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Global Brake Fluid Market expected to reach USD $ 30.99 Billion by 2025, Key Players - Beijing Haidian Huiyuan Synthetic Agents, Bosch, Copton, Cnpc, Castrol(Bp), Caltex, Exxon Mobil, Delian Group, Fuchs, Faw(First Automobile Works) Group Corporation, Jil
Global Brake Fluid Market
The brake fluid market is projected to grow at a CAGR of 1.00% from 2018 to 2025, from an estimated USD 28.06 Billion in 2017 to USD 30.99 Billion by 2025. The brake fluid plays a prominent role in the proper functioning of an automobile, which helps the braking system generate the hydraulic force required for operation. Brake lines are mechanical components in the braking system that transfer brake fluid from the hydraulic master cylinder to brake calipers or wheel cylinders. When the brake is applied, fluid in the brake lines force the brake pad to press against the rotor, ensuring the vehicle is decelerated safely and comfortably. Brake fluid are of two types, petroleum and non-petroleum. Petroleum-based brake fluids are rarely used in the automotive industry.
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Global Brake Fluid Market - Drivers and restraints:
Initially mechanical brakes were used which were gradually replaced by hydraulic brakes, where brake fluid was required. Increasing production of vehicles and the rising demand for lightweight vehicles are projected to boost the automotive brake fluid market during the forecast period. Rise in demand for vehicles with advanced braking system is a key factor that is expected to drive the brake fluid market during the forecast period. Burgeoning demand for vehicles in countries like China and India is forecasted to drive growth for the automotive brake fluid market. Companies are establishing production sites in these regions so as to satiate the local demand. The main route to this market is via the aftermarket, which includes workshops, automotive service centers and retailers for supply to end users. The retail aftermarket includes general & automotive retailers and petrol forecourts. The remaining market for brake fluid is held by OEMs for the first fill in a vehicle. Therefore, tie ups with OEMs becomes an important driver across all regions since they provide an assured route to the market through the sale of new cars.
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Global Brake Fluid Market - Geographical Segmentation:
The Brake Fluid Market is geographically segmented into North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe, and Middle East and Africa. Asia Pacific accounts for a major share of the global automotive brake fluid market, owing to the high rate of adoption of automotive braking fluid and expansion of the automotive sector in the region, leading to increased production of vehicles with automotive brake fluid, especially in China and India.
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