Hydraulic Fluid Market

Market Leader - Hydraulic Fluid Market

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%, in terms of value, during the forecast period. The growing demand for hydraulic fluid in countries such as China, India, Japan, and South Korea from the construction, metal & mining, oil & gas, cement production, and food processing is expected to fuel the growth of hydraulic fluid in the region. The market is evolving with major players playing a crucial role in the development of new and advanced products.

Royal Dutch Shell PLC (Netherlands), ExxonMobil Corporation (US), BP p.l.c. (UK), and Total S.A. (France) are the major players in this market.

Royal Dutch Shell PLC is focused on expansions and Agreements to meet the growing demand in the market. In May 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. In May 2018, Shell Lubricants and Aggreko (UK) renewed their supply contract, which helped Shell become the largest lubricant supplier to Aggreko in Russia, APAC, and The Americas. The expansion helped the company to meet the growing demand for hydraulic fluid.

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ExxonMobil is focused on expansions and acquisitions to meet the growing demand for hydraulic fluid. In June 2019, the company completed the expansion project of its Singapore refinery. The facility will strengthen the supply for group II EHC base oils, which are used for manufacturing premium-grade hydraulic fluid. In June 2019, the company proceeded with the long-term oil development in Argentina’s Bajo del Choique-La Invernada block. The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility, and export infrastructure connected to the Oldeval pipeline and refineries. In June 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 700,000 of lubricant barrels per year. This will help improve its market position in the country as well as in the neighboring ASEAN countries.

BP PLC focuses on expansions and partnerships to strengthen its market position in the hydraulic fluid market. In July 2019, BP and Castrol extending their partnership with the Renault F1 Team until 2024, providing advanced fuels and engine oil, gear and hydraulic oils, and greases and brake fluids, as well as supplying a range of high-performance lubricants to the Team’s technical centers in Enstone for the chassis and in Viry-Châtillon for the engine. In December 2017, the company announced plans for establishing the largest new lubricant plant in China. It will be BP’s hired lubricants blending plant in China and, with an expected investment of around USD 230 million (RMB 1.5 billion), it will also represent BP’s single-largest blending plant investment worldwide.

Total S.A. focuses on new product launch and expansion to strengthen its market position in the hydraulic fluid market. In November 2019, it launched ECO2, a range of industrial hydraulic fluid that includes AZOLLA ECO2 46 and EQUIVIS ECO2 46. In January 2019, the company started production from the Egina field, located around 1,600 meters from water depths and 150 kilometers off the coast of Nigeria. At plateau, the Egina field produces 200,000 barrels of oil per day, which represents about 10% of Nigeria’s total production.

Chevron Corporation focuses on expansion and acquisition to strengthen its market position in the hydraulic fluid market. In December 2019, the company announced a 2020 organic capital and exploratory spending program of USD 20 billion. The 2020 budget supports a robust portfolio of upstream and downstream investments and highlighted the company’s major capital project at TCO in Kazakhstan. In May 2019, Chevron U.S.A. Inc. (CUSA), a wholly-owned subsidiary of Chevron Corporation, announced that it completed the acquisition from Petrobras America Inc. of all the outstanding shares and equity interests of Pasadena Refining System, Inc. (PRSI) and PRSI Trading LLC for USD 350 million, excluding working capital.

Related Reports:

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

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Report Code
CH 5996
RI Published ON
5/18/2020
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