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 - Global Forecast to 2025
[207 Pages Report] 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%. The growth of the market is driven by the industrial growth in Asia Pacific and the Middle East & Africa, coupled with the rise in process automation in most of the industries.
“OEM to be faster-growing point of sale segment of the global hydraulic fluid market during the forecast period.”
OEM is expected to be the faster-growing segment from 2020 to 2025. Hydraulic fluid manufacturers are manufacturing new products with better properties and extended life. Hence, more the life of the initial hydraulic fluid, lesser the drain interval in the complete life cycle of an equipment.
“Synthetic oil to witness the fastest growth during the forecast period.”
On the basis of base oil, the global hydraulic fluid market is classified into mineral oil, synthetic oil, and bio-based oil. Mineral oil is the largest segment of the hydraulic fluid market. This is majorly attributed to its easy availability and low cost. However, the synthetic oil segment is expected to register the highest CAGR during the forecast period due to its advanced properties.
“Construction is projected to be the largest end-use industry during the forecast period.”
On the basis of end-use industry, the market is segmented into construction, metal & mining, agriculture, oil & gas, transportation, cement production, and food processing. The demand for hydraulic fluid is high in the construction industry due to the rising construction activities, especially in the residential sector in China and the rising infrastructural developments in India.
APAC accounts for largest share of the global hydraulic fluid market during the forecast period.
APAC is expected to account for the largest market share in global hydraulic fluid during the forecast period. The increasing population in the region, accompanied by increasing construction spending in the developing markets of China, India, and Indonesia, is projected to make this region an ideal destination for the hydraulic fluid market.
Key Market Players
The key market players profiled in the report include Royal Dutch Shell Plc. (Netherlands), ExxonMobil Corporation (US), Chevron Corporation (US), BP p.l.c. (UK), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), Idemitsu Kosan Co. Ltd. (Japan).
Royal Dutch Shell PLC is one of the leading producers of hydraulic fluid. The company has undertaken expansion as its growth strategy in the hydraulic fluid market. For instance, in 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.
ExxonMobil is ranked at the second position in the hydraulic fluid market. The company focuses on agreements to remain competitive in the hydraulic fluid market. For instance, in 2018, ExxonMobil acquired an Indonesian lubricant manufacturer and marketer, PT Federal Karyatama. This has increased the overall production capacity of the company. The newly acquired plant has the capacity of blending and producing lubricant of 700,000 barrels per year. This will help improve its market position in the country as well as in the neighboring ASEAN countries.
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|
Report Metric |
Details |
| Years considered for the study | 2018–2025 |
|
Base year considered |
2019 |
| Forecast period | 2020–2025 |
| Units considered | Value (USD Thousand), Volume (Kiloton) |
| Segments covered | Point of Sale, Base oil, End-use Industry, and Region |
| Regions covered | APAC, North America, Europe, Middle East & Africa, and South America |
| Companies profiled | Royal Dutch Shell PLC (Netherlands), ExxonMobil (US), BP p.l.c. (UK), Chevron Corporation (US), Total S.A. (France), Petrochina Company Limited (China), Idemitsu Kosan Co. Ltd. (Japan), Sinopec Limited (China), Fuchs Petrolub AG (Germany), Valvoline (US), Lukoil (Russia), Petronas (Malaysia), Gazprom Neft (Russia), Pertamina (Indonesia) and others. |
This report categorizes the global hydraulic fluid market based on point of sale, base oil, end-use industry, and region.
On the basis of point of sale, the hydraulic fluid market has been segmented as follows:
- Original Equipment Manufacturer (OEM)
- Aftermarket
On the basis of base oil, the hydraulic fluid market has been segmented as follows:
- Mineral Oil
- Synthetic Oil
- Polyalphaolefin (PAO)
- Polyalkylene Glycol (PAG)
- Esters
- Group III (Hydro cracking)
- Bio-based Oil
On the basis of end-use industry, the hydraulic fluid market has been segmented as follows:
- Construction
- Metal & Mining
- Agriculture
- Oil & Gas
- Transportation
- Cement Production
- Food Processing
- Others
- Power Generation
- Paper
- Textile
- Chemical
On the basis of region, the hydraulic fluid market has been segmented as follows:
- APAC
- North America
- Europe
- Middle East & Arica
- South America
Key Questions addressed by the report
- What are the major developments impacting the market?
- Where will all the developments take the industry in the mid to long term?
- What are the emerging end-use industries of hydraulic fluid?
- What are the major factors impacting the market growth during the forecast period?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of content
1 Introduction
1.1 Objective of the study
1.2 Market definition
1.3 Market Scope
1.3.1 Years considered for the study
1.4 Currency
1.5 Unit Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key data from secondary sources
2.1.2 Primary Data
2.1.2.1 Key data from primary sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions
2.5 Limitations
3 Executive Summary
4 Premium Insights
4.1 Opportunities in Hydraulics Market
4.2 Hydraulic Fluids Market, By Base Oil
4.3 Hydraulic Fluids Market, By End-Use Industry
4.4 Hydraulic Fluids Market, By Region
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.2 Restraints
5.2.3 Opportunities
5.2.4 Challenges
5.3 Value Chain Analysis
5.3.1 Raw Material
5.3.2 Blending
5.3.3 Distribution
5.3.4 End-User
5.4 Porter’s Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Threat of Substitutes
5.4.3 Bargaining Power of Buyers
5.4.4 Bargaining Power of Suppliers
5.4.5 Intensity of Competitive Rivalry
5.5 Macroeconomic Indicators
5.5.1 Automotive
5.5.2 Construction
5.5.3 Manufacturing
5.5.4 Mining
5.5.5 Agriculture
5.5.6 Power Generation
6 Hydraulic Fluids Market, By Base Oil
6.1 Introduction
6.2 Mineral
6.3 Synthetic
6.4 Bio-based oil
7 Hydraulic Fluids Market, By End-Use Industry
7.1 Introduction
7.2 On-Highway Transport (fleet and logistics, heavy duty trucks)
7.3 Construction
7.4 Mining
7.5 Agriculture
7.6 Oil & Gas
7.7 Cement Production
7.8 Food Processing
7.9 Power Generation
7.1 Others
8 Hydraulic Fluids Market, By Region
8.1 Introduction
8.2 Asia-Pacific
8.2.1 China
8.2.2 India
8.2.3 Japan
8.2.4 South Korea
8.2.5 Rest of Asia-Pacific
8.3 North America
8.3.1 U.S.
8.3.2 Canada
8.3.3 Mexico
8.4 Europe
8.4.1 Germany
8.4.2 France
8.4.3 Italy
8.4.4 U.K.
8.4.5 Spain
8.4.6 Rest of Europe
8.5 Middle East & Africa
8.5.1 Turkey
8.5.2 South Africa
8.5.3 Iran
8.5.4 Rest of Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.2 Argentina
8.6.3 Rest of South America
9 Competitive Landscape
9.1 Introduction
9.2 Competitive Benchmarking
9.3 Market Share Analysis
9.4 Competitive Situation & Trends
9.4.1 New Product Launches
9.4.2 Contracts & Agreements
9.4.3 Partnerships & Collaborations
9.4.4 Expansions
10 Company Profile
10.1 Royal Dutch Shell Plc
10.1.1 Business Overview
10.1.2 Products Offered
10.1.3 Recent Development
10.1.4 MnM View
10.1.4.1 Key Strengths
10.1.4.2 Strategic Choices Made
10.1.4.3 Threat from Competition
10.2 Chevron Corporation
10.3 Idemitsu Kosan Co. Ltd.
10.4 Sinopec Corporation
10.5 TotalEnergies SE
10.6 Fuchs Petrolub SE
10.7 ExxonMobil Corporation
10.8 Petroliam Nasional Berhad (Petronas)
10.9 BP Plc.
10.1 Other Market Players
11 Appendix
11.1 Insights from Industry Experts
11.2 Related Reports
The study involved four major activities in estimating the market size for hydraulic fluid. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Post that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives.
Primary Research
The hydraulic fluid market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the end-use industries. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the hydraulic fluid market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
The key players in the industry were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides of hydraulic fluid.
Report Objectives
- To analyze and forecast the size of the global hydraulic fluid market in terms of value and volume
- To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To define, describe, and forecast the global hydraulic fluid market on the basis of point of sale, base oil, end-use industry, and region
- To forecast the market size of different segments based on regions: Asia Pacific (APAC), Europe, North America, the Middle East & Africa, and South America, along with their key countries
- To strategically analyze micromarkets with respect to individual growth trends, growth prospects, and their contribution to the overall market
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
- To track and analyze competitive developments such as new product launch, expansion, acquisition, contract & agreement, and joint venture in the hydraulic fluid market
- To strategically profile the key players and comprehensively analyze their core competencies
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Growth opportunities and latent adjacency in Hydraulic Fluid Market