They are designed to withstand high pressures and temperatures and lubricate components within the hydraulic system. They absorb and dissipate heat generated during the operation of hydraulic systems, prevent overheating, and ensure system reliability. They help in maintaining a seal within the system and preventing leaks and contamination from entering. They benefit in suspending and carrying away particles and debris to maintain system cleanliness. They reduce friction and minimize wear and tear on components, such as pumps, valves, and actuators. They aid in extending the service life of equipment and ensuring smooth and reliable operations. They assist in facilitating the seamless operation of hydraulic machinery by transmitting force through the system. Besides this, they are beneficial in enabling precise control over the movement and force of hydraulic equipment. As a result, hydraulic fluids are widely employed in the construction, agriculture, aerospace, defense, automotive, oil and gas, medical, and marine sectors across the globe.
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Global Hydraulic Fluids Market Trends and Drivers:
The increasing utilization of hydraulic systems in wind turbines and solar tracking systems currently represents one of the primary factors impelling the market growth. In line with this, the escalating demand for high-performance hydraulic fluids in the aerospace and defense industries to provide precise control of aircraft landing gear and flight control surfaces is positively influencing the market. Additionally, the rising employment of hydraulic fluids for controlling the heavy machinery used in mining operations is supporting the growth of the market. Apart from this, there is an increase in the need for hydraulic fluids to ensure the reliable operation of construction equipment. This, coupled with the rising development of biodegradable and eco-friendly hydraulic fluids, is strengthening the market growth. Besides this, advancements in hydraulic system technology, such as the integration of sensors and the Internet of Things (IoT) capabilities, to enhance the efficiency and reliability of hydraulic systems, along with the increasing need for specialized hydraulic fluids that are compatible with modern systems, is propelling the market growth. In addition, the rising focus on routine maintenance and fluid replacement in hydraulic systems is offering lucrative growth opportunities to industry investors. Furthermore, the growing demand for hydraulic systems in medical devices, such as surgical tables and patient lifts, for precise positioning and adjustments is offering a positive market outlook. Moreover, increasing preferences for energy-efficient hydraulic systems are contributing to the growth of the market.
Global Hydraulic Fluids Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: BASF SE, bp p.l.c., Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Croda International Plc, Dow Inc., Eastman Chemical Company, Exxon Mobil Corporation, Fuchs Petrolub SE, Idemitsu Kosan Co. Ltd., Lukoil, Phillips 66 Company, Royal Dutch Shell plc and TotalEnergies SE.
The report segmented the market on the basis of region, base oil, point of sale and end user.
Breakup by Base Oil:
- Synthetic Oil
- Mineral Oil
- Bio-based Oil
Breakup by Point of Sale:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Breakup by End User:
- Oil and Gas
- Marine
- Automotive
- Aerospace and Defense
- Construction
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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