HOME › Press Releases › Functional Fluids Market worth 42.2 Billion USD by 2020
Functional Fluids Market worth 42.2 Billion USD by 2020
The report "Functional Fluids Market by Type (Process Oil, Hydraulic & Transmission Fluid, Metal Working Fluid, Heat Transfer Fluid, and Others) & by Application (Industrial, Construction, Transportation, and Others) - Global Trends and Forecast to 2020", The functional fluids market size, in terms of value, is projected to reach USD 42.2 Billion by 2020, at a CAGR of 4.5% between 2015 and 2020.
Browse 68 market tables and 51 figures spread through 127 pages and in-depth TOC on "Functional Fluids Market by Type (Process Oil, Hydraulic & Transmission Fluid, Metal Working Fluid, Heat Transfer Fluid, and Others) & by Application (Industrial, Construction, Transportation, and Others) - Global Trends and Forecast to 2020"
Early buyers will receive 10% customization on reports.
The market is driven by the growing automotive industries and industrialization in the Asia-Pacific region. The increasing demand for automobiles in emerging economies such as China, India, and Japan is fueling the growth of functional fluids in the region. Another major factor contributing to the growth of functional fluids is increased consumer awareness coupled with stringent government regulations.
Process oil to account for the major share of functional fluids market till 2020
The functional fluids market is segmented by types, namely, process oil, hydraulic & transmission fluid, metal working fluid, heat transfer fluid, and others. Process oil refers to the fluids which provide smoothness to the processing unit during the manufacturing of finished goods. It improves the quality and performance of the processing equipment used for manufacturing polymer, fiber, deformer, cable, tire & rubber among others.
Growing automotive industries and industrialization to drive the industrial application segment
The industrial application segment is leading the functional fluids market. This is owed to the rapid growth of the manufacturing industries in the Asia-Pacific region. Functional fluids are used to reduce friction and stress between the surfaces, provide oxidation, temperature stability, corrosion resistance, and low volatility.
Asia-Pacific to be the fastest-growing market during forecast period
The functional fluids market is broadly segmented into four regions, namely, Asia-Pacific, North America, Europe, and RoW. Asia-Pacific is the largest and fastest-growing market for functional fluids. Growing industrialization, backed by OEM technical demand in the region, has offered enormous opportunity for the use of functional fluids in the Asia-Pacific region.
Currently, the global functional fluids market is dominated by various market players such as ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), BP Plc (U.K.) Fuchs Petrolub SE (Germany), Chevron Corporation (U.S.), Idemitsu Kosan Co. Ltd (Japan), The Dow Chemical Company (U.S.), BASF SE (Germany), and Petroliam Nasional Berhad (Malaysia), and others.
The research study is aimed at identifying emerging trends and opportunities in the global functional fluids market along with a detailed classification of the market, in terms of revenue and volume. It provides a comprehensive competitive landscape and identifies the key players in the global market. The research study also includes a detailed segmentation of the global functional fluids market on the basis of application, type, and region.
MarketsandMarkets is world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India