The [167 pages report] "Hydraulic Fluid Market by Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, Bio-Based Oil), Application (OEM, Mining Equipment, Construction Equipment, Transportation, Oil & Gas, Metal Production, Food & Beverage) - Global Forecast to 2022" published by MarketsandMarkets™, the market is projected to grow from USD 19.42 Billion in 2017 to USD 22.07 Billion by 2022, at a CAGR of 2.59% between 2017 and 2022. Industrial growth in the APAC and the Middle East & Africa regions coupled with the improved quality of hydraulic fluid is expected to drive the Hydraulic Fluid Market during the forecast period.
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The semi-synthetic base oil is projected to grow at the highest CAGR during the forecast period.
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.
The OEM application segment is expected to lead the Hydraulic Fluid Market during the forecast period.
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.
APAC is expected to be the largest market for hydraulic fluid during the forecast period.
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.
Some of the key players in the hydraulic fluid market 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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