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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.