Hydraulic Fluids Market to Garner $12.4 Billion, Globally, By 2027 at 6.8 % CAGR, Says Allied Market Research - Seite 2

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The oil & gas segment to maintain its leadership status throughout the forecast period

Based on end-use industry, the oil & gas segment accounted for the highest share in 2019, holding more than two-fifths of the global hydraulic fluids market, and will maintain its leadership status throughout the forecast period. Moreover, this segment is projected to portray the fastest CAGR of 7.1% from 2020 to 2027. This is due to extensive utilization in gas and steam turbines and gas compressors along with surge in overall industrial output.

Asia-Pacific to offer lucrative opportunities, North America to grow steadily

Based on region, Asia-Pacific held the highest market share in 2019, contributing to around two-fifths of the total share, and will continue its dominance in terms of revenue throughout the forecast period. Moreover, this region is expected to witness the highest CAGR of 7.0% during the forecast period. This is attributed to huge number of manufacturing facilities and relatively lower price of vehicles in comparison to developed regions such as North America and Europe. In addition, huge automotive production & sales in China and established automotive industry in countries such as Indonesia, Japan, and India supplement the growth. However, North America is expected to register the second-highest CAGR of 6.9% from 2020 to 2027.

Leading Market Players

• Royal Dutch Shell plc.
• Exxon Mobil Corporation
• Dow
• BP p.l.c
• BASF SE
• Total S.A.
• Eastman Chemical Company
• LUKOIL Marine Lubricants DMCC
• Sinopec Limited
• Chevron Corporation

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