In 2021, the global size of the hydraulic fluid market was $7.6 billion, with a projected compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. On the other hand, in 2021, the US hydraulic fluids market was valued at $654.5 million, as shown in Figure 15 below. They have an estimated compound annual growth rate (CAGR) of 4.8% from 2022 to 2030.

Key Drivers and Challenges in the Market
An increase in construction due to greater global demand for infrastructure is noted as one of the key factors driving the demand for hydraulic fluids. Previously, during the pandemic in 2020, there were supply chain issues that affected the delivery of base oils to many markets. Additionally, the Russia-Ukraine war has also led to supply shortages, disrupting the regular market demand.
Regional and Industry-specific Trends in Hydraulic Oil Consumption
While the global hydraulic fluid market size was $7.6B in 2021, the most prevalent sector was construction (25.3%) as seen in Figure 16 below. As initially noted, the construction sector has seen a significant increase, but this should not distract from the prevalence of hydraulics in many other industries, including metal and mining, oil and gas, Agriculture, Automotive, aerospace, and defense, to name a few.

Emerging Technologies and Their Impact on the Market
As regulations regarding emissions and their impact on the environment become more stringent, we are seeing some movement towards EALs (Environmentally Acceptable Lubricants) and even synthetic hydraulic lubricants. Users are more aware of the environmental implications of hydraulic oils entering waterways and the overall CO2e associated with mineral oils compared to synthetic lubricants.
References
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- Houston, M. (2015). New EPA Regulations for Environmentally Acceptable Lubricants and their effect on the dredging industry. Proceedings of Western Dredging Association and Texas A&M University Center for Dredging Studies’ “Dredging Summit and Expo 2015”, (pp. 384-391).
- Grand View Research. (2022). Hydraulic Fluids Market Size, Share & Trends Analysis Report By Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), By End-use (Construction, Oil & Gas, Agriculture, Metal & Mining), By Region, And Segment Forecasts, 2022 – 2030. San Francisco: Grand View Research.