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Hydraulic Fluids Market to Garner $12.4 Billion, Globally, By 2027 at 6.8 % CAGR, Says Allied Market Research


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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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