Pune, India, Aug. 16, 2018 (GLOBE NEWSWIRE) — According to Market Research Future’s (MRFR) latest report, the Global Hydraulic Fluid Market is set to witness steady growth at a CAGR of 2.57% during the forecast period of 2016 to 2023. Moreover, MRFR has found that the market is expected to grow to reach an approximate value of USD 4317.10 Mn by the end of 2023. Hydraulic fluid is highly useful across various applications including as a power transfer medium, heat transfer, sealing, corrosion resistance, lubrication, and contamination removal.
Hydraulic Fluid Market Overview:
The market is an ancillary one and is witnessing a strong growth pattern due to the rapid growth across various industry verticals particularly aircraft, automotive, construction, industrial machinery and oil & gas. The high use of hydraulic fluid in the automotive, and oil & gas sector, particularly in emerging markets is expected to increase market growth. Meanwhile, the fluctuating prices of crude oil and the implementation of strict regulations to reduce environmental damage are expected to hamper market growth. Notably, market players are working to develop biodegradable hydraulic fluid in an effort to bring business practices in line with government and global concern regarding the environment. This is expected to reveal multiple avenues toward market expansion.
The competitive landscape of the global hydraulic fluid market is filled with many market players who employ various strategies to strengthen their market value. MRFR’s report contains in-depth analysis of major players including LUKOIL Lubricants Company, British Petroleum Plc., Royal Dutch Shell plc, Condat, Castrol Limited, BASF SE, Exxon Mobil Corporation, The Dow Chemical Company, Eastman Chemical Company, and Schaeffer Manufacturing Co among others. Product development and expansion are the key market strategies implemented by leading players in the global hydraulic fluid market.
Latest Industry News
- ExxonMobil has recently launched a new Mobil SHC Aware Series of hydraulic oils which are designed and formulated to offer protection in challenging marine operating environments. These oils meet all regulatory requirements and are environmentally acceptable.
- Spanish company Cepsa is partnering with GP Global energy Pvt Ltd in India to increase the production capacity of its lubricants for marine and power generation. India is a fast emerging market, and in an effort to tap it, Cepsa hopes that the partnership will prove to be a lucrative alliance. Hydraulic fluid in the form of hydraulic oils will be a part of the product offering, and the partnership is expected to boost R&D activities to assist in developing technologically advanced products.
Segmentation analysis in the Hydraulic Fluid Market report has been executed on the basis of several factors which reveal the nuances of the market. MRFR has segmented the market on the basis of type, end-users, and region. By type, the market is segmented into fire-resistant, petroleum-based, and bio-based. Petroleum-based hydraulic fluid accounts for a market share of over 70%, making it the most significant segment in the market. Petroleum-based hydraulic fluids offer higher corrosion resistance, and lubrication properties, thus reducing wear and tear in machinery which leads to a longer life for the given equipment.
By end-user, the market is categorized into oil & gas, aircraft, marine, industrial machinery, automotive, construction, and others. The oil & gas segment accounts for more than one-third of the total market share and is the largest segment. Meanwhile, the automotive segment is fast emerging and has displayed an upsurge in demand for hydraulic fluid which is likely to remain constant in the coming years due to the extensive applications that hydraulic fluids have in this industry vertical.
Globally, the market has been divided to represent North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa.
Browse the market data and information spread across 131 pages with 158 data tables and 18 figures of the report “Hydraulic Fluid Market Report – Forecast 2016-2023”
Rapid Industrialization to Provide Impetus to Sales of Hydraulic Fluid in APAC
Asia-Pacific possesses a 35% share of the global market and is likely to maintain its market position over the forecast period while witnessing a CAGR of 3.10% over the review period. The region has a high concentration of rapidly emerging markets where there is a strong presence of automotive and oil & gas industries. Countries such as China and India facilitate market growth due to the high demand these countries are generating for hydraulic fluid. Lenient regulations surrounding production and increasing industrialization in the region are key facilitators of growth for APAC.
North America and Europe account for the second and third largest regional markets respectively due to similar growth patterns and relative market maturity. Led by the US, North America is expected to grow at a CAGR of 1.90% during the forecast period and reach an estimated evaluation of USD 990.4 Mn by 2023. The European regional market is led by Germany, France, and the UK.
Latin America and the Middle East & Africa exhibit potential. These regions are anticipated to be lucrative markets in the coming years due to the presence of shifting socio-economic factors that are expected to pave the way for rapid economic development which will ultimately impact the hydraulic fluid market.
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