According to a new report by IMARC Group, the global functional fluids market exhibited moderate growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 4% during 2021-2026.
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.
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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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.
Insights on Market Segmentation:
Market Segmentation by Type:
- Process Oil
- Hydraulic and Transmission Fluid
- Metalworking Fluid
- Heat Transfer Fluid
- Coating Fluid
- Bio-based Hydraulic Fluid
Breakup by Application:
- Metals and Mining
- Industrial Machinery
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/functional-fluids-market
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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