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 share, 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 oil, are specialized fluids that serve a vital role in transmitting power within hydraulic machinery. They are designed to transfer force efficiently from one point to another within a hydraulic system and enable the seamless operation of heavy machinery and equipment. They are specifically formulated to provide lubrication, prevent corrosion, and maintain optimal temperature levels within hydraulic systems. They ensure the smooth functioning of critical applications, such as construction equipment, manufacturing machinery, and aerospace systems. As they provide precision and reliability in various products, the demand for hydraulic fluids is rising across the globe.
Global Hydraulic Fluids Market Trends and Drivers:
At present, the increasing automation in manufacturing processes represents one of the key factors contributing to the growth of the market. Besides this, the rising demand for hydraulic fluids, as they have higher filterability and enhanced stability at high temperatures, is strengthening the market growth. Moreover, increasing adoption of bio-based hydraulic fluids, as they are safer for the environment and reduce carbon footprint, are bolstering the growth of the market. Apart from this, the rising employment of hydraulic fluids in the automotive industry to enhance the overall life cycle of a vehicle is propelling the growth of the market. Furthermore, the growing demand for enhanced lubrication in various sectors is offering a positive market outlook.
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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