In terms of value, the hydraulic fluids market is estimated to grow from USD 8.7 billion in 2024 to USD 10.2 billion by 2029, at a CAGR of 3.2%. Hydraulic fluids market have grown as the demand from food processing end-use industry, and rising industrial growth in the Middle East & Africa and Asia Pacific region. These factors drive the hydraulic fluids market.
The key players profiled in the report include Shell plc (UK), Exxon Mobil Corporation (US), BP p.l.c. (UK), Chevron Corporation (US), TotalEnergies SE (France), FUCHS SE (Germany) PetroChina Company Limited (China), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Idemitsu Kosan Co., Ltd. (Japan), and others. The hydraulic fluids market has witnessed insignificant growth in the past few years; government regulations and changing lifestyle drive the growth of this market. Market players are introducing new technologies, acquisitions, collaborations and features to acquire larger market shares.
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Shell plc is one of the world’s largest oil & gas companies. It operates its operations with their five business segments, namely, integrated gas, renewables & energy solutions, marketing, chemical & products, and upstream. The company offers its hydraulic fluids for a wide range of end-use industries including construction, power generation, food processing, cement manufacturing and among others. It operates with 6 base oil storage hubs, 10 grease plants, 32 blending plants, and 4 base oil manufacturing plants. It has strong presence in European, North American, South American, the Middle East & Africa, and Asia Pacific region. In January 2024, shell plc plc acquired the Environmentally Considerate Lubricants (ECLs) business from the PANOLIN Group, which has subsidiaries in Switzerland, the UK, the US, and Sweden.
Exxon Mobil Corporation is a global specialty oil & gas company and also one of the largest companies in standings of revenue generation. The company is a global leader for synthetic oil technology and markets its hydraulic fluids products globally with brands such as Exxon, Mobil, and Esso. It has strong presence globally in more than 160 countries. It operated with five business segments, energy products, upstream, chemical products, specialty products, and corporate & financing. The company owns 6 base stock refineries and 21 blending plants in 25 countries which are present in almost all regions. In May 2024, Exxon Mobil Corporation acquired Pioneer Natural Resources Company to establish a unique, unconventional business in the Permian Basin.
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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.
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.
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