Functional Fluids Market Forecasts to 2028 – Global Analysis By Type (Brake Fluid, Coating Fluids, Fire Resistant Fluids, Heat Transfer Fluid), End User (Aerospace, Industrial Equipment, Metal Fabrication), and By Geography
According to Stratistics MRC, the Global Functional Fluids Market is accounted for $42.20 billion in 2020 and is expected to reach $69.84 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Augmented industrial growth in Asia-pacific & Africa and the growing automotive industry are the factors driving the market growth. However, the slow growth of end-use industries is hampering market growth.
Functional fluid is a generic name for a group of compounds that find wide usage in manufacturing industries. They are used in a great array of products such as adhesives, water treatment, brake fluids, plastics, agrochemicals, textiles, colorants, pharmaceuticals, and personal care products.
Based on the end user, the industrial equipment segment is going to have lucrative growth during the forecast period due to the increasing demand for manufacturing industries. Functional fluids are used to reduce stress and friction between surfaces and offer temperature stability, low volatility, oxidation, and corrosion resistance.
By geography, Asia Pacific is going to have high growth during the forecast period due to the increasing industrialism and the shift of the manufacturing systems in the Asia Pacific. Also, extensive automobile production in areas such as India, China, and Japan is driving the regional market growth.
Some of the key players profiled in the Functional Fluids Market include AMSOIL Incorporated, Ashland, BASF SE, BP PLC, Chemtura Corporation, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, Fuchs Petrolub AG, Huntsman International LLC, Idemitsu Kosan Co. Ltd, Petroliam Nasional Berhad, Royal Dutch Shell PLC, The DOW Chemical Company, and Warren Oil Company.
Estimated Market Size in 2020:
USD 42.20 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 69.84 billion
Tables, Graphs& Figures
Type, End User, Sales Channel and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Bio Based Hydraulic Fluid
• Brake Fluid
• Coating Fluids
• Fire Resistant Fluids
• Heat Transfer Fluid
• Hydraulic & Transmission Fluid
• Metal Working Fluid
• Power Steering Fluids
• Process Oil
End Users Covered:
• Cosmetics & Personal Care
• Industrial Equipment
• Metal Fabrication Industry
• Mining & Metallurgy
• Motor Vehicles
• Paper & Pulp
• Power Generation & Energy
Sales Channels Covered:
• Direct Sales
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Functional Fluids Market is majorly driven by increase in economic development in developed as well as developing economics, rapid growth in construction and automotive industries, and increasing rapidly in transportation and mining sectors.
The industrial equipment segment is growing at a highest CAGR owing to a rapid growth in manufacturing industries in countries in Asia Pacific.
Asia Pacific dominated with a significant market share due to the high demand for functional fluids in manufacturing, construction, and transportation industries in countries in Asia Pacific and increase in demand for automobiles in developing economies such as India, China, and Japan.
North America market is growing at a highest CAGR due to the growing automotive industry in the region.
Key players in Functional Fluids Market include AMSOIL Incorporated, Ashland, BASF SE, BP PLC, Chemtura Corporation, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, Fuchs Petrolub AG, Huntsman International LLC, Idemitsu Kosan Co. Ltd, Petroliam Nasional Berhad, Royal Dutch Shell PLC, The DOW Chemical Company, and Warren Oil Company.
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