Hydraulic fluids are the transmission systems through which power is transmitted to the hydraulic machinery. These fluids help in reducing wear, transfer heat and increase in equipment lifespan along with providing lubrication, corrosion resistance and sealing. It has wide application in automotive & transportation industry as a lubricant for automotive maintenance and pollution control. Rapid increase in automotive production and sales supported by increase in hydraulic fluids demand in after market will promote industry growth.
Positive indicators towards hydraulic fluids usage in oil & gas industry owing to growth in refinery activities carried out through hydraulic systems. Continuous lubrication is necessary to maintain industrial equipment mainly for offshore industry where maintenance is a major issue along with lack of immediate availability of spare parts and replacement parts, thus promoting growth on high performance hydraulic fluids. Growing demand for bio based hydraulic fluids owing to the risk of spillage and leakage into sea supported by government regulations regarding environment safety will stimulate industry growth.
The report analyses the global hydraulic fluids market based on type, point of sale, application and geography
Various type studied are segmented into mineral oil, synthetic lubricants, bio based lubricants. Synthetic oil is a manmade molecule chain which are arranged to provide lubricity, fluid stability, easy availability and low cost. It is used where high – low temperature and high pressure is required which will favour product demand. Growing application potential of synthetic oil based fluids over mineral oil in aviation industry owing to fire resistance and high thermal stability will propel industry growth.
The point of sale studied is segmented in OEM and Aftermarket. Hydraulic fluids are extensively used in OEM’s to provide quality and trouble free operations along with increasing equipment lifespan. Initial incorporation of hydraulic fluids in the OEM systems facilitates less drain interval in equipment lifespan. Increase in production of OEM approved hydraulic fluids by key manufacturers will promote product demand.
Furthermore, the major application considered in the study is transportation, metal & mining, cement production, oil & gas, and construction. Hydraulic fluids find application in metal and mining industry mainly for preventing corrosion, increase in gasket systems lifetime, lubrication and fighting bacterial and fungal growth. Marine application hydraulic fluids has high water content and are fire resistant to ensure equipment and worker’s safety in extreme temperature. They are also used in hydraulic systems in steel manufacturing. Growth in mining operations owing to rise in energy demand, increase in access to natural resources through technical developments supported by high investments will favour hydraulic fluids demand in this sector.
The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. Asia Pacific hydraulic fluids market may show robust growth over the foreseeable timeframe. Increase in public infrastructure and residential construction projects will have positive impact on regional industry growth. Construction companies focus on projects to be done on time and within stipulated budget which favours demand for highly efficient hydraulic fluids which helps to achieve both, thus stimulating industry growth.
The key players in the hydraulic fluids market share are Royal Dutch Shell Plc, Exxonmobil Corporation, BP P.L.C., Chevron Corporation, TOTAL S.A., Petrochina Company Limited, IDEMITSU Kosanco.Ltd., Sinopec Limited, Fuchs Petrolub AG, JXTG Holdings Inc. Valvoline, Lukoil, Petronas, Pertamina, Gazprom NEFT, INDIAN OIL CORPORATION LIMITED (IOCL), PHILLIPS 66. Many manufacturers are engaged in developing bio based product range to curb rising demand for biodegradable hydraulics which may increase product offering.
The report analyses the global hydraulic fluids market based on type, point of sale application and geography. Various type studied are segmented into mineral oil, synthetic lubricants, bio based lubricants. The point of sale studied is segmented in OEM and Aftermarket. Furthermore, the major application considered in the study is transportation, metal & mining, cement production, oil & gas, and construction.
The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world include Latin America and Middle East & Africa.
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