Increasing demand for rapid construction, growing infrastructure, and increased use of heavy machinery in civil engineering projects are factors projected to drive the global market for hydraulic fluids during the forecast period. Most of the hydraulic fluids are based on hydrocarbons and mineral oil, which are considered toxic and hazardous for the environment. Hydraulic fluids need to comply with several environmental and regulatory obligations for their disposal. Manufacturers provide special guidelines and specifications for safe handling and storage of hydraulic fluids. Splashed or spilt hydraulic fluids need to be properly absorbed with specified absorbents so as to avoid the contamination of groundwater and sewerage systems. High toxicity, stringent environmental regulations, and growing popularity of organic hydraulic fluids are the major restraints for the hydraulic fluids market.
The market for in Asia Pacific (APAC) is likely to expand at a significant rate during the forecast period, due to high demand for hydraulic fluids and their increased consumption in heavy construction equipment used for construction and civil engineering projects. Risen demand for hydraulic fluids in APAC is also attributable to rapid infrastructure development, rapid industrialization, growth of the economy, and high capital investments by major industrial players in the region. APAC is anticipated to witness high growth in the consumption of hydraulic fluids. The market in the country is estimated to expand at a remarkable CAGR during the forecast period. In terms of consumption and production of hydraulic fluids, North America follows APAC. The market for hydraulic fluids in North America is anticipated to expand significantly during the forecast period, led by rising demand from sectors such as infrastructure and heavy engineering in the region. Growth of the hydraulic fluids market in Europe is likely to remain consistent during the forecast period. Growth of industrial and infrastructure sectors in Middle East & Africa and the rising demand from the oil & gas industry in the region are factors projected to propel the hydraulic fluids market in MEA during the forecast period.
Major players in the global hydraulic fluids market are Royal Dutch Shell Plc, Exxon Mobil Corporation, British Petroleum Plc, Process Oil Inc., Renkert Oil Inc., Sasol, JX Nippon Oil & Energy Corporation, and Castrol Limited. Manufacturers of hydraulic fluids around the globe are strengthening their market position by acquiring new technologies; expanding the product portfolio; and developing an improved and robust distribution network all over the work.
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