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The increasing demand of hydraulic fluid is driven by the consumption preference and economic development in various industry. It is highly used in various industries such as oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others. Additionally, the growing oil & gas, automobile industry is a key factor to drive the hydraulic fluid market. On the basis of region, market share of hydraulic fluid is high in Asia Pacific due to huge utilization in growing industry such as oil & gas, automotive, and industrial machinery. It is also expected to increase at a higher growth rate as compared to other regions such as North America, Europe, Latin America and Middle East.
Globally, the Hydraulic Fluid Market is estimated to escalate at a higher growth rate which is supported by the rising consumption of various industries. Furthermore, the developing economic conditions of various regions are fueling up the market demand for hydraulic fluid. All these factors contribute to the calculated CAGR of 2.57% of hydraulic fluid market during 2016-2023.
Key players of the Global Hydraulic Fluid Market are
- Royal Dutch Shell plc (Netherland),
- Exxon Mobil Corporation (US),
- The Dow Chemical Company (US),
- BASF SE (Germany),
- Condat (Europe),
- Eastman Chemical Company (US),
- Schaeffer Manufacturing Co (US),
- LUKOIL Lubricants Company (Russia),
- British Petroleum Plc. (UK),
- Castrol Limited (UK),
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The market is classified and analyzed on the basis of various geographic segmentation which includes; North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific hydraulic fluid market is the largest market, owing to the robust industry growth of end user industry in China and India. Rapid industrializations, favorable government regulations and increase in per captia income will significantly contribute to the growth of hydraulic fluid market in emerging economies such as China, India and Japan. Furthermore, growing automotive, marine, and construction industry in North America is expected to drive the demand of hydraulic fluids. Europe witnessed a positive growth in hydraulic fluid market owing to the growing automotive, construction, oil & gas industry across the region. On the other hand, Latin America, Middle East & Africa is another profitable market for hydraulic fluid and likely to show better growth over the forecast period.
The global hydraulic fluid market is majorly segmented on the basis of type, end users, and region. Based on the type of hydraulic fluids, the market is segmented into petroleum based, bio-based and fire resistant. On the other hand, based on end user, the market is segmented into oil & gas, automobile, marine¸ aircraft, industrial machinery, construction, and others. Similarly, based on region, this market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.
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The post Hydraulic Fluid Market Trends, Share, Industry Size, Growth, Opportunities and Forecast 2017-2023 by Market Research Future appeared first on Herald Keeper.