According to the latest report by IMARC Group, titled "Functional Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global functional fluids market reached a value of US$ 44.0 Billion in 2022. Functional fluids are liquids, including engine oils, process oils and coating fluids, that are utilized for insulation and lubrication across numerous industrial operations. Characterized by low traction coefficient, low compressibility ratio, high-temperature stability, high viscosity index and low pouring points, these fluids are used in turbines, engines, braking systems, compressors and refrigeration systems to improve the working capacity of the machinery. They are also employed for dissipating generated heat, preventing corrosion, sealing components and minimizing friction as well as wear and tear of the working components. As a result, these fluids are widely replacing the conventionally used mineral oils across numerous industry verticals, including construction, automotive, aerospace, and metals and mining sectors.
Global Functional Fluids Market Trends:
The global market is primarily driven by the growing applications of functional fluids in the automotive sector. They are widely used in the sector as an antifreeze and engine internal cleaner, owing to their heat transfer characteristics as well as excellent thermal and oxidation stability, which results in the superior performance of vehicle components. Additionally, these fluids are utilized for rendering smooth surfaces to the processing unit while improving the overall performance of the equipment used for manufacturing polymers, fibers and cables. This has resulted in a growing requirement for high-performance process oils from the industrial metal fabrication sector, which, in turn, is providing an impetus to the market growth. The market is further driven by the increasing application of these fluids in packaging, printing and manufacturing specialty paper. Several manufacturers are engaging in the development of bio-based variants that are produced using vegetable oils, which is also creating a positive outlook for the market. This is further facilitated by the enhanced focus on sustainable development and the stringent environmental regulations implemented by the governments of various countries. On account of the aforementioned factors, the market is expected to grow at a CAGR of 4.8% during 2023-2028.
- On the basis of the type, the market has been divided into process oil, hydraulic and transmission fluid, metalworking fluid, heat transfer fluid, coating fluid, bio-based hydraulic fluid, and others.
- Based on the application, the market has been classified into automotive, metals and mining, construction, transportation, industrial machinery, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include BASF SE, BP International Limited, Chevron Corporation, Croda International Plc, Exxon Mobil, FUCHS PETROLUB SE, Huntsman International LLC (Indorama Ventures Public Co. Ltd.), Idemitsu Kosan Co., Ltd., Petroliam Nasional Berhad (PETRONAS), Shell International B.V., and The Dow Chemical Company.
|Base Year of the Analysis
||Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||BASF SE, BP International Limited, Chevron Corporation, Croda International Plc, Exxon Mobil, FUCHS PETROLUB SE, Huntsman International LLC (Indorama Ventures Public Co. Ltd.), Idemitsu Kosan Co., Ltd., Petroliam Nasional Berhad (PETRONAS), Shell International B.V. and The Dow Chemical Company
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