The global hydraulic lubricant market size is projected to expand speedily owing to the increasing manufacturing of hydraulic systems by the leading companies across the world, finds Fortune Business Insights™in its report, titled “Hydraulic Lubricant Market, 2022-2029”.
Hydraulic lubricant is the medium through which power is transferred in hydraulic machines. These lubricantsare of two types – synthetic or mineral. Prominent lubricant manufacturers are focusing on the creation of hydraulic systems on a large scale as these systems function effectively if the hydraulic fluid inside them has zero compressibility. For example, in June 2019, ExxonMobil announced the release of Mobil DTETM 20 Ultra Series, a breakthrough technology in hydraulic oils, providing 72% improved wear protection and 89% more precise operations. This is an important factor contributing to the growth of this market. Further, lubricants based on hydraulics are used in numerous machines such as excavators, hydraulic brakes, power steering systems, and others, which contain hydraulic fluid that helps in the protection of these heavy machines.
However, the leakage problem in hydraulic systems can cause damage to the entire body of components of the system, which may hinder the growth of this market.
List of Key Players Covered in the Hydraulic Lubricant Market Report:
SKF Maintenance and Lubrication Products
On the basis of type, this market is divided into synthetic and mineral. Based on application, the market is classified into automobile industry, shipbuilding industry, textile industry, and others. By geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
This research report offers an in-depth study of the driving factors, restraints, and trends associated with thegrowth and development of the market. In addition, this report offers a microscopic diagnosis of the market segments and regional developments in the market. Further, this report also incorporates a 360-degree evaluation of the strategies adopted by the leading players to boost their market position.
Rising Demand for Hydraulic Systems in Aerospace Industry to Fuel Market Growth
In the 20th century, extreme force was required to operate the aircraft flight control system, which spurred innovation in aviation technologies, ultimately leading to the development and introduction of hydraulic systems, which helped in making airplanes more efficient and easier to operate. Additionally, hydraulic lubricants have also penetrated the defense industry as well. For example, the US Army weapon known as M61 Vulcan is a hydraulically operated and electrically fired rotary cannon, which contains hydraulic fluid and it can fire approximately 20 mm rounds at a lightning speed of 6,000 rounds per minute, according to data published by the US Military Division.
Reasonable Cost of Labor and Raw Materials to Boost the Asia Pacific Market Growth
The Asia Pacific region is anticipated to dominate the hydraulic lubricant market share owing to an increase in the number of industries manufacturing hydraulic systems in countries such as China. Further, the relatively low price of raw materials and labor in this region is projected to drive this market’s growth.
North America region is projected to show rapid progress in this market on account of the increasing demand for hydraulic lubricants and other materials from the region’s robust aerospace industry. On the other hand, Europe is anticipated to gain prominence in this market on account of the rising demand for hydraulically powered technologies from the region’sstrong auto manufacturing companies, such as BMW and Volkswagen.
Key Players to Exploit Broad Innovation Opportunities
With industries moving toward sustainable manufacturing practices, leading companies in the market for hydraulic lubricants are looking to exploit the unprecedented innovation opportunities in the chemicals and automobile sectors. To exploit these opportunities, companies are collaborating with each other to increase their research capabilities and enhance their production capacity, both of which will ultimately enable them to widen their position in the market.
November 2019: Total Lubrifiantsintroduced a range of recycled hydraulic fluids for industrial purposes. The fluids are claimed to be 10 times less energy-intensive than conventional alternatives.
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