Hydraulic Fluid Market Scenario
The Global Hydraulic Fluid Market, published by Market Research Future (MRFR), estimates that this market could notice a raise at 2.57% CAGR between 2016 and 2023. In terms of value, the market can be worth USD 4,317.10 Mn by the end of the forecast period.
Hydraulics is a Technology that involves the mechanical properties operating through the force of liquid pressure. A hydraulic system channelizes hydraulic fluid to use it as an energy transfer medium. The Global Hydraulic Fluid Market growth is gaining a lot from qualities that include corrosion resistance, contamination removal, heat transfer, lubrication, and sealing. Another market driver is the demand for hydraulic fluid in various sectors. Developing economies across the globe have also incentivized further growth trends in the market that can positively influence the industry.
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Latest Industry News
UK-based HTL Group has announced a new Hydraulic torque pump as its new addition to its original equipment manufacturer (OEM) controlled bolting product range. The new oil-cooled torque pump can eliminate the problems associated with continuous operation in harsh ambient temperatures for all industrial bolting sectors including construction, oil & gas, petrochemical, rail, etc.
Prominent players in the global hydraulic fluid market include
- BASF SE (Germany)
- British Petroleum PLC (UK)
- Castrol Limited (UK)
- Condat (Europe)
- The Dow Chemical Company (USA)
- Eastman Chemical Company (USA)
- Exxon Mobil Corporation (USA)
- Lukoil Lubricants Company (Russia)
- Royal Dutch Shell PLC (Netherland)
- Schaeffer Manufacturing Co (USA)
The Global Hydraulic Fluid Market segmentation encompasses end-users and types. MRFR’s take on the market explores various facets of the market in-depth.
Based on End-Users, this market has been segmented into aircraft, automobile, construction, marine, oil & gas, industrial machinery, and others. By type, the market has been segmented into bio-based hydraulic fluids, fire-resistant hydraulic fluids, and petroleum-based hydraulic fluids.
The Global Hydraulic Fluid Market covers Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa (MEA).
With 35% share in The Global Hydraulic Fluid Market, the Asia Pacific region is the largest regional market due to growing end-user industries like the automotive sector and the oil & gas sector. Surging demand in emerging economies like China & India and lenient government regulations are also boosting the market growth. Japan is the third major country-specific market in this region. An analysis of the remaining countries in the Asia Pacific region featured in this report estimates the huge contribution to market revenue from some other countries.
Estimated to grow at 1.90% CAGR during the forecast period, North America can position itself in the global hydraulic fluid market as the second-largest regional market. Its market worth could go up to USD 990.4 Mn by 2023. Majority of the important market players in this region are based in the USA. Canada is the second most powerful country-specific market in this region.
Europe is the third-largest regional market due to strong demand for hydraulic fluid in France, Germany, and the UK. Other crucial country-specific markets in this region are Italy, Poland, Russia, and Spain. An analysis of the remaining countries in Europe featured in this report estimate the huge contribution to market revenue from some other countries.
During the forecast period, Latin America and MEA region are expected to experience better market growth during the forecast period as hydraulic fluids have strong demand in these regions for various purposes. In Latin America, maximum revenue comes from Argentina and Brazil. An observation of the remaining countries in Latin America featured in this report speculates the huge addition to market revenue from some other countries. In the MEA region, the same comes from Bahrain, Israel, Kuwait, Oman, Saudi Arabia, Turkey, Qatar, UAE, and North Africa. A scrutiny of the remaining countries in the MEA region featured in this report calculates the increase to market revenue from some other countries.
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