HOME Research Insight Expansions and New Product Launches were the Key Strategies Adopted by the Leading Players to Strengthen their Position in the Hydraulic Fluid Market

Expansions and New Product Launches were the Key Strategies Adopted by the Leading Players to Strengthen their Position in the Hydraulic Fluid Market

The hydraulic fluid 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. Contracts & agreements, new product launches, and expansions are the strategies adopted by key players to strengthen their position in the hydraulic fluid market. The maximum number of strategic developments took place in North America and APAC between January 2013 and December 2017.

Key players operating 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).

The Royal Dutch Shell is a leading hydraulic fluid manufacturer globally. Shell is a vertically integrated company active in both, upstream and downstream activities in the oil & gas industry. It offers hydraulic fluid that is mainly used in the OEM, mining & construction equipment, marine, and other applications. In November 2017, the company launched a new lubricant production plant at Tuas, Singapore. The new facility has a production capacity of up to 430 million liters of lubricants, including hydraulic fluid and grease per annum. This has helped the company to meet the increasing hydraulic fluid demand from the APAC region.

ExxonMobil is another leading manufacturer of hydraulic fluid. The company offers hydraulic fluid for marine, aviation, mining equipment, steel, and other industrial applications. It focuses on new product launches to strengthen its market presence. For example, in September 2017, the company launched environmentally acceptable hydraulic oil called Mobil SHC Hydraulic EAL. This is a biodegradable synthetic hydraulic fluid, which is used in offshore oil & gas applications.

LUKOIL is one of the largest hydraulic fluid manufacturers in Russia. The company has a strong presence in the Russia hydraulic fluid market. The company produces multigrade hydraulic fluids suitable for varying temperature and load conditions in mobile and industrial hydraulic systems. In June 2017, the company signed a supply agreement with Velmash-S plant, a subsidiary of the Palfinger Group (Austria). Under this agreement, Lukoil will supply LUKOIL GEYSER UNIVERSAL hydraulic oil for cranes and handlers manufactured at the Velikiye Luki-based plant. This is expected to help the company gain a strong foothold in the European hydraulic fluid market.

Related Reports:

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

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