CHICAGO, July 30, 2024 /PRNewswire/ -- The report "Hydraulic Fluids Marketby 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.
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.
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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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