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

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

The global hydraulic fluids market size is projected to reach USD 9.6 billion by 2027 from USD 8.2 billion in 2022, at a CAGR of 3.2%. In a hydraulic system, kinetic and potential energy are largely transported by hydraulic fluids. Typically, hydraulic fluids supply a volume flow in hydrostatic motors and pumps. Hydraulic fluids also help to lessen frictional piston assembly parts' wear and tear. Additionally hydraulic fluids also help in protecting internal systems from corrosion and abrasion brought on by external surroundings.

“Synthetic oil was the second-largest base oil of the global hydraulic fluids market, in terms of value, in 2021”

Synthetic oil was the second-largest base oil in the global hydraulic fluids market, in terms of value, in 2021. Increasing demand for synthetic oil is due to its superior performance. Synthetic based hydraulic fluid is formulated to with chemicals to perform better than mineral oil. Synthetic oil offers excellent performance at high temperature and has good oxidation capabilities. However, its high cost is impacting overall market share.

“By end-use industry, construction accounted for the largest market share in global hydraulic fluids , in terms of value, in 2021”

Construction was the largest segment in the global hydraulic fluids industry by end-use industry, in terms of value, in 2021. Rising construction activities globally is major factor for large market share for the construction segment. In addition, growing application of hydraulic fluids in earthmoving equipements in construction industry is driving the market growth. These equipements require special grade of hydraulic fluids for efficient functioning. Moreover, construction activities require machinery with reduced possibility of failure, downtime and better lifespan. Thus, hydraulic fluids are extensively used in this segment for smooth functioning of the equipment.

“Asia Pacific is projected to be the fastest-growing market during the forecast period, in terms of both volume and value.”

Asia Pacific was the largest hydraulic fluids market, in terms of value, in 2021. It is also projected to be the fastest growing market during the forecast period. Rising construction activities in the region coupled with growing automotive and food industry is driving the demand in Asia Pacific. High growth markets like China, India and Thailand are aggressively investing in new construction activities.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%

By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%

By Region: North America - 32%, Europe - 21%, Asia Pacific - 28%, South America and Middle East & Africa - 12%, South America – 7%

The key players profiled in the report include as Shell plc (Netherlands), ExxonMobil (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), PetroChina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Corp(China), Fuchs Petrolub AG (Germany), Valvoline (US), Petronas (Malaysia), and Pertamina (Indonesia), among others.

Research Coverage

This report segments the market for hydraulic fluids based on base oil, point of sale, end-use industry, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies associated with the market for hydraulic fluids.

Reasons to Buy this Report

This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of thehydraulic fluids market; high-growth regions; and market drivers, restraints, and opportunities.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on hydraulic fluids offered by top players in the global market

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for hydraulic fluids across regions

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global hydraulic fluids market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the hydraulic fluids market