Hydraulic Fluids Market Size Is Projected To Reach USD 12.0 Billion By 2030

 

San Francisco, 27 Sep 2022: The Report Hydraulic Fluids Market Size, Share & Trends Analysis Report By Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), By End-use (Construction, Oil & Gas, Agriculture, Metal & Mining), By Region, And Segment Forecasts, 2022 - 2030

The global hydraulic fluids market size is anticipated to reach USD 12.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.2% from 2022 to 2030. In recent years, industrialization has been on a rise, particularly in emerging economies such as India, China, and Brazil, among others. The share of the manufacturing industry in the GDP is increasing significantly for these countries. Various policies by governments all over the world are being targeted toward the growth of industrial sectors.

The digital revolution, combined with artificial intelligence, has opened numerous new opportunities for fluid power. It will take time to turn into high-power electromechanical solutions. The industry must leverage the inherent capabilities of fluid power technology and expand its reach through technological advancements. In terms of energy efficiency, fluid power technology has huge potential. The focus will soon shift to the development of high-speed switching valves, high-efficiency hydraulic fluids, and more efficient pumps and motors. In 2020, the market was severely affected by the global pandemic. Prices were dropped due to the lack of demand for lubricants and oils from end-user industries such as construction, automotive, marine, and aerospace, among others.

In recent years, a huge fluctuation in the prices of base oil and hydraulic fluids has been experienced by the industries. In 2021, the prices of the market skyrocketed owing to the sudden demand for the product after the revival of the end-user industries. In 2022, the Russia-Ukraine war has resulted in the further increase of the base oil and hydraulic fluids prices.

Access Research Report of Hydraulic Fluids Market @ https://www.grandviewresearch.com/industry-analysis/hydraulic-fluids-market-report

Hydraulic Fluids Market Report Highlights

  • The mineral oil segment led the market and accounted for 48.9% of the global revenue share in 2021. Mineral-based oils are the most often utilized hydraulic fluids. They are easily accessible and cost-effective. The only significant downside of petroleum-based hydraulic oils is that they are flammable. Mineral-based hydraulic oils are made from fractions of crude oil. They are also polished to the point where they have suitable lubricating properties
  • The synthetic oil segment is expected to witness a CAGR of 5.9% over the forecast period in terms of revenue. Synthetic oil can combat varnish and sludge buildup, which are common in high-pressure, high-temperature industrial situations
  • The aerospace and defense segment accounted for 8.9% of the global revenue share in 2021. The hydraulic system is a vital aspect of any aircraft. Consumer’s increasing preference for air travel and rising demand for cargo flights is expected to drive to hydraulic systems market. In addition, increasing usage of airplanes and helicopters in the defense and commercial sectors is driving the demand for aircraft hydraulic systems which in turn is expected to increase the demand in the sector
  • In June 2020, Gulf Western Oil (GWO) launched SUPERDRAULIC hydraulic fluid products. The high viscosity index products are suitable for harsh conditions and high-temperature applications. The company claimed to have 6,000+ oil hour life for the product
  • In February 2022, South Korea’s hydraulic brake fluid exports were USD 791 thousand, while imports totaled USD 618 thousand, creating a USD 173 thousand positive trade balance. Hydraulic brake fluid was predominantly exported to the U.S., India, China, Mexico, and Slovakia and mostly imported from Germany, U.S., Switzerland, Singapore, and the Netherlands

List of Key Players in the Hydraulic Fluids Market

  • Shell plc
  • Exxon Mobil Corporation
  • Chevron Corporation
  • BP p.l.c.
  • TotalEnergies
  • PetroChina Company Limited
  • China Petrochemical Corporation (SINOPEC)
  • FUCHS
  • Valvoline
  • NYCO
  • Idemitsu Kosan Co., Ltd.
  • Dow
  • Eastman Chemical Company
  • LUKOIL
  • Gazprommeft - Lubricants Ltd.

Access Press Release of Hydraulic Fluids Market @ https://www.grandviewresearch.com/press-release/global-hydraulic-fluids-market

 

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