Market Size of Hydraulic Fluid Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 1.69 Billion liters |
| Market Volume (2029) | 2.10 Billion liters |
| CAGR (2024 - 2029) | 4.37 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hydraulic Fluids Market Analysis
The Hydraulic Fluid Market size is estimated at 1.69 Billion liters in 2024, and is expected to reach 2.10 Billion liters by 2029, growing at a CAGR of 4.37% during the forecast period (2024-2029).
The COVID-19 pandemic negatively affected the market for hydraulic fluids in 2020. During the pandemic, manufacturing activities in various industries, such as automotive, aerospace, construction, oil and gas, and mining, were halted for a significantly long time. It, in turn, decreased the demand for hydraulic fluids in these industries. However, production in these sectors post-COVID resumed. It is an encouraging sign for the future of the market.
- Over the medium term, the growth of the industrial sector in Asia-Pacific Middle East, and Africa is projected to drive the market.
- On the other hand, the high cost of synthetic and bio-based hydraulic fluids is likely to hinder the market in the coming years.
- Rising consumer awareness of the harmful release of gases due to lubricants and hydraulic fluids is driving the market towards bio-based oils.
- The Asia-Pacific region is expected to dominate the market, with the largest consumption from countries such as India and China.
