The global hydraulic fluid market is expected to reach USD 9.0 billion by 2025 from USD 7.7 billion in 2020, at a CAGR of 3.1% from 2020 to 2025
NEW YORK, May 28, 2020 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05342760/?utm_source=PRN
The global hydraulic fluid market is expected to reach USD 9.0 billion by 2025 from USD 7.7 billion in 2020, at a CAGR of 3.1% from 2020 to 2025. The growth is primarily due to the massive industrial growth in Asia-Pacific and the Middle East & Africa, coupled with the rise in process automation in most of the industries. The rapid growth in the end-use industries, including construction, metal & mining, oil & gas, food processing, and cement production, is expected to drive the demand for hydraulic fluid in the next five years. The factors restraining the growth of this market are the high cost of synthetic and bio-based hydraulic fluid.
OEM to be the faster-growing point of sale segment of the global hydraulic fluid market during the forecast period. "
OEM is expected to be the faster-growing segment during the period from 2020 to 2025.This is attributed to the development of new hydraulic fluid products with better properties and extended life.
Hence, more the life of the initial hydraulic fluid, less the maintenance cycle of the equipment.
Mineral oil is the largest segment in the global hydraulic fluid market.
Mineral oil was the largest segment in the global hydraulic fluid market in 2019.The easy availability and low cost of mineral oil-based hydraulic fluid drive the demand for this segment.
There is growing demand for these hydraulic fluids from APAC and the Middle East & Africa. However, the mineral oil-based hydraulic fluid segment in North America and Europe will register low growth due to the slow economic growth and change in demand patterns.
Construction is the largest end-use industry of hydraulic fluid.
The need for hydraulic fluid is high in the construction industry. The rising construction activities, especially in the residential sector of China and the increasing infrastructural developments in India, are expected to fuel the demand for hydraulic fluid in the construction industry.
APAC is expected to be fastest-growing market during the forecast period.
APAC is the largest hydraulic fluid market.The high growth of the emerging economies and the increasing disposable income in the region make APAC an attractive market for hydraulic fluid.
The tremendous growth of industrial production and increased trade are primarily responsible for the high consumption of hydraulic fluid.
-- 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%, APAC - 28%, South America - 12%, Middle East & Africa - 7%,
The key players profiled in the report include Royal Dutch Shell PLC (Netherlands), ExxonMobil (US), BP p.l.c. (UK), Chevron Corporation (US), Total S.A. (France), Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (US), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), and Pertamina (Indonesia).
Research Coverage
This report segments the market for hydraulic fluid based on point of sale, base oil, end-use industry, and region, and provides estimations for the overall market size across various regions. A detailed analysis of the key industry players has been conducted to provide insights into their business overviews, products & services, and key strategies associated with the market for hydraulic fluid.
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 the hydraulic fluid market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
-- Market Penetration: Comprehensive information on hydraulic fluid offered by top players in the global market
-- Market Development: Comprehensive information about lucrative emerging markets -- the report analyzes the markets for hydraulic fluid across regions
-- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global hydraulic fluid market
-- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the hydraulic fluid market
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