Global Hydraulic Fluid Market information- by type (Petroleum based, Bio-Based, Fire-Resistant), by End Use Industry (Oil & Gas, Automobile, Marine¸ Aircraft, Industrial Machinery, Construction, and Others), and by Region- Forecast to 2023
Pune, India -- (SBWIRE) -- 04/10/2018 -- Hydraulics is a technology involving the mechanical properties, which operates through the force of liquid pressure. In a Hydraulic system, Hydraulic Fluid is used as an energy transfer medium. It is also useful in other applications such as heat transfer, sealing, contamination removal, corrosion resistance, and lubrication. This industry's future growth path is determined by high demand in oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others industries. Global Hydraulic Fluid Market is expected to witness a significant growth of USD 4,317.10 million by 2023, with CAGR of 2.57% during forecasted period. The market witnesses a potential growth over the forecasted period on account of growing industries such as oil & gas, automobile, and others in Hydraulic Fluid Market.
On the Basis of Type, Global Hydraulic Fluid Market is divided into petroleum based, bio based and fire resistant type. Among all, petroleum based Hydraulic Fluid is forecasted to emerge as the fastest growing product segment. The geographical segmentation includes the current and estimate demand for Europe, Latin America, North America, Asia Pacific, and Middle East & Africa. This segmentation includes demand for separate industries in all the regions, for instance, Asia Pacific has the biggest market for Hydraulic Fluid due to high consumption in automotive and oil & gas industry, especially in China, India, and Japan. On the other hand, fluctuating prices of crude oil, strict environmental regulations including storage, usage and handling, can hamper the growth of Hydraulic Fluid Market in near future.
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Global Hydraulic Fluid Market is projected to reach USD 4,317.10 million by 2023 with 2.57% CAGR during the forecast period of 2017-2023.
Asia pacific accounts for largest share due to massive growth as well as automotive production in this region and it is anticipated to exhibit highest CAGR of 3.10% during forecast period.
Key Players including Royal Dutch Shell plc, Exxon Mobil Corporation, BASF SE, and Eastman Chemical Company are investing more into product development, and expanding in other regions.
On the Basis of Type Global Hydraulic Fluid Market is divided into petroleum based, bio based and fire resistant type, of which petroleum based hydraulic fluid is the largest segment with market share of more than 72%.
Based on the End User Industries, market is segmented into oil and gas, automotive, marine, aircraft, industrial machinery, construction and others. Among all oil and gas industry is the biggest segment with market share of more than 38%.
Emerging automotive industry has surged demand for Hydraulic Fluid over the past few years and it is anticipated to upkeep the demand during forthcoming years.
Bharat Lubricants (India)
FEOSO OIL (MALAYSIA) SDN. BHD. (Malaysia)
Witmans Industries Pvt. Ltd. (India)
Paras Lubricants Ltd. (India)
MORESCO Corporation (Japan)
The Global Hydraulic Fluid Market is majorly segmented on the basis of type, end users, and region. Based on the type of hydraulic fluids, the market is segmented into petroleum based, bio-based and fire resistant. On the other hand, based on end user, the market is segmented into oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others. Similarly, based on region, this market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.
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