02-Sep-2022 | Facts and Factors
According to Facts and Factors, the global functional fluids market size was worth USD 43.32 billion in 2021 and is estimated to grow to USD 58.15 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.30% over the forecast period. The report analyzes the functional fluids market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the functional fluids market.
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. 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.
Browse the full “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" report at https://www.fnfresearch.com/functional-fluids-market
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.
Segmental Overview:
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.
Regional Overview:
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.
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 |
Purchase Options |
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Competitive Landscape:
Key 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., and among others.
Recent Development:
- 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
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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