Hydraulic Fluids Market Size
| 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 |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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.
Hydraulic Fluids Market Trends
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. It 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.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production reached 85,016,728 units in 2022. The production increased by 5.9% when compared to the previous year's data, and motor vehicle production grew year-on-year between the 2021 and 2022 markets by 6%.
- Similarly, as per OICA, commercial vehicle production reached 57.49 million units in 2022 and registered growth when compared to 56.44 in 2021.
- Meanwhile, as per the Bureau of Economic Analysis of the United States Department of Commerce, light vehicle retail sales reached 13,754.3 thousand units. It registered the lowest production when compared to 14,946.9 thousand units in 2021.
- Further, according to the German Association of the Automotive Industry (Verband der Automobilindustrie), automobile production in Germany reached 3.4 million in 2022 and registered a growth of 9.6% when compared to 3.1 million in 2021.
- Hence, owing to the factors mentioned above, the market is expected to witness growth during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the hydraulic fluids market during the forecast period. This trend is attributed to the growth of the industrial sector in the region, which is creating new investment opportunities.
- China is the largest manufacturer of automobiles in the world. The country's automotive sector is shaping up for product evolution, with the country focusing on manufacturing products. It is to ensure fuel economy and minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- According to the China Association of Automobile Manufacturers(CAAM), in 2022, approximately 23.56 million passenger cars and 3.3 million commercial vehicles were sold in China.
- Construction equipment requires a lot more energy to operate than industrial equipment. Hydraulic fluid contributes towards energy efficiency by enduring greater mechanical stress and operating in harsher conditions than its industrial counterparts.
- In 2022, the Chinese construction industry was valued at about USD 1,239 billion. It increased from USD 1,191 billion in 2021, registering a growth rate of around 4%.
- There are various new construction projects in Japan. In 2022, the construction industry generated sales of approximately JPY 149.8 trillion (~USD 1.01 trillion). It represented an increase of 9.6% compared to the previous fiscal year.
- Residential and commercial construction in India is 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. Under the Union Budget for Fiscal Year 2022, the Smart Cities Mission in India was allocated INR 6,450 crore (~USD 868 million) as compared to INR 3,400 crore (~USD 457 million) in Fiscal Year 2021.
- 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, Chinese airline companies are planning to purchase around 7,690 new aircraft valued at around USD 1.2 trillion.
- Therefore, the factors above are expected with a significant impact on the market in the coming years.
Hydraulic Fluids Industry Overview
The hydraulic fluid market is consolidated in nature. The major players (not in any particular order) include Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total, among others.
Hydraulic Fluids Market Leaders
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Royal Dutch Shell PLC
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Chevron Corporation
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Total
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BP PLC
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Exxon Mobil Corporation
*Disclaimer: Major Players sorted in no particular order
Hydraulic Fluids Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
Hydraulic Fluids Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growth of Industrial Sector in Asia-Pacific and Middle-East and Africa
4.1.2 The Rise in Production of Crude Oil
4.1.3 Increased Use of Hydraulic Fluid in Various Industries Including Construction
4.2 Restraints
4.2.1 Hight Cost of Synthetic and Bio-based Hydraulic Fluids
4.2.2 Other Restraints
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 (Market Size in Volume)
5.1 End-user Industry
5.1.1 Automotive
5.1.2 Other Transportation
5.1.3 Heavy Equipment
5.1.4 Food and Beverage
5.1.5 Other End-user Industries(Construction, Oil and Gas, Agriculture, Metal and Mining)
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
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
6.4.8 FUCHS
6.4.9 Gazprom Neft PJSC
6.4.10 LUKOIL
6.4.11 Petromin
6.4.12 PETRONAS Lubricants International
6.4.13 Phillips 66 Company
6.4.14 Repsol
6.4.15 Royal Dutch Shell PLC
6.4.16 Total
6.4.17 Valvoline LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Awareness Towards Bio-Based Oils
7.2 Other Opportunities
Hydraulic Fluids 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 forecasts are done on the basis of volume (liters).
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| Automotive | |
| Other Transportation | |
| Heavy Equipment | |
| Food and Beverage | |
| Other End-user Industries(Construction, Oil and Gas, Agriculture, Metal and Mining) |
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Hydraulic Fluids Market Research FAQs
How big is the Hydraulic Fluid Market?
The Hydraulic Fluid Market size is expected to reach 1.69 billion liters in 2024 and grow at a CAGR of 4.37% to reach 2.10 billion liters by 2029.
What is the current Hydraulic Fluid Market size?
In 2024, the Hydraulic Fluid Market size is expected to reach 1.69 billion liters.
Who are the key players in Hydraulic Fluid Market?
Royal Dutch Shell PLC, Chevron Corporation, Total, BP PLC and Exxon Mobil Corporation are the major companies operating in the Hydraulic Fluid Market.
Which is the fastest growing region in Hydraulic Fluid Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hydraulic Fluid Market?
In 2024, the Asia-Pacific accounts for the largest market share in Hydraulic Fluid Market.
What years does this Hydraulic Fluid Market cover, and what was the market size in 2023?
In 2023, the Hydraulic Fluid Market size was estimated at 1.62 billion liters. The report covers the Hydraulic Fluid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydraulic Fluid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hydraulic Fluids Industry Report
Our comprehensive hydraulic fluid market research offers in-depth analysis and insights into the dynamic landscape of this critical industry. The report delves into various hydraulic fluid types, including mineral-based, synthetic, and bio-based options, providing stakeholders with a thorough understanding of the factors driving market demand. Key areas of focus include the rapid industrialization in regions like Asia-Pacific and the Middle East, where infrastructure development and industrial growth are significantly boosting hydraulic fluid consumption. Additionally, the research covers the pivotal role of hydraulic fluids in sectors such as construction, oil and gas, and manufacturing, offering a detailed market forecast and analysis of industry trends, market segmentation, and pricing dynamics.
Stakeholders will benefit from our report by gaining access to strategic insights that can inform decision-making and enhance competitiveness in this highly consolidated market. The research not only explores the competitive landscape, highlighting key players like Royal Dutch Shell PLC and Chevron Corporation but also examines emerging trends such as the shift towards environmentally sustainable hydraulic fluids. The findings are available in an easy-to-read report pdf format, ensuring that all critical industry data and market outlooks are readily accessible for informed strategic planning.
Statistics for the 2024 Hydraulic Fluids market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Hydraulic Fluids analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
