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Hydraulic Fluid Market Size, Trends, Outlook, Growth Demand, Insights, Overview 2024-2033
Hydraulic Fluid Market Trends
As per the report, the hydraulic fluid market size has grown strongly in recent years. It will grow from $8.16 billion in 2023 to $8.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The hydraulic fluid market size is expected to see strong growth in the next few years. It will grow to $10.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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Increasing Industrialization Is Driving The Growth Of The Hydraulic Fluid Market
The increasing industrialization is expected to propel the growth of the hydraulic fluid market going forward. Industrialization refers to the process of economic and social transformation characterized by the widespread adoption of industrial methods of production and organization. Industrialization is on the rise due to advancements in technology, automation, and global demand for manufactured goods, leading to increased productivity and economic growth in many regions. Hydraulic fluid is essential for industrialization, powering machinery and equipment by transmitting force and lubrication, thus enabling efficient and reliable operation in various applications. For instance, in July 2023, according to Eurostat, a Luxembourg-based government statistical agency, in May 2023, seasonally adjusted industrial production in the European area rose by 0.2%, while in the European Union, it increased by 0.1% compared to April 2023. Therefore, increasing industrialization is driving the growth of the hydraulic fluid market.
Innovative Hydraulic Fluids Extend Service Intervals And Enhance Sustainability In Crawler Excavators
Major companies operating in the hydraulic fluid market are developing innovative products, such as heavy-duty machine hydraulic oils, to enhance performance, extend equipment life, and meet the demanding requirements of modern industrial applications. Heavy-duty machine hydraulic oils are specialized lubricants designed to withstand extreme pressures and temperatures, providing efficient power transfer, reducing wear, and protecting the components of hydraulic systems in heavy machinery. For instance, in May 2022, Volvo Construction Equipment, a Sweden-based machine industry company, introduced a new hydraulic oil, HO103. This innovative oil has been engineered to provide improved performance and durability, allowing the service intervals of these heavy-duty machines to be increased by 50%. This breakthrough development is expected to enhance the overall efficiency and productivity of Volvo's crawler excavators while also reducing maintenance costs and downtime for operators.
The hydraulic fluid market covered in this report is segmented -
1) By Type: Mineral Oil, Synthetic Oil, Bio-Based Oil
2) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By End-Use: Oil And Gas, Marine, Automotive, Aerospace And Defense, Construction, Other End Uses
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Major companies operating in the hydraulic fluid market are Sinopec Corporation, Exxon Mobil Corporation, Shell Plc, TotalEnergies SE, BP Plc, Chevron Corporation, The Phillips 66 Company , ENI S.p.A., Reliance Industries Limited, Repsol S.A., BASF SE, Idemitsu Kosan Co. Ltd., SK Lubricants Co. Ltd., Dow Inc., Lukoil Oil Co., Caltex Australia Limited, Croda International Plc, FUCHS SE, Ashland Global Holdings Inc., Castrol Limited, Quaker Chemical Corp., Valvoline Inc., Gulf Oil Corporation Limited, Gazpromneft Lubricants Ltd.
Contents of the report:
1. Executive Summary
2. Hydraulic Fluid Market Report Structure
3. Hydraulic Fluid Market Trends And Strategies
4. Hydraulic Fluid Market - Macro Economic Scenario
5. Hydraulic Fluid Market Size And Growth
…..
27. Hydraulic Fluid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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