Hydraulic Fluids Market worth $9.6 billion by 2027 | Key players Shell Plc., ExxonMobil Corporation, Chevron Corporation, BP p.l.c., TotalEnergies SE.

According to recent market research the "Hydraulic Fluids Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Point of Sale (OEM, Aftermarket), End-Use Industry (Construction, Metal & Mining, Power Generation, Oil & Gas, Transportation), Region - Global Forecast to 2027", size is projected to reach USD 9.6 billion by 2027, at a CAGR of 3.2% from USD 8.2 billion in 2022. Construction activities is expected to grow, as will infrastructure expansion and the usage of heavy equipment in civil engineering projects. These trends are expected to propel the worldwide hydraulic fluids market over the forecast period. Many hydraulic fluids are based on poisonous and environmentally dangerous hydrocarbons and mineral oils. For disposal, hydraulic fluids must adhere to a few environmental and legal requirements. Hydraulic fluid handling and storage safety recommendations and specifications are provided by the manufacturers. Hydraulic fluid spills or splatters must be thoroughly cleaned up using the right absorbents to prevent the contaminating of sewage and groundwater systems. The main market restrictions include high toxicity, strict environmental requirements, and the rising popularity of organic hydraulic fluids.

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Based on base oil, mineral oil accounted for the largest market share in global hydraulic fluids market, both in terms of value and volume, in 2021. The easy availability of the base oil accompanied with affordable price are key factors for its wide usage in various end-use industries. It is extensively used in price sensitive regions like Asia Pacific, Middle East & Africa, and South America. However, rising concerns towards its harmful impact towards environment is restraining its market growth for the forecast period.

The growing population across the globe is driving the demand for food products and food-related industries. With the increase in disposable income, consumers are also shifting their preferences towards packaged foods. All these factors are influencing high growth of food industry. Thus, usage of hydraulic fluids in food processing segment is projected to grow at highest CAGR during the forecast period. Developing countries like China, India, Mexico, and Brazil offer lucrative opportunities for food processing industry due to rising population.

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During the forecast period, it is projected that the market for hydraulic fluids in North America will grow significantly, driven by increased demand from the regions infrastructure and heavy engineering industries. Throughout the forecast period, the European hydraulic fluids market is anticipated to continue growing at a steady rate. The Middle East and Africa hydraulic fluids market is expected to grow over the course of the forecast period due to factors including the expansion of the industrial and infrastructural sectors in the region as well as increased demand from the oil and gas industry.

Due to the strong demand for hydraulic fluids and their growing consumption in heavy construction equipment used for construction and civil engineering projects, the hydraulic fluids market in Asia Pacific is projected to grow at a highest rate during the forecast period. The rapid development of infrastructure, rapid industrialization, economic expansion, and significant capital expenditures by key industrial players in the region are further factors contributing to the increase in demand for hydraulic fluids in Asia Pacific.

The key market players profiled in the report include Shell Plc. (Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), TotalEnergies SE (France), Petrochina Company Limited (China), Sinopec Corp (China), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan), among others.

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ExxonMobil Corporation is a key player in the hydraulic fluids market. It is one of the largest revenue generating companies in the world. Upstream, downstream, and chemical are its three business segments, through which the company operates in more than 160 countries globally. Petroleum products are manufactured and sold within downstream segment. The company offers hydraulic fluids under the brand name Mobil. ExxonMobil focuses maintaining a solid position in existing markets while also extending its footprint in emerging markets. In July 2019, ExxonMobil developed long-term oil reserves in Argentinas Bajo del Choique La Invernada block. The project, comprised of 90 wells, a central production facility, and exported infrastructure connected to the Oldeval pipeline and refineries, was estimated to generate up to 55,000 oil equivalent barrels per day within five years.

BP p.l.c. is a major player in the hydraulic fluids market globally. In global oil & gas reserves BP is one of the top three companies. It has its operations in Europe, America, Asia, Australia, and Africa. The company offers hydraulic fluids through its downstream business segment. By investing in low-carbon investments and focusing on oil & gas exploration, it aims to become a progressive energy company by 2030. In June 2021, BP p.l.c. had set up a digital hub in Pune, India. This expansion helped them grow their digital expertise and meet the changing demands by providing sustainable solutions.

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