Hydraulic systems are used widely in various industries, and hydraulic fluids are essential for proper functioning of these systems. Hydraulic fluids are used for transfer of energy in hydraulic systems, and also used in various applications such as corrosion resistance, sealant, and for heat transfer. Common types of hydraulic fluids are made from mineral oils and water. Hydraulic fluids differ on the basis of their basic properties and technical grade, as such selection of hydraulic fluids Market for hydraulic systems is a critical step as proper fluids are necessary for optimum performance of the hydraulic systems.
Increasing adoption of hydraulic systems in various industries is driving demand for hydraulic fluids which is a major factor boosting growth of the global market. Also, advancements in hydraulic fluids and development of new types of fluids that offer all basic properties and some additional features such as fire resistance and can work under high pressure situations are other major factors expected to fuel growth of the global market over the forecast period. But, fluctuations in oil prices and stringent environmental regulations preventing use of toxic hydraulic fluids are major factors anticipated to hamper growth of the global hydraulic fluids market over the forecast period.
The global hydraulic fluids market report has been segmented on the basis of base oil, application, and region. On the basis of region, the global hydraulic fluids market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific accounted for highest share in the global market in terms of revenue, and is projected to maintain its dominant revenue contribution over the forecast period. This can be attributed to rapid industrialization and high demand for hydraulic fluids from industries in emerging economies such as China, Japan, and India. The markets in Europe and North America also accounted for major revenue contributions in the global hydraulic fluids market, owing to infrastructural developments and rising demand for hydraulic fluids from various industries in countries in the region. The market in Asia Pacific is projected to witness significant growth and register highest CAGR of X.X%, over the forecast period.
Prominent players in the global hydraulic fluids market include Royal Dutch Shell Plc., Exxon Mobil Corporation, BP P.l.c, Chevron Corporation, Total S.A., PetroChina Company Limited, Sinopec Group, PJSC LUKOIL, Indian Oil Corporation, and Idemitsu Kosan Co., Ltd.