Global hydraulic fluid market estimated to foster due to the expansion of refinery capacities, improved quality of hydraulic fluids, and growing automotive industry across the world

The global hydraulic fluid market size was worth over USD 7.6 billion in 2019 and projected to reach USD 10 billion by 2027, with expanding over 3.42% during the forecast period, 2020-2027. The primary factors are massive industrialization, increasing disposable income, and rapid urbanization in emerging countries. Further, the growing environmental concerns related to the use of petroleum oils along with the increasing consumer shift towards bio-based hydraulic fluids are anticipated to drive the growth of the global hydraulic fluid market in the future periods. Additionally, the rapid infrastructure development, rapid industrialization, growth of the economy, and high capital investments by major industrial players are anticipated to fuel the demand for hydraulic fluid across the globe in the coming years. The hydraulic fluid plays a role in energy transmission, anti-wear, system lubrication, anti-corrosion, anti-rust, cooling, sealing, and so on. Hydraulic oil is a special oil for transmitting pressure (power).
Moreover, the growing use of hydraulic fluid in applications such as sealing, providing corrosion resistance, and lubrication will spur the global hydraulic fluid market share in the upcoming periods. Also, the unprecedented rate of industrialization, emerging automotive and transportation industry and growing use of hydraulic fluids in various industries, including marine, aircraft, construction, and oil and gas is strengthening the market growth. Furthermore, the surge in the applications of hydraulic fluid in the manufacturing of steel and other ferrous alloys along with the increased demand for the metal from the transportation industry positively impacts the hydraulic fluid market. Additionally, the increasing use of hydraulic fluids in the automotive and oil & gas sectors, infrastructure, and heavy engineering will accelerate the growth of the global hydraulic fluid in the analysis period in the forecast span.

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Base Oil Overview in the Global Hydraulic Fluid Market

Based on base oil, the global hydraulic fluid market classified into mineral oil, synthetic oil, and bio-based oil. The mineral segment is likely to lead the market by 2027, because mineral oil is available in light and heavy grades, depending on its usage and requirements. Additionally, mineral oil hugely demands in various industrial sectors such as construction, metal & mining, cement production, and others.
The bio-based oil will be the fastest-growing segment during the forecast period due to the growing consumer shift towards bio-based hydraulic fluids related to environmental concern.

Point of Sale Overview in the Global Hydraulic Fluid Market

Based on the point of sale, the global hydraulic fluid market bifurcates into OEM and aftermarket. The OEM segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to the development of hydraulic products with better properties and extended life. These extended lives of the initial hydraulic fluid involve a longer maintenance cycle of the equipment.

End-User Industry Overview in the Global Hydraulic Fluid Market

Based on the end-user industry, the global hydraulic fluid market segregated into construction, metal & mining, agriculture, oil & gas, transportation, cement production, food processing, and others. The construction segment projected to lead the market by 2027. It is due to the use of appropriate hydraulic fluid on a construction site that helps to prevent equipment failure, eliminate downtime, and reduces operating costs. Additionally, hydraulic fluid is used in various construction equipment, including bulldozers, dump trucks, draglines, scrapers & shovels, and other heavy equipment.
Metal & mining is estimated to grow with a lucrative CAGR due to the hydraulic fluid used in the manufacturing of steel and other ferrous alloys.

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Regional Overview in the Global Hydraulic Fluid Market

By geography, the global hydraulic fluid market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific held a higher market share in the global hydraulic fluid in 2019 and will continue its dominance by 2027. It is attributable to the growing population in the region, improved lifestyle, the rise in employment rate, upsurge in disposable income of the people, and increase in foreign investments in various sectors of the economy and the augmented spending in the construction sector in emerging markets of China, India.

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