The booming transport and building & construction industries is the primary factor fueling the demand for Functional Fluids such as process oil, hydraulic & transmission fluids, metal working fluids and more. This, in turn, is accelerating the Functional Fluid market growth. For instance, according to the Association of Equipment Manufacturers (AEM), in the year 2022, strong demand is perceived by AEM members for construction equipment (83% anticipate year-over-year growth) and it is anticipated growth of 6–10% over the following 12 months, following 6–10% stronger growth than was anticipated in 2021. The Functional Fluid Market size is projected to grow at a CAGR of 4.1% during the forecast period 2022-2027 and reach US$55.2 billion by 2027. 

Functional Fluid Market: Leading Segment is the Transport 

On the basis of the end-use industry, the functional fluid market can be segmented into aerospace, building & construction, transport and others. The transport industry is evaluated to be the leading segment in the functional fluid market in 2021. In 2021, transport held more than 20% share of the total revenue earned by the market globally. Functional fluids are crucial in maintaining the performance of all types of transport vehicles, from automobiles to airplanes. Global aircraft manufacturers are implementing expansion strategies, which are expected to significantly increase global aircraft production. For instance, according to recent insights from the International Air Transport Association, Boeing, a U.S.-based aerospace company announced its expansion plans to increase production of the 737 MAX aircraft to 31 per month by the end of 2022. Thus, the growth of the transport industry is driving the demand for functional fluid, which, in turn, is propelling the market growth. 

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Functional Fluid Market: Leading Region is the Asia-Pacific 

On the basis of geography, the Functional Fluid market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 48.1% share of the total revenue earned by the market globally. The expansion of multiple industries, including automotive, building & construction and other sectors, is a vital factor in the Asia-Pacific countries' sharp increase in sectoral growth. The rapid industrialization phase, rising consumer income and other significant factors are what are primarily causing the automotive industry in Asia-Pacific to grow. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the production of the automotive vehicle in Asia-Pacific was 44,276,549 units and in 2021 it was 46,732,785 units, an increase of 6%. Therefore, the growth of the transport industry is boosting the demand for functional fluid. As a result, driving the overall market growth. 

The Major Players in this Market Include 

The major companies in the Functional Fluid market include Exxon Mobil Corporation, Royal Dutch Shell Plc, Chevron Corporation, BP PLC, BASF SE, PETRONAS, Idemitsu Kosan Co. Ltd., Fuchs Petrolub AG., Huntsman and Dow Chemical Company.

The key focus of the companies has shifted towards product launches. For instance, in March 2020, Shell launched Shell Tellus S4 VE, a new gas-to-liquid (GTL)-formulated hydraulic fluid designed for mobile hydraulics in the construction industry.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.