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Construction industry accounted for largest share of the hydraulic fluid market

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Construction industry accounted for largest share of the hydraulic fluid market

June 19
19:30 2020
Construction industry accounted for largest share of the hydraulic fluid market

Browse 127 market data Tables and 68 Figures spread through 207 Pages and in-depth TOC on “Hydraulic Fluid Market”
Hydraulic Fluid Market by Point of Sale (OEM, Aftermarket), Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), End-use Industry (Construction, Metal & Mining, Agriculture, Oil & Gas, Transportation, Cement Production), Region

The hydraulic fluid market size is projected to reach USD 9.0 billion by 2025 from USD 7.7 billion in 2020, at a CAGR of 3.1%, in terms of value, during the forecast period. The growing demand for hydraulic fluid in countries such as China, India, Japan, and South Korea from the construction, metal & mining, oil & gas, cement production, and food processing is expected to fuel the growth of hydraulic fluid in the region. 

Hydraulic fluid is used to transfer power in hydraulic machinery components. It protects the equipment against shearing—the permanent loss of viscosity due to mechanical or oxidation breakdown. It also offers protection against rust, corrosion, and metal fatigue. The hydraulic fluid is combined with “keep clean” additives to prevent clogging of filters, ensuring a long life of system components. Hydraulic fluid is manufactured using base oil, such as mineral oil, synthetic oil, and bio-based oil. The major factors driving the hydraulic fluid market are massive industrialization, increasing disposable income, and rapid urbanization in emerging countries.

To know about the assumptions considered for the study download the pdf brochure

The construction industry accounted for the largest share of the hydraulic fluid market in 2019. A construction site is full of harsh conditions, where the majority of construction equipment is exposed to extreme cold, heat, moisture, and dust, which can affect the performance of equipment. The use of appropriate hydraulic fluid on a construction site helps to prevent equipment failure, eliminate downtime and reduces operating costs. Hydraulic fluid is used in various construction equipment, including bulldozers, dump trucks, draglines, scrapers & shovels, and other heavy equipment.

Mineral oil was the largest segment in the overall hydraulic fluid market in 2019. Mineral oil-based hydraulic fluid is available in light and heavy grades, depending on the usage and requirement. They are produced via petroleum refineries in large quantities because of their high usage in various industrial sectors such as construction, metal & mining, cement production, and others.

The market is evolving with major players playing a crucial role in the development of new and advanced products. 

Royal Dutch Shell PLC (Netherlands), ExxonMobil Corporation (US), BP p.l.c. (UK), and Total S.A. (France) are the major players in this market. 

Royal Dutch Shell PLC is focused on expansions and Agreements to meet the growing demand in the market. In May 2019, the company opened its first lubricant laboratory in India. The laboratory will serve as a service provider for the growing demand for innovative lubricant products in the automotive and industrial segments. In May 2018, Shell Lubricants and Aggreko (UK) renewed their supply contract, which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and The Americas. The expansion helped the company to meet the growing demand for hydraulic fluid.

ExxonMobil is focused on expansions and acquisitions to meet the growing demand for hydraulic fluid. In June 2019, the company completed the expansion project of its Singapore refinery. The facility will strengthen the supply for group II EHC base oils, which are used for manufacturing premium-grade hydraulic fluid. In June 2019, the company proceeded with the long-term oil development in Argentina’s Bajo del Choique-La Invernada block. The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility, and export infrastructure connected to the Oldeval pipeline and refineries.

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