The global hydraulic fluids market size is projected to reach USD 9.6 billion by 2027 from USD 8.2 billion in 2022, growing at a CAGR of 3.2%, in terms of value during the forecast period. The growth is largely driven by factors such as growing industrialization in Asia Pacific and South American region. Increasing automotive industry globally is also influencing the overall market growth.
The hydraulic fluids 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), Chevron Corporation (US), PetroChina Company Limited (China), and TotalEnergies SE (France) are key players in the hydraulic fluids market.
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Shell plc is one of the largest players in the hydraulic fluids market. Shell is both vertically and horizontally integrated and is active throughout the value chain in the oil & gas industry, which includes E&P operations, midstream logistics, refining, marketing, and retailing. The company is involved in the major aspects of the oil & gas industry worldwide and is also involved in chemicals and other energy-related businesses. Other than this, it is also engaged in research and innovation to create technology solutions. The important factors for its strong market position are its well-established distribution network and brand value. The company focuses on expanding its global presence to strengthen its leadership in the market as a part of its business strategy. In March 2020, Shell Indonesia announced to double the production capacity of its world-class Lube Blending Plant (LOBP) in Marunda Center near Jakarta, Indonesia. Once complete, the facility will produce up to 300 million liters of finished lubricants per year on its 9-hectare site.
ExxonMobil Corporation is a key player in the hydraulic fluids market. It is one of the largest revenue generating companies in the world. Upstream, downstream, and chemical are its three business segments, through which the company operates in more than 160 countries globally. Petroleum products are manufactured and sold within downstream segment. The company offers hydraulic fluids under the brand name Mobil. ExxonMobil focuses maintaining a solid position in existing markets while also extending its footprint in emerging markets. In July 2019, ExxonMobil developed long-term oil reserves in Argentinas Bajo del Choique La Invernada block. The project, comprised of 90 wells, a central production facility, and exported infrastructure connected to the Oldeval pipeline and refineries, was estimated to generate up to 55,000 oil equivalent barrels per day within five years.
BP p.l.c. is a major player in the hydraulic fluids market globally. In global oil & gas reserves BP is one of the top three companies. It has its operations in Europe, America, Asia, Australia, and Africa. The company offers hydraulic fluids through its downstream business segment. By investing in low-carbon investments and focusing on oil & gas exploration, it aims to become a progressive energy company by 2030. In June 2021, BP p.l.c. had set up a digital hub in Pune, India. This expansion helped them grow their digital expertise and meet the changing demands by providing sustainable solutions.
Hydraulic Fluids Market by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), Point of Sale (OEM, Aftermarket), End-Use Industry (Construction, Metal & Mining, Power Generation, Oil & Gas, Transportation), Region - Global Forecast to 2027
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