The global off-highway brakeoil aftermarket was valued at US$ 10,614 Mn in 2016 and is anticipated to expand at a CAGR of more than 5.0% from 2017 to 2025. In terms of volume, the global off-highway brakeoil aftermarket stood at 1,320 tons in 2016 and is expected to expand at a CAGR of 5.0% from 2017 to 2025 according to a new report titled “Off-highway Brakeoil Aftermarket – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025,” by Transparency Market Research (TMR). Brake oil plays a vital role in the braking system of a vehicle, as it transfers the force created when a driver presses the brake pedal directly onto the wheel hub. Brakeoil is a type of hydraulic fluid used in hydraulic brake and hydraulic clutch applications in automobiles, motorcycles, light trucks, and off-road vehicles. It is renewed or changed every one to two years in off-road vehicles in order to improve their safety and durability. This is boosting the off-highway brakeoil aftermarket across the globe. Numerous brands specific to manufacturers of brake oil are available in the market.
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Increase in demand from mining and construction sectors followed by rise in investment in electric vehicles
Off-highway vehicles are widely used in mining and construction industries. Larne numbers of aging off-highway vehicles require periodic or scheduled maintenance. This is likely to boost the demand for brakeoil. New orders for off-highway vehicles are also rising. This provides an opportunity for the existing as well as new players to penetrate the highly competitive off-highway brakeoil aftermarket. The construction sector is set to become one of the driving forces to develop infrastructure. The construction sector in the U.S. is expected to continue to expand due to the increase in demand for real estate and infrastructure projects. Thus, growth in construction and mining sectors is one of the major factors boosting the off-highway brakeoil aftermarket. The Government of Brazil has created the Programme of Investment Partnerships (Programa de Parcerias de Investimentos) to increase the contribution of private capital in infrastructure projects in the country. The Mining Association of Canada (MAC) is the national organization of the mining industry in the country. It has increased mining activities to meet the needs of the growing population. Increase in demand for electric vehicles and volatility in prices of crude oil are estimated to hamper the demand for brakeoil in the near future.
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Growth in opportunities in agricultural industry to strengthen demand for brakeoil
The braking system in a vehicle needs periodic brake oil changes to ensure reliability and safety. Moisture diffuses into the oil through brake hoses and rubber seals. This eventually leads to brakeoil replacement when the water content in the braking system becomes too high. In the agriculture sector, governments provide subsidies to yield better output in order to meet the needs of the growing population. Governments also offer subsidies for promoting organic farming. This is projected to boost the demand for brakeoil in off-highway vehicles such as tractors, forklifts, and bulldozers. The agriculture sector is likely to expand at a steady pace in the near future owing to the increase in population. Thus, the usage of off-highway brakeoil is likely to rise moderately in the next few years.