Hydraulic Fluids Market Size & Share, by Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil); End-user (Construction, Oil, Gas, Agriculture, Metal/Mining) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4889
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Hydraulic Fluids Market size is estimated to surpass USD 18.76 Billion by the end of 2035, witnessing around 6.10% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of hydraulic fluids was USD 9.22 Billion. The reason behind the growth is impelled by growing automobile manufacturing. The automotive industry is a key driver of the hydraulic fluid market. Hydraulic fluids are used in many different applications in the automotive industry, such as braking systems, power steering systems, and suspension systems.

According to the International Automobile Manufacturers (OICA), global production of automobiles has increased steadily in recent years. In 2020, 74.7 million vehicles were produced worldwide, a year-on-year increase of 4.8%.

The rising demand for heavy equipment is believed to fuel the market growth. Heavy equipment demand is one of the main drivers of the hydraulic fluid market. Hydraulic fluid is used as a power transmission medium in hydraulic systems commonly used in heavy machinery such as construction machinery, mining machinery, agricultural machinery, and ships.

Hydraulic Fluids Market
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Hydraulic Fluids Sector:Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Renewable Sources – Rising demand for renewable energy sources such as wind and solar power is driving the hydraulic oil market. Hydraulic systems are also used to generate solar energy. They are used in the installation of solar panels and to control the movement of mirrors in concentrator photovoltaic plants.
    According to a report from the International Energy Agency, solar power is expected to be the largest source of electricity by 2035, with solar power capacity increasing by 7% annually.
  • Increasing Generation of Crude Oil - As hydraulic systems are widely used in oil and gas exploration and production, thus increasing crude oil production has increased the demand for hydraulic fluids. This increase in production will be driven by increased drilling activity and the use of advanced drilling technology that relies heavily on hydraulic systems and hydraulic fluids. 
    According to the reported data, global oil production reached a total of more than 93 million barrels per day in the year 2021.


  • Environmental Concerns - Hydraulic fluids, especially those based on mineral oils, are known to harm the environment. Hydraulic oil leaks and spills can cause soil and water contamination and have serious impacts on ecosystems. Governments and regulators are increasingly focused on environmental issues, increasing pressure on manufacturers to develop more sustainable hydraulic fluids with minimal environmental impact.
  • Volatility in Raw Material Prices
  • Competition from Substitutes

Hydraulic Fluids Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 9.22 Billion

Forecast Year Market Size (2035)

~ USD 18.76 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hydraulic Fluids Segmentation

End-User (Agriculture, Metal/Mining, Construction, Oil, Gas)

The construction segment in the hydraulic fluids market is estimated to gain a robust market share of 60% in the coming years. Common hydraulic construction equipment that utilizes hydraulic fluids are excavators, backhoes, bulldozers, trenchers, loaders, dump trucks, and graders. In an often out-of-control construction situation, it can be difficult to keep operations flowing and things under control. To meet tight deadlines without compromising revenue and profitability, one needs to maintain the reliability and availability of your construction equipment.

Lubrication is an important part of the maintenance process. Lubricants account for 1% to 3% of construction equipment maintenance budgets, according to Valvoline. Although a small fraction of the budget, lubrication can have a big impact on your performance goals and project success, and it increases the demand for hydraulic fluids in the construction sector. Therefore, it is predicted to boost the growth of the segment in the hydraulic fluids market.

Base Oil (Bio-based Oil, Synthetic Oil, Mineral Oil)

The bio-based oil segment is set to garner a notable share of 40% shortly on the account of growing marine sector. As compared to conventional petroleum-based hydraulic fluids bio-based oils are biodegradable and less toxic, and help in reducing the danger of environmental harm to marine life and protect the overall marine ecosystem.

According to recent data, the marine sector in the US contributed over USD 430 billion, to the country's GDP in 2021.

Our in-depth analysis of the global market includes the following segments:

   Base Oil

  • Mineral Oil
  • Synthetic Oil
  • Bio-based Oil

   End User

  • Construction
  • Oil
  • Gas
  • Agriculture
  • Metal/Mining

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Hydraulic Fluids Industry - Regional Synopsis

APAC Market Statistics

Hydraulic Fluids market in Asia Pacific is predicted to account for the largest share of 59% by 2035 impelled by the growing industrial sector. In developing countries such as Japan, India, and China, the industrial sector is growing owing to rapid urbanization. The need for hydraulic fluid is expected to rise in the region as the industrial sector depends on a variety of machinery that uses hydraulic systems. The hydraulic system's many components receive power from the pump through the hydraulic fluid for the system's performance, and to provide many other functions.

In May 2023, India's industrial production increased by over 5% annually.

North American Market Forecast

The North America hydraulic fluids market is estimated to be the second largest, during the forecast timeframe led by increasing agricultural sector. In the US, agriculture is a significant industry and a key part of the American economy. This has led to an increase in demand for hydraulic fluids in the region as the agriculture industry uses a wide range of sophisticated machinery that utilizes hydraulic systems.

In 2021, the U.S. gross domestic product (GDP) was over USD 1.260 trillion, with contributions from agriculture, food, and associated industries.

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Hydraulic Fluids Market Size
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Companies Dominating the Hydraulic Fluids Landscape

    • Shell plc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Exxon Mobil Corporation
    • Chevron Corporation
    • BP plc.
    • TotalEnergies
    • PetroChina Company Limited
    • China Petrochemical Corporation (SINOPEC)
    • BASF SE  
    • Valvoline
    • NYCO
    • Idemitsu Kosan Co., Ltd.
    • JX Nippon Oil & Energy Corporation (ENEOS Holdings, Inc.)
    • Showa Shell Sekiyu K.K
    • Nippon Oil Corporation
    • Mitsui Chemicals, Inc.


In The News

  • TotalEnergies launched a range of recycled hydraulic fluids for industrial use. They are suitable for all types of industrial hydraulic systems.
  • BASF SE announced the opening of a new production plant for fuel performance additives in Shanghai, China. The plant aims to address the surging demand for fuel performance additives for customers in Asia.

Author Credits:  Smruti Ranjan, Rajrani Baghel

  • Report ID: 4889
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing automobile manufacturing and the rising demand for heavy equipment are the major factors driving the growth of the market.

The market size of Hydraulic Fluids is anticipated to attain a CAGR of 6.10% over the forecast period, i.e., 2023-2035.

The major players in the market are Exxon Mobil Corporation, Chevron Corporation, BP plc., TotalEnergies, PetroChina Company Limited, China Petrochemical Corporation (SINOPEC), BASF SE, Valvoline.

The construction segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Hydraulic Fluids Market Report Scope

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