Press release
Functional Fluids Market 2021 : Future Growth Prospect, Industry Share And Growing Demand Analysis Till 2026
The Functional Fluids Market report offers an in-depth assessment of market dynamics, the competitive landscape, segments, and regions in order to help readers to become familiar with the Functional Fluids market. It particularly sheds light on market fluctuations, pricing structure, uncertainties, potential risks, and growth prospects to help players to plan effective strategies for gaining successful in the Functional Fluids market. Importantly, it allows players to gain deep insights into the business development and market growth of leading companies operating in the Functional Fluids market.The Functional Fluids market is predicted to grow at a CAGR of around 4% during 2021-2026.
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Top Leading Companies of Functional Fluids Market are - BASF SE, BP Plc., Chevron Corporation, 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 and others.
Market Overview:
Functional fluids refer to various liquids that are used for insulation and lubrication in hydraulic and braking systems, turbines, compressors, engines, refrigeration systems, transmissions and guides. Some of the most common types of functional fluids include engine oils, transmission and hydraulic fluids, metalworking and heat transfer fluids. They are primarily used for minimizing friction and wear and tear of the working components, dissipating the heat generated, preventing corrosion and sealing components. They also exhibit low compressibility ratio, offer protection to the machine against oxidization and can perform efficiently under high temperatures, mechanical stress and pressures. Owing to this, they find extensive applications across the automotive, metals & mining, transportation, construction, and aerospace industries.
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.
The Market Is Segmented by Type:
Process Oil
Hydraulic and Transmission Fluid
Metalworking Fluid
Heat Transfer Fluid
Coating Fluid
Bio-based Hydraulic Fluid
Others
The Market Is Segmented by Application:
Automotive
Metals and Mining
Construction
Transportation
Industrial Machinery
Others
The Latest Industry Data Included in this Report:
- Functional Fluids Market Size & Analysis (2016 - 2026)
- Market Share Analysis of Functional Fluids Market (%),2016 - 2026
- Functional Fluids Market Share, By Brand
- Functional Fluids Market Share, By Company
- Functional Fluids Market Assessment & Opportunity (Value),2016 - 2026
- Major Companies Functional Fluids Market Value Analysis & Forecast
- Promising Functional Fluids Development by Major Companies
- Detailed Functional Fluids Portfolio of the Major Companies
- Major Deals in the Functional Fluids Market
- Major Companies Analysis
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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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