Global Hydraulic Fluids Market to Reach ~$23 Billion by 2022 – Analysis on BP, China Petroleum & Chemical, ExxonMobil, Shell, and Total – ResearchAndMarkets.com

The global hydraulic fluids market is expected to grow close to USD 23 billion during the period 2018-2022.

One trend in the market is adoption of green and bio-based fluids. The global hydraulic fluids market largely depends on crude oil resources for the production of hydraulic fluids. The increase in the demand for energy and rising urbanization in developed and developing countries have pressurized vendors to increase the production of hydraulic fluids.

According to the report, one driver in the market is rapid urbanization and growth in the construction industry. The global hydraulic fluids market is witnessing substantial growth in developing economies such as China, Japan, India, Brazil, and Indonesia. Many original equipment manufacturers are shifting their manufacturing activities to these countries due to factors such as cheap labor, easy availability of raw materials and land, and low transportation costs.

Further, the report states that one challenge in the market is volatility of oil prices. Raw materials, such as mineral oils and bitumen of hydraulic fluids, are derived from crude oil. These raw materials are highly priced owing to the high price of oil and natural gas.

Market Trends

• Adoption of Green and Bio-Based Fluids
• Technological Advancements Showcasing Hydraulic Fluids with Superior Performance