Functional Fluids Market: Introduction
- Functional fluids are categorized into various types of fluids such as brake fluids, power steering fluids, hydraulic fluids, fire resistant fluids, metalworking fluids, heat transfer fluids, and process oils. These fluids are primarily used in industrial operations. Additionally, functional fluids are employed as reactants in various process steps, from raw materials to finished product manufacturing.
- Functional fluids are majorly used in order to enhance working capacity of machinery by offering protective coating and lubrication. These fluids possess high temperature stability, high viscosity index, low traction coefficient, and low pouring points. Thus, they are superior than conventional mineral oils.
- Functional fluids are also used in a wide range of oils and liquids, which are employed as lubricants, transmission fluids, heat transfer fluids, metalworking fluids, and hydraulic fluids during various industrial procedures and processes such as machining, grinding, stamping, milling, and forging. Additionally, functional fluids are employed in numerous end-use industries such as construction, automotive, chemical, solar power, and transportation.
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Key Drivers of Functional Fluids Market
- Rise in demand for functional fluids, owing to their high temperature stability, high viscosity indexes, and low traction coefficients properties is a key factor boosting the global functional fluids market. Increase in economic development in developed as well as developing economics has led to a surge in industrial activities. This is another factor that is projected to fuel the global functional fluids market during the forecast period.
- Rapid growth in construction and automotive industries in various developing countries is likely to boost the demand for functional fluids. This is another factor that is anticipated to drive the global functional fluids market during the forecast period.
- Adoption of functional fluids is increasing rapidly in transportation and mining sectors, owing to their heat transfer characteristics and superior thermal and oxidation stability. This is another factor driving the global functional fluids market. Furthermore, demand for functional fluids has been increasing among different end-use sectors such as packaging, printing, and specialty paper.
- Based on performance features, functional fluids provide low turnaround costs as well as maintenance time. This make them the preferred choice among end-users. This is another factor that is estimated to drive the global functional fluids market during the forecast period.
Rise in Demand for Functional Fluids in Industrial Applications
- Based on product type, the global functional fluids market can be divided into process oil, hydraulic & transmission fluid, metalworking fluid, heat transfer fluid, and other functional fluids (fire resistant fluids, power steering fluids, etc.). The process oil segment is anticipated to account for a major share of the market, in terms of revenue, during the forecast period. Process oil includes fluids, which provide smoothness to the processing unit during the production of finished goods. Additionally, it improves performance and quality of processing equipment utilized for manufacturing fiber, polymer, deformer, and tire & rubber cable, among others.
- Based on end-user, the global functional fluids market can be classified into industrial, construction, transportation, and others (mining, automobile, paper and pulp, chemical, etc.). In terms of revenue, the industrial segment is expected to hold significant share of the global market, owing to a rapid growth in manufacturing industries in countries in Asia Pacific. Functional fluids are also utilized to reduce stress and friction between surfaces, and offer temperature stability, oxidation, low volatility, and corrosion resistance.
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Asia Pacific to be Key Region of Functional Fluids Global Market
- In terms of region, the global functional fluids market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is projected to account for major share, in terms of revenue, of the global functional fluids market during the forecast period. This can be ascribed to the high demand for functional fluids in manufacturing, construction, and transportation industries in countries in Asia Pacific. Furthermore, increase in demand for automobiles in developing economies such as India, China, and Japan is fueling the demand for functional fluids in countries in the region. This is another factor estimated to drive the functional fluids market in Asia Pacific.
Key Manufacturers Operating in Market
- Key players are consistently focusing on R&D of enhanced quality functional fluids, with an objective to improve product offerings as well as gain competitive edge in the market
- Manufacturers are introducing functional fluids that have heat transfer characteristics and excellent thermal and oxidation stability. This makes these fluids ideal for usage in different industrial applications.
Key Manufacturers Operating in Global Market Include:
- Royal Dutch Shell PLC
- Exxon Mobil Corporation
- BP PLC
- Chevron Corporation
- Petroliam Nasional Berhad (Petronas)
- BASF SE
- Idemitsu Kosan Co. Ltd.
- The DOW Chemical Company
- Huntsman International LLC
- Fuchs Petrolub AG
Global Functional Fluids Market: Research Scope
Global Functional Fluids Market, by Product Type
- Process Oil
- Hydraulic & Transmission Fluid
- Metalworking Fluid
- Heat Transfer Fluid
- Other Functional Fluids (Fire Resistant Fluids, Power Steering Fluids, etc.)
Global Functional Fluids Market, by End-user
- Others (Mining, Automobile, Paper & Pulp, Chemical, etc.)
Global Functional Fluids Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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- Latin America
- The Middle East and Africa
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