Hydraulic Fluids Market Demand, Size, Share and Rapid Growth, Opportunities by 2027

North America is estimated to be the second-largest market for hydraulic fluids.

Logo

Northbrook, IL 60062 -- (SBWire) -- 10/09/2023 --The report "Hydraulic Fluids Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Point of Sale (OEM, Aftermarket), End-Use Industry (Construction, Metal & Mining, Power Generation, Oil & Gas, Transportation), Region - Global Forecast to 2027", size is projected to reach USD 9.6 billion by 2027, at a CAGR of 3.2% from USD 8.2 billion in 2022.

Browse Hydraulic Fluids Market"
- 285 market data Tables
- 59 Figures
- 281 Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71021039

Construction activities is expected to grow, as will infrastructure expansion and the usage of heavy equipment in civil engineering projects. These trends are expected to propel the worldwide hydraulic fluids market over the forecast period. The majority of hydraulic fluids are based on poisonous and environmentally dangerous hydrocarbons and mineral oils. For disposal, hydraulic fluids must adhere to a number of environmental and legal requirements. Hydraulic fluid handling and storage safety recommendations and specifications are provided by the manufacturers. Hydraulic fluid spills or splatters must be thoroughly cleaned up using the right absorbents in order to prevent the contaminating of sewage and groundwater systems. The main market restrictions include high toxicity, strict environmental requirements, and the rising popularity of organic hydraulic fluids.

"Mineral oil was the largest base oil in the global hydraulic fluids market, in terms of value, in 2021"
Based on base oil, mineral oil accounted for the largest market share in global hydraulic fluids market, both in terms of value and volume, in 2021. The easy availability of the base oil accompanied with affordable price are key factors for its wide usage in various end-use industries. It is extensively used in price sensitive regions like Asia Pacific, Middle East & Africa and South America. However, rising concerns towards its harmful impact towards environment is restraining its market growth for the forecast period.

"Food processing segment projected to be the fastest growing end-use industry, in terms of value, during the forecast period"
The growing population across the globe is driving the demand for food products and food-related industries. With the increase in disposable income, consumers are also shifting their preferences towards packaged foods. All these factors are influencing high growth of food industry. Thus, usage of hydraulic fluids in food processing segment is projected to grow at highest CAGR during the forecast period. Developing countries like China, India, Mexico and Brazil offer lucrative opportunities for food processing industry due to rising population.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=71021039

"North America is estimated to be the second-largest market for hydraulic fluids, in terms of value, during the forecast period"
During the forecast period, it is projected that the market for hydraulic fluids in North America will grow significantly, driven by increased demand from the regions infrastructure and heavy engineering industries. Throughout the forecast period, the European hydraulic fluids market is anticipated to continue growing at a steady rate. The Middle East and Africa hydraulic fluids market is expected to grow over the course of the forecast period due to factors including the expansion of the industrial and infrastructural sectors in the region as well as increased demand from the oil and gas industry.

Due to the strong demand for hydraulic fluids and their growing consumption in heavy construction equipment used for construction and civil engineering projects, the hydraulic fluids market in Asia Pacific is projected to grow at a highest rate during the forecast period. The rapid development of infrastructure, rapid industrialization, economic expansion, and significant capital expenditures by key industrial players in the region are further factors contributing to the increase in demand for hydraulic fluids in Asia Pacific.

The key market players profiled in the report include Shell Plc. (Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), TotalEnergies SE (France), Petrochina Company Limited (China), Sinopec Corp (China), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan), among others.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Media Relations Contact

Aashish Mehra
18886006441
https://www.marketsandmarkets.com/Market-Reports/hydraulic-fluid-market-71021039.html

View this press release online at: http://rwire.com/1378851