According to the new market research report “Hydraulic Fluid Market by Point of Sale (OEM, Aftermarket), Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), End-use Industry (Construction, Metal & Mining, Agriculture, Oil & Gas, Transportation, Cement Production), Region – Global Forecast to 2025″, The hydraulic fluid market is projected to reach USD 9.0 billion by 2025 from USD 7.7 billion in 2020.
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Hydraulic fluid is used to transfer power in hydraulic machinery components. It protects the equipment against shearing—the permanent loss of viscosity due to mechanical or oxidation breakdown. It also offers protection against rust, corrosion, and metal fatigue. The hydraulic fluid is combined with “keep clean” additives to prevent clogging of filters, ensuring a long life of system components. Hydraulic fluid is manufactured using base oil, such as mineral oil, synthetic oil, and bio-based oil. The major factors driving the hydraulic fluid market are massive industrialization, increasing disposable income, and rapid urbanization in emerging countries.
OEM is expected to be the faster-growing segment between 2020 2025. This is attributed to the development of new products with better properties and extended life. The extended life of the initial hydraulic fluid entails longer maintenance cycle of equipment.
Mineral oil was the largest segment in the overall hydraulic fluid market in 2019. Mineral oil-based hydraulic fluid is available in light and heavy grades, depending on the usage and requirement. They are produced via petroleum refineries in large quantities because of their high usage in various industrial sectors such as construction, metal & mining, cement production, and others.
Browse and in-depth TOC on “Hydraulic Fluid Market – Global Forecast to 2025”
127 – Tables
68 – Figures
207 – Pages
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The hydraulic fluid market size is projected to reach USD 9.0 billion by 2025 from USD 7.7 billion in 2020, at a CAGR of 3.1%, in terms of value, during the forecast period. The growing demand for hydraulic fluid in countries such as China, India, Japan, and South Korea from the construction, metal & mining, oil & gas, cement production, and food processing is expected to fuel the growth of hydraulic fluid in the region. The market is evolving with major players playing a crucial role in the development of new and advanced products.
Royal Dutch Shell PLC (Netherlands), ExxonMobil Corporation (US), BP p.l.c. (UK), and Total S.A. (France) are the major players in this market.
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Royal Dutch Shell PLC is focused on expansions and Agreements to meet the growing demand in the market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the growing demand for innovative lubricant products in the automotive and industrial segments. In May 2018, Shell Lubricants and Aggreko (UK) renewed their supply contract, which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and The Americas. The expansion helped the company to meet the growing demand for hydraulic fluid.
ExxonMobil is focused on expansions and acquisitions to meet the growing demand for hydraulic fluid. In June 2019, the company completed the expansion project of its Singapore refinery. The facility will strengthen the supply for group II EHC base oils, which are used for manufacturing premium-grade hydraulic fluid. In June 2019, the company proceeded with the long-term oil development in Argentina’s Bajo del Choique-La Invernada block. The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility, and export infrastructure connected to the Oldeval pipeline and refineries. In June 2018, ExxonMobil acquired an Indonesian lubricant manufacturer and marketer, PT Federal Karyatama. This has increased the overall production capacity of the company. The newly acquired plant has the capacity of blending and producing 700,000 of lubricant barrels per year. This will help improve its market position in the country as well as in the neighboring ASEAN countries.
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