Market Research Future (MRFR)’s latest study reveals that the Global Hydraulic Fluid Market is set to exhibit sluggish growth registering a CAGR of 2.57% during the forecast period 2016 to 2023. The market is forecasted to reach a valuation of USD 4,317.10 Mn by 2023-end. The demand from the end-user industries guides the growth trajectory of the hydraulic fluid market.
The boom witnessed in the automotive sector is projected to fuel demand in the Hydraulic Fluid Market. Additionally, the increasing application of Hydraulic Fluid in the oil & gas industry is estimated to accelerate revenue creation for the market players. The developing economies such as China, India, etc. are the emerging markets for Hydraulic Fluid. They are responsible for steering the growth of the market over the next couple of years.
Other industries responsible for generating demand in the Global Hydraulic Fluid Market include marine, construction, industrial machinery, aircraft, etc. However, factors such as strict environmental regulations including storage, fluctuating prices of crude oil, etc. are poised to restrict the market expansion through the assessment period.
Some of the key players profiled in the report are Royal Dutch Shell plc (Netherland), Exxon Mobil Corporation (US), Eastman Chemical Company (US), Schaeffer Manufacturing Co (US), The Dow Chemical Company (US), BASF SE (Germany), Condat (Europe), LUKOIL Lubricants Company (Russia), British Petroleum Plc. (UK), and Castrol Limited (UK).
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In June 2018, the U.S. based Exxon Mobil Corporation acquired Indonesian Lubricant Manufacturer and Marketer PT Federal Karyatama.
In August 2018, the parent company of Sarasota-based Sun Hydraulics, Helios Technologies, acquired shares worth USD 26 Mn of Australian fluid power distributor Custom Fluidpower.
In August 2018, Castrol, a leading lubricants manufacturer, launched Castrol Transaqua SP (System Protection), next generation subsea control fluid.
By Type, the Global Hydraulic Fluid Market has been segmented into petroleum based, bio-based, fire-resistant. The petroleum based segment is expected to exhibit little growth in the foreseeable future and currently accounts for 72% share of the hydraulic fluid market.
By End-User, the Hydraulic Fluid Market is segmented into oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others. The oil & gas segment holds the largest share of the market which values at 38% share currently.
By Region, the Global Hydraulic Fluid Market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific holds 35% share of the market and is likely to retain its dominance over the forecast period. The expansion of the Hydraulic Fluid Market is directly dependent on the growth of the end-user industries. The boom witnessed in the automotive industry is likely to propel demand in the Asia Pacific Hydraulic Fluid Market. Another factor responsible for catalyzing the growth of the market is the lenient regulations coupled with a mild rise in demand from emerging economies.
North America is the second largest market for Hydraulic Fluid. It is expected to show some growth registering a CAGR of 1.90%. Led by the U.S., the regional market is poised to reach a valuation of USD 990.4 by the end of 2023. Europe is the third largest Hydraulic Fluid Market globally with Germany, France, and the U.K. being the primary revenue generators. Meanwhile, the Middle East & Africa, and, Latin America is anticipated to resonate growth opportunities over the assessment period.
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