According to a new report by IMARC Group, the global functional fluids market grew at a CAGR of around 5% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
Functional fluids are used as insulating and lubricating agents in hydraulic and braking systems, turbines, compressors, engines, refrigeration systems, transmission units, etc. These fluids majorly include engine oils, hydraulic fluids, metalworking lubricants, and heat transfer fluids. They aid in reducing friction, minimizing wear and tear of the components, dissipating the heat produced, and preventing corrosion and sealing. Based on the low compressibility ratio, functional fluids prevent oxidization in machinery and are highly efficient under high temperature, mechanical stress, and pressure. As a result, they are widely used across several end-use sectors, such as automotive, metal, mining, transportation, construction, aerospace, etc.
<b>Market Trends:</b>
The growing automotive industry has augmented the adoption of automotive functional fluids, such as antifreeze and engine internal cleaner, which enhance the vehicle performance. Moreover, the increasing utilization of high-performance process oils in the industrial metal fabrication industry is also inflating the market growth. Functional fluids offer smooth surfaces to the working unit and enhance the equipment performance in manufacturing polymers, fibers, and cables. Additionally, the introduction of stringent government regulations, along with the emergence of bio-based and eco-friendly functional fluids, is further driving the product demand. Furthermore, the rising adoption of these fluids for manufacturing and printing specialty paper is anticipated to propel the functional fluids market.
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<b>Insights on Market Segmentation:</b>
<b>Market Segmentation by Type:</b>
Process Oil
Hydraulic and Transmission Fluid
Metalworking Fluid
Heat Transfer Fluid
Coating Fluid
Bio-based Hydraulic Fluid
Others
<b>Breakup by Application:</b>
Automotive
Metals and Mining
Construction
Transportation
Industrial Machinery
Others
<b>Breakup by Region:</b>
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
<b>Competitive Landscape:</b>
The report has also analysed the competitive landscape of the market with some of the key players being BASF SE, BP Plc., Chevron Corporation, Croda International Plc, Exxon Mobil Corporation, Fuchs Petrolub AG, Huntsman International LLC (Indorama Ventures Public Co. Ltd.), Idemitsu Kosan Co. Ltd., Petroliam Nasional Berhad (PETRONAS), Royal Dutch Shell Plc, The Dow Chemical Company, etc.
<b>Browse full report with detailed TOC and list of figures and tables: </b><a href="https://www.imarcgroup.com/functional-fluids-market">https://www.imarcgroup.com/functional-fluids-market</a>
<b>About Us</b>
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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