Hydraulic Fluid Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
|CAGR:||> 2 %|
*Disclaimer: Major Players sorted in no particular order
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Hydraulic Fluid Market Analysis
The global hydraulic fluid market is projected to register a CAGR of more than 2% during the forecast period (2021-2026).
The COVID-19 pandemic negatively affected the market for hydraulic fluids in 2020. During the pandemic, the manufacturing activities in various industries, such as automotive, aerospace, construction, oil and gas, and mining, were halted for a significantly long time. This, in turn, decreased the demand for hydraulic fluids in these industries. For instance, in 2020, automobile production witnessed a decline of 15.8% compared to 2019. However, the production in these sectors resumed in the second half of 2020, owing to the easing of lockdown regulations. This is an encouraging sign for the future of the market.
- Over the medium term, the growth of the industrial sector in Asia-Pacific and Middle-East and Africa is projected to drive the market .
- On the other hand, the declining automotive industry and the impact of COVID-19 are likely to hinder the market in the coming years.
- The Asia-Pacific region is expected to dominate the market, with the largest consumption from countries such as India and China.
Hydraulic Fluid Industry Segmentation
Hydraulic fluids are commonly made of mineral oil and water. They act as a medium for transmitting power in hydraulic machinery. Some of the properties of hydraulic fluids include wear resistance, thermal stability, viscosity, compressibility, and oxidation stability. The market is segmented on the basis of end-user industry and geography. By end-user industry, the market is segmented into automotive, other transportation, heavy equipment, food and beverage, and other end-user industries. The report also covers the market size and forecasts for the hydraulic fluid market in 15 countries around the world. For each segment, the market sizing and the forecast have been done on the basis of volume (presented in kilo tons).
|Food and Beverage|
|Other End-user Industries|
Hydraulic Fluid Market Trends
This section covers the major market trends shaping the Hydraulic Fluid Market according to our research experts:
Decline in Automotive Industry to Impact the Market
- In the automobile industry, hydraulic fluids are used in applications such as brakes, clutches, and power steering systems. Brake fluids, clutch fluids, and power steering fluids are some of the forms of hydraulic fluid used in the automobile sector. These fluids help in creating force (transfer of kinetic or potential energy) and protect against wear on the surfaces in contact.
- These fluids need regular maintenance and need to be changed at regular intervals. This drives the demand for hydraulic oil from the aftermarket. For instance, if the quantity of the brake oil is lower than the required limit, the flow is disturbed, and the braking power is lowered.
- The global automotive industry has witnessed a downfall in recent times. According to the OICA, around 77.62 million vehicles were produced globally in 2020, compared to 92.18 million vehicles in 2019, registering a decline of about 15.8%.
- The decline is majorly attributed to the reduced production in major automotive hubs such as the United States, China, Japan, and Germany. In 2020, these countries witnessed year-on-year production declines of 19%, 2%, 17%, and 24%, respectively.
- Additionally, automobile sales have been witnessing a similar trend of production in the last few years. According to the OICA, sales fell from 90.42 million units in 2019 to 77.97 million units in 2020, registering a decline of around 13.8%.
- Hence, owing to the above-mentioned factors, the market is expected to witness a decline in growth during the forecast period.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for hydraulic fluids during the forecast period. This trend is attributed to the growth of the industrial sector in the region, which is creating new opportunities for investment.
- In 2020, the Chinese construction industry was valued at about USD 1,049.2 billion. This sector is estimated to reach about USD 1,117.4 billion by 2021, registering a growth rate of around 6.5%.
- New construction projects in Japan occupied 127.55 million square meters in 2019. This reached around 113.74 million square meters in 2020, recording a decline rate of around 10.5%.
- Residential and commercial construction in India has been increasing, owing to the developing service sector in the country. According to the Ministry of Housing and Urban Affairs, the Indian government announced an investment of around USD 27.54 billion for the construction of 100 cities under the Smart Cities plan. This plan includes 5,151 different smart city projects. As of April 2021, 1,638 of these projects had been completed.
- The Chinese aerospace industry is one of the leading industries in the country, and the government is heavily investing to increase its domestic manufacturing capabilities. Moreover, through the next 20 years, the Chinese airline companies are planning to purchase around 7,690 new aircraft, valued at around USD 1.2 trillion.
- According to the OICA, Asia-Pacific dominated global automobile production in recent years. However, the decline in the automobile industry in the region has negatively affected the market. China is the largest producer of automobiles globally, with a production volume of 25.75 million vehicles in 2019. This reached 25.23 million vehicles in 2020, registering a decline rate of about 2%.
- Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.
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Hydraulic Fluid Industry Overview
The hydraulic fluid market is consolidated among the top few players. The top companies have been utilizing competitive strategies and investments to retain and expand their shares. The top five players in the market are Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total.
Hydraulic Fluid Market Leaders
Royal Dutch Shell PLC
Exxon Mobil Corporation
*Disclaimer: Major Players sorted in no particular order
Hydraulic Fluid Market News
- In November 2019, Total launched a range of recycled hydraulic fluids for industrial use. These are suitable for all varieties of industrial hydraulic systems.
Hydraulic Fluid Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growth of Industrial Sector in Asia-Pacific and Middle-East and Africa
4.1.2 Other Drivers
4.2.1 Declining Automotive Industry
4.2.2 Unfavourable Conditions Arising due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 End-user Industry
5.1.2 Other Transportation
5.1.3 Heavy Equipment
5.1.4 Food and Beverage
5.1.5 Other End-user Industries
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.2.4 South America
18.104.22.168 Rest of South America
5.2.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BP PLC
6.4.2 Chevron Corporation
6.4.3 China National Petroleum Corporation
6.4.4 China Petroleum & Chemical Corporation
6.4.5 Croda International PLC
6.4.6 Eni SpA
6.4.7 Exxon Mobil Corporation
6.4.9 Gazprom Neft PJSC
6.4.12 PETRONAS Lubricants International
6.4.13 Phillips 66 Company
6.4.15 Royal Dutch Shell PLC
6.4.17 Valvoline LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hydraulic Fluid Market Research FAQs
What is the study period of this market?
The Hydraulic Fluid Market is studied from 2018 - 2028.
What is the growth rate of Hydraulic Fluid Market?
The Hydraulic Fluid Market is growing at a CAGR of >2% over the next 5 years.
Which region has highest growth rate in Hydraulic Fluid Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Hydraulic Fluid Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Hydraulic Fluid Market?
Royal Dutch Shell PLC, Chevron Corporation, Total, BP PLC , Exxon Mobil Corporation are the major companies operating in Hydraulic Fluid Market.
Hydraulic Fluid Industry Report
Statistics for the 2023 Hydraulic Fluid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hydraulic Fluid analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.