World Hydraulic Fluid Market to Post 2.57% CAGR by 2023, Forecasts MRFR in Its In-Demand Report Available at MarketPublishers.com
02 Oct 2017 • by Natalie Aster
LONDON – The world hydraulic fluid market is projected to be valued at USD 4.31 billion by 2023, registering a 2.57% CAGR in the foreseeable future.
As the hydraulic systems are mainly utilised in the crude oil drilling procedures, massive crude oil production globally is deemed to be a key driver of the global market. Furthermore, steadily expanding automotive industry has continued to a hike in the demand for hydraulic fluids. Also, growing industrial production associated with easing urbanisation have boosted the demand substantially over the years. However, tough government regulations on use of petroleum based hydraulic fluids owing to harmful environmental impact are poised to hinder the market growth.
Region-wise, APAC grabbed the dominant share of the hydraulic fluid market owing to increasing number of application sectors in this region. Furthermore, the region took the lead in the market capturing a share of close to 35%. The value of the APAC hydraulic fluid market is set to record the fastest CAGR of around 3.1% through to 2023. North America is the most lucrative region in value terms and set to surpass the USD 990 million mark by 2023.
By type, petroleum based hydraulic fluid is the most lucrative segment and captured more than 72% of the market due to a hike in crude oil production. Based on end-user sector, the oil and gas segment captures more than 38% of the overall market.
Key players such as Royal Dutch Shell plc, Exxon Mobil Corporation, Eastman Chemical Company, and BASF SE are pouring a lot of money into product development and expanding to other regions.
In-demand report “Global Hydraulic Fluid Market Research Report- Forecast to 2023” drawn up by MRFR provides an all-encompassing analysis of the market on a global level. It starts with defining the marketplace and proceeds with an evaluation of the market dynamics such as key drivers, hindrances, opportunities and key trends. It includes a detailed assessment of the supply chain, and offers Porter's 5 forces analysis. The study analyses and forecast the market size (by value and volume) based on type, end-use sector, process, and by region. The report sheds light on the competitive landscape, covering agreements, expansions, product launches, acquisitions, JVs, etc. Comprehensive company profiles of the top 7 players are also provided in the study.
For more in-demand market research reports by this publisher visit MFRF page at MarketPublishers.com.