Hydraulic Fluids Market Size to Reach $12.4 Billion by 2027 | CAGR: 6.8%: AMR

PORTLAND, OREGON, UNITED STATES, March 27, 2024 /EINPresswire.com/ -- Allied Market Research has released a report titled "Hydraulic Fluids Market Size, Share, Competitive Landscape, and Trend Analysis Report by Type of Base Oil (Mineral Oil, Synthetic Oil, Bio-based Oil), by End-Use Industry (Construction, Agriculture, Automotive, Oil & Gas, Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global hydraulic fluids market generated $9.1 billion in 2019 and is expected to reach $12.4 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 : https://www.alliedmarketresearch.com/request-sample/9130

Key Growth Drivers

The market is propelled by the increase in automotive production and sales, the growing prominence of mineral hydraulic fluids, and the development of global industrial infrastructure. However, fluctuations in raw material prices pose challenges to market growth. Conversely, the surge in bio-based hydraulic oil production presents new opportunities for the market.

Covid-19 Impact:

During the pandemic, transportation and industrial activities slowed down due to lockdown measures, resulting in reduced demand for hydraulic fluids. However, as lockdowns ease and operations resume in industries such as automotive, construction, and oil & gas, the demand for hydraulic fluids is expected to rebound.

The report provides detailed segmentation of the global hydraulic fluids market based on the type of base oil, end-use industry, and region.

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/purchase-enquiry/A08765

Type of Base Oil:

The mineral oil segment held the largest market share in 2019, accounting for more than three-fourths of the total share, and is projected to maintain its dominance throughout the forecast period. However, the bio-based oil segment is expected to witness the highest CAGR of 8.8% from 2020 to 2027, driven by increasing environmental concerns and the shift towards sustainable alternatives.

End-Use Industry:

The oil & gas segment is estimated to experience the fastest growth with a CAGR of 7.1% from 2020 to 2027. It held the highest share in 2019, comprising more than two-fifths of the global hydraulic fluids market, and is expected to maintain its leading position. Other key end-use industries include construction, agriculture, automotive, and others.

Regional Analysis:

Asia-Pacific dominated the market in 2019, accounting for around two-fifths of the total share, and is projected to maintain its dominance through 2027. The region is also expected to exhibit the highest CAGR of 7.0% during the forecast period. The report also covers North America, Europe, and LAMEA.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/hydraulic-fluids-market/purchase-options

Leading Players:

Key players in the global hydraulic fluids market 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. The report offers insights into their business strategies, product portfolios, and competitive landscape.

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