Hydraulic fluids and process oil market is one of the prominent market as they find their applications across range of industries such as automotive, industrial machinery, marine. Hydraulics is an energy transferring technique using fluid medium, thus hydraulic fluids transfers power as well as lubricates, prevent corrosion, wear of machine and acts as heat transfer medium. Process oil is another important ingredient in various industries such as chemical, manufacturing and is used as raw material in different type of processing. The growing industrialization and mechanization of industries has surged the demand for hydraulic fluids and process oils. The continuous growth in machine, automotive and transportation market are anticipated to upkeep the growth of hydraulic fluids and process oil market. Further, the developments of various products with distinctive features in the market, such as fire resistant hydraulic fluids makes the hydraulic fluids and process oil market attractive. However, the hydraulic fluids and process oil market growth shows the effect of global crude oil prices, which presently is highly volatile. Thus the market is anticipated to counter slow growth in some of the regions.
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Global Hydraulic Fluids and Process Oil Market: Drivers and Restraints
The global hydraulic fluids and process oil market is characterized by both economic and environmental factors. The growing industrial production and automotive sector tends to increase demand for hydraulic fluids and process oil, rigid emission standards has led to replacement of traditional material with synthetic lubricants, to increase the fuel efficiency of vehicles this acts as driver for hydraulic fluids market.
On the other hand volatility of crude oil prices act as a restraint to the market.
Global Hydraulic Fluids and Process Oil Market: Segmentation
The hydraulic fluids and process oils market is segmented as follows: by type, by application
On the basis of type the hydraulic fluids market is categorized as:
- Mineral Based Hydraulic Fluids
- HH (mineral oil without additives)
- HL (mineral oils with oxidation and rust inhibitors)
- HM (improved anti-wear additives)
- Fire Resistant Hydraulic Fluids
- HFA (Oil in Water Emulsions)
- HFB (Water in Oil Emulsions)
- HFC (Water Glycol Fluids)
- HFD (Anhydrous Synthetic Fluids)
On the basis of type the process oil market is categorized as:
- Paraffinic Oils
- Naphthenic Oils
- Aromatic Oils
- Veg & Bio Oils
On the basis of application the hydraulic fluids and process oil market is segmented into
- Industrial Machinery
- Medical & Healthcare
- Chemical & Polymers
- Others (textile, personal care, etc.)
Global Hydraulic Fluids and Process Oil Market: Region wise outlook
The global hydraulic fluids market is segmented into regions including North America, Latin America, Asia Pacific, Europe and Middle East & Africa. Asia Pacific is the dominating region in the global hydraulic and process oil market, followed by Europe. North America is among major market with high Per-capita consumption of lubricants within the region. The production and demand for the hydraulic fluids and process oils is expected to rise in the near future, however some regions are expected to encounter slow growth. The Middle East and Africa market is also expected to encounter significant growth owing to increasing industrial sector.
Global Hydraulic Fluids and Process Oil Market: Key players
Some of the major players in the hydraulic fluids and process oil market are
- Royal Dutch Shell Plc.
- British Petroleum Plc.
- Exxon Mobil Corp.
- Process Oil Inc.
- Renkert Oil, LLC
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