Hydraulic Fluid Market to Reach USD 23.31 Billion By 2026 | Reports And Data
New York, Oct. 16, 2019 /PRNewswire/ -- The global hydraulic fluid market is forecast to reach USD 23.31 Billion by 2026, according to a new report by Reports and Data. Hydraulic fluids are widely used in the manufacturing, construction, mining, and automotive industries. Transmission and distribution systems of power have become increasingly sophisticated, with their numerous applications and their operating conditions more demanding. Viscosity changes associated with low starting temperature and high operating temperatures contribute to system efficiency and reliability losses in diverse ways. Selection of the appropriate viscosity grade of hydraulic fluid is an essential and cost-effective technique. This allows the equipment to start smoothly at low temperatures, and also deliver adequate oil flow rates needed for efficient operation at high temperatures.
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Further key findings from the report suggest
-- Among the connector type, the mobile hydraulic fluid connectors
accounted for the largest market share of ~56% in the year 2018, and is
forecast to witness the highest CAGR of 2.8% during the forecast period.
The advancements in the market have expanded the power of machines to
enable them to move heavier loads faster. These advancements continue
today with ever-increasing power capacities; higher energy efficiency by
implementing load-sensing circuitry; higher reliability through improved
filtration and diagnostic techniques; and enhanced operation through
electronic control.
-- Among the base oil types, the mineral oil accounted for the largest
market share of ~37% in the year 2018. Mineral oil is produced from
crude oil. It has outstanding properties that allow it to offer
lubrication at high temperatures, as well as maintains its stability for
long. The mineral oil is easily available and is less expensive than
other base oils.
-- The bio-based oil is forecast to witness the highest CAGR of 4.6% during
the forecast period. Increasing popularity of bio-based fluids provides
product source diversity, creating additional opportunities for the
government, commercial, and consumer purchases. The products reduce
dependence on oil imports and also decreases the level of pollution in
rivers and oceans. Bio-based oils are majorly used in high-performance
automotive and industrial lubricant applications. These unique products
exhibit many superior characteristics to other lubricant oils and cause
less engine friction than them, which in turn improves both machine life
and fuel economy.
-- The Asia Pacific region held the largest market share of ~29% in the
year 2018 and is anticipated to witness the highest CAGR of 3.3% during
the forecast period, owing to the rapid infrastructural and industrial
development in the region. Also, the fluids are capable of withstanding
harsh and abrasive work environment, extreme temperatures, and constant
weather changes. These advantages have led to an increased demand for
hydraulic fluids in the construction industry. The booming agricultural
sector of emerging economies, owing to the increasing demand for food
grains by the surging population, are also contributing to the growth of
the Asia-Pacific market.
-- Key participants include Eastman Chemical Company, British Petroleum
Plc., LUKOIL Lubricants Company, Condat, Royal Dutch Shell plc, BASF SE,
Castrol Limited, The Dow Chemical Company, Exxon Mobil Corporation, and
Schaeffer Manufacturing Co, among others. The companies have adopted
various strategies, including mergers, acquisitions, and partnerships to
hold ongoing trails and come up with new developments in the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/hydraulic-fluid-market
Segments covered in the report:
For this report, Reports and Data have segmented into the global Hydraulic Fluid market on the basis of base oil type, connector type, industry vertical, and region:
Base Oil Type Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
-- Semi-synthetic Oil
-- Mineral Oil
-- Bio-based Oil
-- Synthetic Oil
Connector Type Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
-- Mobile Hydraulic Fluid Connectors
-- Stationary Hydraulic Fluid Connectors
Industry Vertical Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
-- Original Equipment Manufacturers (OEMs)
-- Construction Equipment
-- Marine
-- Aviation
-- Automotive
-- Oil & Gas
-- Others
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Regional Outlook (Volume, Kilo Tons and Revenue, USD Billion; 2016-2026)
-- North America
-- U.S.
-- Europe
-- France
-- UK
-- Asia Pacific
-- China
-- India
-- Japan
-- Latin America
-- Brazil
-- Middle East and Africa
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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