Press release
Hydraulic Fluid Market to Grow at 5.2% CAGR, Reaching $11.13 Billion by 2029
Hydraulic Fluid
Hydraulic Fluid Market Outlook: How is the Market Expected to Grow by 2025?
In recent years, the hydraulic fluid market has seen significant expansion. Projections see it rising from a worth of $8.62 billion in 2024 to a value of $9.09 billion in 2025, which translates to a compound annual growth rate (CAGR) of 5.4%. The past growth can be linked to elements such as the growth in global population, heightened demand for environmentally-friendly hydraulic fluids, widespread industrialization, more emphasis on precision control and safety within automotive systems, and a greater effort to minimize wear and tear of components.
Hydraulic Fluid Market Forecast: What Size Will It Reach By 2029?
The hydraulic fluid market is predicted to experience significant expansion in the forthcoming years, with its valuation projected to reach $11.13 billion in 2029, growing at a compound annual growth rate (CAGR) of 5.2%. Factors such as the escalation in crude oil generation, the upsurge in automobile sales and production, regulatory policies, increasing knowledge about bio-based oils, and the rising demand for precision and automation in construction processes can be attributed to the growth in the forecast period. The forthcoming period will witness major trends such as enhanced equipment and cost-effectiveness, increased investments in research and development, technological evolution, industrial automation and digital transformation, integration of the Internet of Things (IoT), and data-centric maintenance.
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Which Key Market Drivers Will Shape Hydraulic Fluid Industry Trends in 2025-2029?
The growth of the hydraulic fluid market is anticipated to be fueled by rising industrialization. Industrialization is characterized by a shift towards production and organization methods that are highly industrial in nature, which signifies socio-economic transformation. Due to technological advancement, automation, and international demand for manufactured products, there is an uptick in industrialization, leading to enhanced productivity and economic development in numerous areas. Hydraulic fluid plays a crucial role in industrialization due to its use in machinery and equipment for transmitting force and lubrication, thus ensuring efficient and dependable functioning across various applications. For example, Eurostat, a governmental statistics agency based in Luxembourg, reported in July 2023 that industrial production in the European area had faced seasonally adjusted growth of 0.2% in May 2023, while in the European Union, it had risen by 0.1% compared to April 2023. Therefore, the surge in industrialization is a key factor propelling the hydraulic fluid market's expansion.
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What Are the High-Growth Segments in the Hydraulic Fluid Market?
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), After market
3) By End-Use: Oil And Gas, Marine, Automotive, Aerospace And Defense, Construction, Other End Uses
Subsegments:
1) By Mineral Oil: Refined Mineral Oil-Based Hydraulic Fluids, Additive-Enhanced Mineral Oil-Based Fluids
2) By Synthetic Oil: Phosphate Esters, Water Glycol-Based Fluids, Polyalphaolefins (Pao), Esters-Based Fluids
3) By Bio-Based Oil: Vegetable Oil-Based Fluids, Animal Fat-Based Fluids, Synthetic Bio-Based Fluids
Which Global Trends Are Driving Hydraulic Fluid Market Expansion?
Leading firms in the hydraulic fluid market are creating cutting-edge products such as heavy-duty machine hydraulic oils. These strides aim to boost performance, prolong equipment lifespan, and cater to the stringent requirements of contemporary industrial applications. Heavy-duty machine hydraulic oils are unique lubricants engineered to resist heavy pressures and temperatures. These oils provide power transfer efficiency, wear reduction, and safeguard the hydraulic components of bulky machinery. For example, in May 2022, a Swedish company known for their machine industry, Volvo Construction Equipment, announced their new hydraulic oil, HO103. This revolutionary product has been designed to offer enhanced performance and longevity, enabling a 50% increase in the service intervals of these heavy-duty machines. This significant innovation is projected to uplift the overall efficiency and productivity of Volvo's crawler excavators, while simultaneously cutting down maintenance expenses and downtime for operators.
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Who Are the Fastest-Growing Companies in the Hydraulic Fluid Industry?
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.
What Is the Regional Outlook for the Hydraulic Fluid Market by 2029?
Asia-Pacific was the largest region in the hydraulic fluid market in 2024. The regions covered in the hydraulic fluid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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