CHICAGO, July 30,
2024 /PRNewswire/ -- The report "Hydraulic
Fluids Market by Base Oil (Mineral Oil, Synthetic Oil),
Point of Sale (OEM and Aftermarket), Application (Mobile
Equipment), End-use Industry (Construction, Agriculture,
Transportation, Metal & Mining), and Region - Global Forecast
to 2029", Hydraulic Fluids Market size was USD 8.7 billion in 2024 and is projected to reach
USD 10.2 billion by 2029, at a CAGR
of 3.2%, between 2024 and 2029.
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The market is projected to grow because of growing demand for
processed foods, mounting demand from construction, agriculture,
mining and marine industries and growing automation in end-use
industries. These hydraulic fluids play a crucial role in various
applications in various end-use industries such as construction,
metal & mining, agriculture, power generation and others. In
addition, due to the increasing population, increasing demand for
renewable energy, technological advancements and changing consumer
preferences the demand for hydraulic fluids can increase due to
various applications.
Browse in-depth TOC on "Hydraulic Fluids Market".
331 – Tables
58 –
Figures
298 – Pages
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"OEM point of sale are projected to register the highest
CAGR, in the global hydraulic fluids market during the forecast
period."
The OEM point of sale in hydraulic fluids market is projected to
register the highest growth rate during the forecast period. This
growth is driven mainly due to direct incorporation with machinery
sales. As industrial sectors grow and update themselves, OEMs play
a crucial role in offering both equipment and fluids that are
compatible. Their expertise in the delivery and the hydraulic fluid
installation in the machinery system promotes the efficiency and
reliability of the machine, which leads to the increase in demand.
In order to achieve efficiency and good customer support, OEMs
develop strong, long-term partnerships by sales of hydraulic fluids
manufacturers.
"Synthetic oil is estimated to be the largest base oil type
of hydraulic fluids market, in terms of value, during the forecast
period."
The second-largest base oil type for the hydraulic fluids is
synthetic oil-based lubricants due to better performance over the
mineral oil in extreme applications. Moreover, their life span is
longer than that of air-cooled types, they perform well within both
high as well as low temperatures, and they perform a better duty to
keep machinery safeguarded. Although they are slightly more
expensive initially, their capacity to elongate service times and
protect expensive parts within automobiles and aircrafts make them
an economical decision for business within the automotive,
aerospace, as well as industrial categories. Due to these reasons,
they are popular and commonly used in various end-use industries
due to their high performance and lower initial and maintenance
costs in the long run. As such, the synthetic oil-based lubricants
established for steady growth based on the certain complex issues
of market on one hand and total solution approach on the other hand
with special focus on natural and sustainable lubricants.
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"Europe is estimated to be
the second-largest market for the hydraulic fluids market, in terms
of value, in 2023."
Europe is the second-largest
consumer region for hydraulic fluids. Being home to highly
developed industrial segments, Europe holds the second position in terms of
the hydraulic fluids consumption. The area has a fairly large
manufacturing sector, thus automotive, aerospace and machinery
industries, and among others has always need good lubricants for
the smooth running and durability of machinery. Also, it is
necessary to mention that Europe
gives high importance to environmental concerns and energy savings;
therefore, today this region demands high-quality
environment-friendly advanced lubricants.
The key players profiled in the report include are Shell plc
(UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron
Corporation (US), TotalEnergies SE (France), PetroChina Company Limited
(China), ENEOS Holdings, Inc.
(Japan), China Petroleum &
Chemical Corporation (China),
Idemitsu Kosan Co., Ltd. (Japan),
and others.
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