LONDON--(BUSINESS WIRE)--The global hydraulic fluids market is expected to post a CAGR of nearly 3% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rapid urbanization and growth in the construction industry. In developing countries such as China, Japan, India, Brazil, and Indonesia, the market is witnessing substantial growth. Many OEMs are shifting their manufacturing activities to these countries due to factors such as cheap labor, easy availability of raw materials and land, alongside low transportation costs. Also, the growing population, income, and purchasing power of buyers in developing countries are generating high demand for hydraulic fluids.
This market research report on the global hydraulic fluids market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the adoption of green and bio-based fluids as one of the key emerging trends in the global hydraulic fluids market:
Global hydraulic fluids market: Adoption of green and bio-based fluids
The market largely depends on crude oil resources to produce hydraulic fluids. The increase in demand for energy and rising urbanization in developed and developing countries have pressurized vendors to increase the production of hydraulic fluids. This, in turn, has contributed to climate change along with depletion of fossil resources. These crude oil-based lubricants, which are largely used in the manufacturing of hydraulic fluids, degrade poorly and pose as an environmental hazard when released.
“Various other factors such as an increase in the price of petroleum products, increased dependence on offshore sources, and a decrease in the rate of finding new reserves have increased the use of sustainable bio-based hydraulic fluids as a replacement for petroleum products,” says a senior analyst at Technavio for research on specialty chemicals.
Global hydraulic fluids market: Segmentation analysis
This market research report segments the global hydraulic fluids market by application (construction machinery, transportation machinery, agricultural machinery, mining machinery, and oil and gas machinery) and geographical regions (APAC, EMEA, and the Americas).
The construction machinery segment held the largest market share in 2017, accounting for nearly 28% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 40%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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