Hydraulic Fluids Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is estimated to account for largest revenue 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 Insights
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.
