According to the research report titled ‘Global Hydraulic Fluid Market Size study with COVID-19 Impact, by Point of Sale (OEM and Aftermarket), by Base Oil (Mineral Oil, Synthetic Oil and Bio-based Oil), by End Use Industry (Construction, Metal & Mining, Agriculture, Oil & Gas, Transportation, Cement Production, Food Processing and Others) and Regional Forecasts 2020-2027’ available with Market Study Report, global hydraulic fluid market accounted for USD 7.7 billion in the year 2019 and is projected to exhibit a CAGR of 3.1% during 2020-2027.
 

Industry experts claim that flourishing industrial sectors in Middle East & Africa as well as in Asia-Pacific, escalating demand for high quality products, and rapid development in the automotive industry are primarily augmenting the growth of global hydraulic fluid market.
 

For the record, hydraulic fluid is the medium that facilitates energy transfer in hydraulic systems and can be used for numerous applications such as heat transfer, corrosion resistance, sealant, and lubrication among others.
 

Moreover, surging demand for processed food items, increasing adoption of hydraulic fluids in marine applications, introduction of technologically advanced products, and strategic mergers, alliances, and acquisitions by major companies are also stimulating the market outlook.
 

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The lockdown measures imposed by authorities to battle the COVID-19 pandemic has plummeted the expansion of global hydraulic fluid industry, hampering the revenue generation by severely impacting the overall supply chain. Additionally, stringent environmental regulations coupled with high costs associated with biobased as well as synthetic hydraulic fluids are expected to hinder the industry expansion throughout the analysis timeframe. 
 

Based on point of sale, global hydraulic fluid industry is segmented into aftermarket and OEM. With regards to base oil, the market is split into biobased oil, synthetic oil, and mineral oil. Moving on to end-user terrain, the industry is bifurcated into food processing, cement production, transportation, oil & gas, agriculture, metal & mining, construction, and others.
 

Regionally, Asia-Pacific hydraulic fluid market is estimated to exhibit the highest CAGR during 2020-2027. Growing population in the region along with rising expenditure in the construction industries in Indonesia, India, and China are providing lucrative opportunities for the remuneration of the regional industry.
 

Leading organizations that define the global hydraulic fluid industry trends are Fuchs Petrolub AG, ENEOS Holdings Inc. (Jxtg Holdings, Inc), China Petroleum & Chemical Corporation (Sinopec Corp), Idemitsu Kosan Co. Ltd., PetroChina Company Limited, Total S.A., Chevron Corporation, BP plc (British Petroleum Company plc), Exxon Mobil Corporation, and Royal Dutch Shell PLC among others.