Dublin, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The "Functional Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global functional fluids market size reached US$ 41.6 Billion in 2021. Looking forward, the market is set to reach US$ 56.2 Billion by 2027, exhibiting a CAGR of 5.14% during 2021-2027.
Significant growth in the construction and automotive industries is one of the key factors driving the growth of the market. In line with this, the widespread adoption of automotive functional fluids, such as antifreeze and engine internal cleaner, that aid in maintaining the optimal performance of the vehicle components, is also contributing to the market growth.
Furthermore, the rising demand for high-performance process oils in the industrial metal fabrication sector is providing a boost to the market growth. Functional fluids provide smooth surfaces to the processing unit and improve the performance of the equipment used for manufacturing polymers, fibers and cables.
Additionally, the development of bio-based oil is acting as another growth-inducing factor. Owing to the implementation of stringent government regulations, manufacturers are developing environment-friendly functional fluids that are manufactured using vegetable oils.
Other factors, such as the increasing adoption of these fluids for packaging, printing and manufacturing specialty paper, along with rapid industrialization across the globe, are projected to drive the market further.
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value (Billion) in 2021 | Billion41.6 Billion |
| Forecasted Market Value (Billion) by 2027 | Billion56.2 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Questions Answered in This Report:
- How has the global functional fluids market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global functional fluids market?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global functional fluids market and who are the key players?
- What is the degree of competition in the industry?
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being
- BASF SE
- BP International Limited
- Chevron Corporation
- Croda International Plc
- Exxon Mobil
- FUCHS PETROLUB SE
- Huntsman International LLC (Indorama Ventures Public Co. Ltd.)
- Idemitsu Kosan Co. Ltd.
- Petroliam Nasional Berhad (PETRONAS)
- Shell International B.V.
- The Dow Chemical Company
Key Market Segmentation:
Breakup by Type:
- Process Oil
- Hydraulic and Transmission Fluid
- Metalworking Fluid
- Heat Transfer Fluid
- Coating Fluid
- Bio-based Hydraulic Fluid
- Others
Breakup by Application:
- Automotive
- Metals and Mining
- Construction
- Transportation
- Industrial Machinery
- Others
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
For more information about this report visit https://www.researchandmarkets.com/r/hdff3r
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