The
global Hydraulic Fluids Market size is anticipated to
reach USD 12.0 billion by 2030, according to a new report by Grand View
Research, Inc. The market is expected to expand at a CAGR of 5.2% from 2022 to
2030. In recent years, industrialization has been on a rise, particularly in
emerging economies such as India, China, and Brazil, among others. The share of
the manufacturing industry in the GDP is increasing significantly for these
countries. Various policies by governments all over the world are being
targeted toward the growth of industrial sectors.
The
digital revolution, combined with artificial intelligence, has opened
numerous new opportunities for fluid power. It will take time to turn into
high-power electromechanical solutions. The industry must leverage the inherent
capabilities of fluid power technology and expand its reach through
technological advancements. In terms of energy efficiency, fluid power
technology has huge potential. The focus will soon shift to the development of
high-speed switching valves, high-efficiency hydraulic fluids, and more
efficient pumps and motors. In 2020, the market was severely affected by the
global pandemic. Prices were dropped due to the lack of demand for lubricants
and oils from end-user industries such as construction, automotive, marine, and
aerospace, among others.
In
recent years, a huge fluctuation in the prices of base oil and hydraulic fluids
has been experienced by the industries. In 2021, the prices of the market
skyrocketed owing to the sudden demand for the product after the revival of the
end-user industries. In 2022, the Russia-Ukraine war has resulted in the
further increase of the base oil and hydraulic fluids prices.
Related Press
Release@ Hydraulic Fluids Market Report
Hydraulic Fluids Market Report Highlights
- The mineral
oil segment led the market and accounted for 48.9% of the global
revenue share in 2021. Mineral-based oils are the most often
utilized hydraulic fluids. They are easily accessible and
cost-effective. The only significant downside of petroleum-based hydraulic
oils is that they are flammable. Mineral-based hydraulic oils are made
from fractions of crude oil. They are also polished to the point where
they have suitable lubricating properties
- The
synthetic oil segment is expected to witness a CAGR of 5.9% over the
forecast period in terms of revenue. Synthetic oil can combat varnish and
sludge buildup, which are common in high-pressure, high-temperature
industrial situations
- The
aerospace and defense segment accounted for 8.9% of the global revenue
share in 2021. The hydraulic system is a vital aspect of any aircraft.
Consumer’s increasing preference for air travel and rising demand for
cargo flights is expected to drive to hydraulic systems market. In
addition, increasing usage of airplanes and helicopters in the defense and
commercial sectors is driving the demand for aircraft hydraulic systems
which in turn is expected to increase the demand in the sector
- In June
2020, Gulf Western Oil (GWO) launched SUPERDRAULIC hydraulic fluid
products. The high viscosity index products are suitable for harsh
conditions and high-temperature applications. The company claimed to have
6,000+ oil hour life for the product
- In February
2022, South Korea’s hydraulic brake fluid exports were USD 791 thousand,
while imports totaled USD 618 thousand, creating a USD 173 thousand
positive trade balance. Hydraulic brake fluid was predominantly exported
to the U.S., India, China, Mexico, and Slovakia and mostly imported from
Germany, U.S., Switzerland, Singapore, and the Netherlands
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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