Hydraulic Fluids Market to Garner $12.4 Billion, Globally, By 2027 at 6.8 % CAGR, Says Allied Market Research
Surge in production of automotive, increase in popularity of mineral hydraulic fluids, and enhanced industrial infrastructure worldwide fuel the growth of the global hydraulic fluids market.
PORTLAND, Ore., Jan. 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydraulic Fluids Market by Type of Base Oil (Mineral Oil, Synthetic Oil, and Bio-based Oil), and End-Use Industry (Oil & Gas, Automotive, Marine, Aerospace & defense, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global hydraulic fluids industry garnered $9.1 billion in 2019, and is estimated to generate $12.4 billion by 2027, manifesting a CAGR of 6.8% from 2020 to 2027.
Prime determinants of growth
Surge in production of automotive, increase in popularity of mineral hydraulic fluids, and enhanced industrial infrastructure worldwide fuel the growth of the global hydraulic fluids market. However, fluctuating raw material prices restrain the market growth. On the other hand, increase in bio-based hydraulic oil production presents new opportunities in the next few years.
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- Industrial and transportation activities have been lessened due to lockdown implemented across various countries. This caused shortage of raw materials. As production activities have been hindered, the prices of crude oil have been lowered.
- The demand for hydraulic fluids from various end-use industries such as automotive, oil & gas, construction, and others took the plunge during the lockdown as operations were shut down in these industries. However, the demand would increase as operations begin in full capacity.
The mineral oil segment to maintain its lead position during the forecast period
Based on type of base oil, the mineral oil segment accounted for the highest market share in 2019, contributing to more than three-fourths of the global hydraulic fluids market, and will maintain its lead position during the forecast period. This is attributed to increase in usage in heavy-duty commercial vehicles and railways. However, the bio-based oil segment is expected to witness the fastest CAGR of 8.8% from 2020 to 2027, owing to inclination towards biodegradable products.