Functional fluids comprise a wide range of other liquids and oils which are deployed as transmission fluids, lubricants, heat transfer fluids, hydraulic fluids and metalworking fluids during several industrial processes and procedures such as grinding, machining, stamping, forging and milling among others. Moreover, various functional fluids are used in different end user industries such as transportation, automotive, solar power and chemical.
The most recent development in the global functional fluids market is the increasing prominence of metal removal fluids since they have less or no mineral oil and thus delivers benefits such as lubrication and excellent visibility during various metal working operations and processes. With the increasing demand for new technology based functional fluids made up of synthetic material, the primary fabricated and metal segments, the rising popularity of such products is anticipated to immensely benefit the overall growth of global functional fluids market over the forecast period.
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The increasing requirement for high performance products as well as increasing number of stringent environmental norms and regulations are some of the key factors fueling the demand for functional fluids, which in turn, is projected to accelerate the growth of global functional fluids market over the forecast period. In addition, increasing growth of functional fluids market is also expected to be fueled by increasing availability of good quality base stocks as a consequence of increasing number of investments in newer base stock capacities across the globe.
Owing to the rapidly expanding supply of functional fluids, the original equipment manufacturers are taking important steps towards global specifications and are increasingly adopting to advocate the employment of high performance synthetic products such as functional fluids. Furthermore, functional fluids have emerged as one of the most ideal choices due to their capability to decrease overall maintenance time and turnaround costs by increasing the drain intervals.
Market Classification and Overview
The Global Functional Fluids Market can be segmented on the basis of type, application and region. On the basis of type, the global functional fluids market can be segmented into hydraulic & transmission fluid, process oil, heat transfer fluid, metal working fluid and others.
By application, the global functional fluids market can be segmented into construction, industrial, transportation and others. On the basis of region, the global functional fluids market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific (APAC).
The demand in APAC is expected to be the major driving factor for the growth of global functional fluids market. China is anticipated to account for the largest share and lead the overall demand for functional fluids owing to the increasing industrial production over the last few years.
The markets in other developing countries such as Brazil, Russia, Poland, Indonesia, New Zealand, Argentina and India among others are also anticipated to grow rapidly throughout the forecast period.
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||Global Functional Fluids Market
||2014 – 2024
||2014 – 2015
||2017 – 2024
||Type, Application, Geography
||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
||Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis
Major players operating in the global functional fluids market are focusing on some key market strategies such as mergers and acquisitions to keep hold in the ever competitive market. Moreover, they are concentrating on collaborating with local players to increase their market reach as well as strengthen their goodwill in the global market.
Some of the key players involved in the manufacture and supply of functional fluids include Prestone Products, Exxon Mobil, AMSOIL Incorporated, Royal Dutch Shell, Autoparts Holdings Limited, Ashland Incorporated, Calumet Specialty Products Partners LP, BASF SE, BP plc, Berkshire Hathaway Incorporated, Chevron Corporation, Chemtura Corporation, CLC Lubricants Company, ConocoPhillips Co., DuPont (EI) de Nemours, Dow Chemical Company, Milacron LLC, Eastman Chemical Company, Warren Oil Company Incorporated and Total SA among others.
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Market By Type
Hydraulic & transmission fluid
Heat transfer fluid
Metal working fluid
Market By Application
Market By Geography
o Rest of Europe
o Rest of Asia-Pacific
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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