Functional Fluids Market to Reflect Impressive Growth Rate During 2019 – 2029
Functional fluids are a broad categorization of numerous types of fluids ranging from brake fluids to process oils. These are largely employed in the industrial operations. Alongside, the functional fluids can also be used as a reactant in several process steps, ranging from raw material to the finished product production. Functional fluids are often considered along with lubricants, both synthetic and natural, and comprise a sizeable proportion of the same.
The rising prominence of metalworking fluids with minimal mineral oil content are the latest development in the global functional fluids market. Additionally, the manufacturers are also focused on the research & development of greener products that are environmentally acceptable.
Functional Fluids Market Dynamics
The rising demand of the high performance products in the industrial metal fabrication is expected to propel the market for functional fluids over the forecast period. The optimistic growth in the global automotive production as well as the on road fleet is anticipated to keep the consumption of the functional fluids to expand on a higher note throughout the forecast period. The large investments in developing newer base stock facilities are expected to maintain the current functional fluids production scenario to grow optimistically. Moreover, the functional fluids, based on their performance features offer reduced overall maintenance time as well as turnaround costs which make them the most preferred choice among the end users.
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The rising environmental concerns are compelling the manufacturers to develop the environmental friendly products. This is expected to have a moderately negative impact on the global functional fluids market in the short term. The downstream Original Equipment Manufacturers (OEM) are strongly noted to abide by these regulations and are adopting the greener alternative products available in the market. Hence, the manufacturers focused on commercializing these products are expected to have the “first – movers’ advantage” and witness a lucrative growth over the forecast period.
Functional Fluids Market Segmentation
The global functional fluids market can be segmented the basis of product type and end use.
On the basis of product type, the global functional fluids market can be segmented into:
Power Steering Fluids
Fire Resistant Fluids
Heat Transfer Fluids
Other Functional Fluids
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On the basis of end use, the global functional fluids market can be segmented into:
Paper and Pulp
Mining & Metallurgy
Cosmetics and Personal Care
Power Generation and Energy
Functional Fluids Market: Regional Outlook
On a regional front, the global functional fluids market is anticipated to remain directly influenced by the growth in the end use industries based in Asia Pacific. Hence, the countries in East Asia (such as China, South Korea and Japan) are estimated to account for a prominent proportion in terms of volumetric consumption of functional fluids. Following East Asia, the Europe functional fluids market is noted to remain a high consuming region but expanding with a steady pace. Similar growth is expected to be showcased by the countries of North America. However, a much more robust growth is expected to be witnessed by the South Asia region. Countries such as India and ASEAN countries are optimizing their regulatory framework making it suitable for the manufacturers to set up and upscale their business operations in the region. This is considered to be one of the primary reasons for the growth of the functional fluids market. The functional fluids market in Latin America and Middle East & Africa is forecast to contribute a significant proportion in the global market over the forecast period.
Functional Fluids Market Key Participants:
Some of the market participants in the global functional fluids market identified across the value chain include Proviron N.V., The Chemours Company, Huntsman International LLC, Chevron Phillips Chemical Company, Chemutra Corporation, Eastman Chemical Company, Warren Oil Company, MORESCO Corporation, ICL Industrial Products (IP), Valtris Specialty Chemicals and Functional Fluids Ltd., among others
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