NEW YORK, United States, March 20, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Functional Fluids Market Size, Share, Growth Analysis Report By Type (Brake Fluid, Power Steering Fluids, Hydraulic Fluid, Fire Resistant Fluids, Metalworking Fluids, Heat Transfer Fluids, Process Oils, Other Functional Fluids), By Application (Automotive, Paper & Pulp, Pharmaceutical, Textile, Mining & Metallurgy, Chemical, Cosmetics & Personal Care, Power Generation & Energy, General Industrial), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global functional fluids market size & share was valued at approximately USD 43.32 billion in 2021. The market is expected to grow above a CAGR of 4.30% and is anticipated to reach over USD 58.15 billion by 2028.”
The report analyzes the functional fluids market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global market.
Functional Fluids Market Overview:
Functional fluids primarily consist of fluids that are used for their lubricating, mechanical, electrically insulating, and thermodynamic properties. Functional fluids are typically liquid, except for grease and gases (such as refrigerants). Lubrication, hydraulic power transmission, and heat transfer are among the uses for functional fluids. The most prominent types of functional fluids include metalworking and heat transfer fluids, hydraulic, transmission, and engine oil categories.
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They are typically used to seal parts and reduce friction, heat generation, corrosion, and wear and tear on working components. They are also effective at high pressures, mechanical stress, and temperatures and have a low compressibility ratio, shielding the machine from oxidation. Therefore, they have various applications in the aerospace, metals & mining, transportation, building, and automotive industries.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the updated report.
- Around 215+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historic and Forecast Growth, Porter's 5 Forces Analysis
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 43.32 Billion |
| Projected Market Size in 2028 | USD 58.15 Billion |
| CAGR Growth Rate | 4.30% |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Proviron N.V., The Chemours Company, Huntsman International LLC, Chevron Phillips Chemical Company, Chemtura Corporation, Eastman Chemical Company, Warren Oil Company, Moresco Corporation, ICL Industrial Products (I.P.), Valtris Specialty Chemicals and Functional Fluids Ltd., and Others |
| Key Segment | By Type, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Key Insights from Primary Research
- As per the analysis, the functional fluids market share is likely to grow above a CAGR of around 4.30% between 2022 and 2028.
- The Functional Fluids market size was worth around US$ 43.32 billion in 2021 and is estimated to hit approximately US$ 58.15 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Major drivers propelling the market's expansion include rising demand for high-performance goods in the manufacturing of industrial metal and considerable growth in the construction and automotive sectors.
- By type, the process oils category dominated the market in 2021.
- By application, the industrial category dominated the market in 2021.
- Based on region, The Asia-Pacific dominated the global functional fluids market in 2021.
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Industry Growth Drivers:
One of the key factors fueling the global functional fluids market's growth is the noticeable expansion of the construction and automotive industries. In line with this, the rising use of automotive functional fluids that help maintain a vehicle's best performance, like antifreeze and engine internal cleaning, is also promoting the market growth. The need for high-performance process oils from the industrial metal fabrication sector also contributes to the market's growth. Functional fluids smooth out the surfaces in the processing unit and increase the productivity of the machinery that creates polymers, fibers, and cables.
The creation of bio-based oil is another factor encouraging expansion. Manufacturers are creating environmentally friendly functional fluids made from vegetable oils due to the implementation of strict regulatory restrictions. Additional reasons are anticipated to fuel the market's growth, including the rising use of these fluids in packing, printing, and the production of specialty papers, as well as the world's fast industrialization.
Functional Fluids Market: Segmentation Analysis
The global functional fluids market is segregated based on type, application, and region.
Based on type, the market is classified into brake fluid, power steering fluids, hydraulic fluid, fire-resistant fluids, metalworking fluids, heat transfer fluids, process oils, and other functional fluids. Process oils dominated the market in 2021.
Based on application, the market is segmented into automotive, paper & pulp, pharmaceutical, textile, mining & metallurgy, chemical, cosmetics & personal care, power generation & energy, and general industrial. Among these, the industrial segment dominated the market in 2021.
Take a Look at the Complete Study | Functional Fluids Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028
Regional Analysis:
The global functional fluids market may be divided geographically into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The functional fluids market is expected to be dominated by Asia Pacific during the forecast period. This is explained by the substantial need for functional fluids in Asia Pacific nations' industrial, building, and transportation sectors. Additionally, the need for functional fluids in the area is fueled by the rise in automotive sales in developing nations like China, Japan, and India.
It is predicted that this would also positively impact the functional fluids industry in the Asia Pacific. It is anticipated that a major factor in the rising demand would be the developing automobile industries in China and India. The region's expanding aviation industry is also anticipated to increase demand for synthetic lubricants and functional fluids throughout the forecast period.
Competitive Players:
The report contains qualitative and quantitative research on the global functional fluids market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global functional fluids market include;
- Proviron N.V.
- The Chemours Company
- Huntsman International LLC
- Chevron Phillips Chemical Company
- Chemtura Corporation
- Eastman Chemical Company
- Warren Oil Company
- Moresco Corporation
- ICL Industrial Products (I.P.)
- Valtris Specialty Chemicals and Functional Fluids Ltd.
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(We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.)
Recent Industry Developments:
- March 2020: Huntsman expanded its portfolio of specialty chemicals by purchasing CVC Thermoset Specialties.
- February 2019: Mercedes-AMG PETRONAS Motorsport collaborated with PETRONAS Lubricants International (PLI) as the lubricant specialists introduced the new range of PETRONAS Syntium with CoolTech™ at its state-of-the-art Research & Technology Centre in Turin, Italy. The new series is designed to fight excessive engine heat and perform in high-pressure conditions.
The global Functional Fluids market is segmented as follows:
By Type
- Brake Fluid
- Power Steering Fluids
- Hydraulic Fluid
- Fire Resistant Fluids
- Metalworking Fluids
- Heat Transfer Fluids
- Processed Oils
- Other Functional Fluids
By Application
- Automotive
- Paper and Pulp
- Pharmaceutical
- Textile
- Mining & Metallurgy
- Chemical
- Cosmetics and Personal Care
- Power Generation and Energy
- General Industrial
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Have Any Query? Ask Our Experts
Key questions answered in this report:
- What is the size of the functionalfluids market and what is its expected growth rate?
- What are the primary driving factors that push the functionalfluids market forward?
- What are the functionalfluids Industry's top companies?
- What are the different categories that the functionalfluids Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the functionalfluids market sample report and company profiles?
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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