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Hydraulic Fluids Market Expected to Reach $12.4 Billion by 2027

 
2022
Hydraulic Fluids Market

Report Code : A08765

quote The hydraulic fluids market is anticipated to witness positive growth during the forecast period, owing to factors such as rise in demand from end user such as oil and gas industries, automotive, marine, and aerospace & defense, construction, and others. COVID-19 may have put a spanner in the works for industrial lubricant including hydraulic companies across globe however with rise in preference for personal mobility. In addition, Asia-Pacific accounted for dominant market share owing to rise in demand from emerging applications of hydraulic fluids in chemicals manufacturing, architectural and automotive glazing from this region. quote

Eswara Prasad
Manager, Chemicals & Materials at Allied Market Research

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According to a new report published by Allied Market Research titled, “Hydraulic Fluids Market by Type of Base Oil and End-use Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global hydraulic fluids market was valued at $9.1 billion in 2019, and is projected to reach $12.4 billion by 2027, growing at a CAGR of 6.8% from 2020 to 2027. 

Hydraulic fluids are used in hydraulic systems for transmitting power. These fluids are used for hydraulic systems which are likely to be used in hazardous areas, where there is a possibility of the fluid catching fire, if it gushes out of pipes or leaks through while in operation. These fluids have sufficient fire resisting properties; however, they have few drawbacks as compared to petroleum base fluids. There are three types of hydraulic fluids—mineral, synthetic, and bio-based oil. Mineral oil hydraulic fluids are used in numerous applications such as automobile automatic transmissions, power steering units, elevators, farm equipment, mining, energy, chemical manufacturing, metals, machining, and others.

Globally, the mineral fluids segment has been registering significant growth over the past few years among all types of hydraulic fluids present in the market. Some of the factors contributing toward the growth of the global market include increase in automotive vehicle production and demand, rise in need for vehicle servicing and reconditioning activities, overall economic growth, and growth in the industrial manufacturing output. Furthermore, increase in demand for advanced technologies and better-quality products in the vehicle boosts the demand for mineral hydraulic fluids across the globe. Activities such as repair, maintenance, and renovation of old equipment are experiencing growth, wherein mineral lubricant is the highly adopted due to low emissions of volatile compounds and relatively thicker layer as compared to traditional oil; thereby, contributing in the global market growth. On the other hand, volatility in the prices of raw material is expected to restrain the global market growth.

The global hydraulic fluids market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Royal Dutch Shell plc., Dow, Exxon Mobil Corporation, BASF SE, BP p.l.c, Eastman Chemical Company, Total S.A., Sinopec Limited, LUKOIL Marine Lubricants DMCC, and Chevron Corporation.

Other players operating in the hydraulic fluids market are Fuchs Petrolub AG, Idemitsu Kosan Co. Ltd., etrochina Company Limited, and others

COVID-19 impact on the market

The hydraulic fluids market is anticipated to witness negative growth for 2020, owing to the outbreak of the COVID-19 pandemic. Due to the pandemic, manufactures across the hydraulic fluids value chain (including raw material suppliers, lubricant players, contract/toll manufacturers, channel partners, and customers) have seen a significant impact, considering the slowdown in transportation and industrial activity. The sudden outbreak of COVID-19 has substantially exacerbated the already sluggish lubricant demand projections for few Western European countries. European and American countries have reported high numbers of infections and severe disruptions to economic activity linked to the spread of the disease. As in other parts of the world, their governments have introduced emergency legislation imposing limitations on business activities and social gatherings, although the extent of the clampdown varies from country to country. 

Transportation, however, is likely to be profoundly affected. Demand for public transport has plummeted. With severe limits on mobility in place, buses and other forms of public transport are operating at one-third of regular service levels, with utilization measured in some cities below 10%. The situation for private transportation is even worse. Tourism is an important source of revenue for few countries, especially for Italy and Spain. Coaches and vans used to ferry tourists make up a significant portion of the transportation fleet; they are now lying idle in their parking lots, the companies owning or leasing them on the verge of bankruptcy. Thus, the hydraulic fluids demand in global market will witness major falls driven by the temporary shutdown of facilities across the automotive industry in the continent.

Key Findings Of The Study

  • By type of base oil, the mineral oil segment emerged as the global leader by acquiring around 77.9% market share in 2019 in terms of revenue, and is anticipated to be the largest market during the forecast period.
  • By end-use industry, the oil and gas segment emerged as the global leader, registering 43.2% market share in 2019 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
  • By region, Asia-Pacific is the major consumer of hydraulic fluid among other regions. It accounted for around 40.2% of the global market share in 2019 due to largest automotive production sales outlook, strong industrial growth, and presence of emerging economic such as China, India, Japan, and South Korea.
  • Introduction of new age engine and superior compatibility of mineral hydraulic oil with them is considered one of the major advantages in this market. Development in the hydraulic fluids market are anticipated to offer new growth opportunities during the forecast period. 
 

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quote Hydraulic Fluids Market by Type of Base Oil (Mineral Oil, Synthetic Oil, and Bio-based Oil), and End-Use Industry (Oil & Gas, Automotive, Marine, Aerospace & defense, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

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