Portland, OR, Feb. 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydraulic fluids market garnered $9.1 billion in 2019, and is estimated to garner $12.4 billion by 2027, witnessing a CAGR of 6.8% from 2020 to 2027. The report provides an extensive analysis of drivers & opportunities, key winning strategies, top segments, value chain, Porter’s Five Forces, and competitive landscape.
Increase in automotive production and sales, rise in prominence of mineral hydraulic fluids, and development of global Industrial infrastructure drive the growth of the global hydraulic fluids market. However, variations in prices of raw materials hinder the market growth. On the other hand, surge in production of bio-based hydraulic oil creates new opportunities in the coming years.
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Covid-19 Scenario:
- Transportation and industrial activities have been slowed down due to lockdown measures. In addition, crude oil prices have been dropped due to reduction in production.
- The demand for hydraulic fluids has been dropped significantly during the lockdown as automotive, construction, oil & gas industries underwent disruption in daily operation. However, the demand would be restored as operations in these industries begin in full swing.
The report provides detailed segmentation of the global hydraulic fluids market based on type of base oil, end-use industry, and region.
Based on type of base oil, the mineral oil segment contributed to the largest market share in 2019, holding more than three-fourths of total share, and will continue its leadership status during the forecast period. However, the bio-based oil segment is projected to manifest the highest CAGR of 8.8% from 2020 to 2027.
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Based on end-use industry, the oil & gas segment is estimated to witness the fastest CAGR of 7.1% from 2020 to 2027. Moreover, this segment held the highest share in 2019, accounting for more than two-fifths of the global hydraulic fluids market, and will maintain its lead position throughout the forecast period.
Based on region, Asia-Pacific contributed to the highest market share in 2019, accounting for around two-fifths of the total share, and will maintain its dominant share in terms of revenue by 2027. Moreover, this region is projected to portray the highest CAGR of 7.0% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global hydraulic fluids market analyzed in the research include 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, and Chevron Corporation.
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