Hydraulic Fluids Market Size

Hydraulic Fluids Market size was valued at USD 9.78 Billion in 2023 and is likely to reach USD 21.12 Billion by 2036, expanding at around 6.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hydraulic fluids is estimated at USD 10.34 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.