According to the latest report by IMARC Group “Functional Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global functional fluids market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 4% during 2021-2026.
Functional fluids refer to liquids, such as process oils, coating fluids and engine oils, used for lubrication and insulation in various industrial operations. They enhance the working capacity of the machinery by reducing friction and wear and tear of the working components, preventing corrosion, dissipating the heat generated and sealing components. As a result, these fluids are primarily utilized in hydraulic and braking systems, engines, turbines, transmissions and compressors.
The global functional fluids market is primarily driven by the increasing application of functional fluids in the automotive industry as an antifreeze and engine internal cleaner. Additionally, the escalating demand for high-performance process oils from the industrial metal fabrication sector to provide smooth surfaces to the processing unit has catalyzed the market growth. Furthermore, the widespread adoption of functional fluids in packaging, printing and manufacturing specialty paper is positively influencing the market. Other factors, including rapid industrialization and the introduction of bio-based product variants due to stringent governmental regulations, are anticipated to propel market growth in the coming years.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Functional Fluids Market Coverage and Segmentation 2021-2026:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Croda International Plc
Exxon Mobil Corporation
Fuchs Petrolub AG
Huntsman International LLC (Indorama Ventures Public Co. Ltd.)
Idemitsu Kosan Co. Ltd.
Petroliam Nasional Berhad (PETRONAS)
Royal Dutch Shell Plc
The Dow Chemical Company etc.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Type:
Hydraulic and Transmission Fluid
Heat Transfer Fluid
Bio-based Hydraulic Fluid
Breakup by Application:
Metals and Mining
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
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