[148 Pages Report] The Hydraulic Fluid Market was valued at USD 18.97 Billion in 2016 and is projected to reach USD 22.07 Billion by 2022, at a CAGR of 2.59% during the forecast period. In this report, 2016 has been considered as the base year for the study of the hydraulic fluid market, while the forecast period is between 2017 and 2022.
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The Hydraulic Fluid Market has been segmented on the basis of base oil into mineral oil, synthetic oil (PAO, PAG, Esters, and Group IV), semi-synthetic oil, and bio-based oil. The semi-synthetic oil segment is projected to register the highest CAGR during the forecast period. Semi-synthetic oil is a mixture of mineral and synthetic oil. Hence, it provides high performance at comparatively lower cost than synthetic oil. This is a major factor for the growth of the semi-synthetic oil segment.
OEM was the largest application segment of the Hydraulic Fluid Market in 2016. This dominance is projected to continue till 2022. In OEM application, the usage of heavy load equipment is very high. The manufacturing of automotive & aerospace parts and shipbuilding requires frequent replacement of hydraulic fluid for better performance. The demand for hydraulic fluid in the OEM application is driven by the increased demand for vehicles in the APAC and Europeregions.
The Hydraulic Fluid Market has been studied in five regions, namely, APAC, North America, Europe, the Middle East & Africa, and South America. APAC is projected to be the largest Hydraulic Fluid Market during the forecast period due to massive industrial growth in emerging countries, such as China, India, and South Korea. Increasing manufacturing activities and trade in the region is also expected to drive the Hydraulic Fluid Market in APAC.
Key market players profiled in this report include Royal Dutch Shell (Netherlands), ExxonMobile (US), BP (UK), Chevron Corporation (US), Total (France), PetroChina (China), Sinopec (China), LUKOIL (Russia), Indian Oil Corporation (India), and Idemitsu Kosan (Japan).
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