PORTLAND, Ore., Jan. 13, 2021
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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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.
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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
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