Functional Fluids Market: Demand Analysis and Growth Forecast:
Functional fluids are used in several industries to enhance the working capacity of machinery by providing lubrication and protective coating. It protects the equipment of various types from oxidation and is eco-friendly in nature. Certain traits such as high viscosity, high-temperature stability, decreased pouring points, and low traction promotes the market demand. Additionally, it can withstand mechanical stress as well as high pressure. All these aspects make functional fluids more conventional for applications in various end users such as automobile industry, construction industry, and fabrication industry. As per the future market outlook foreseen by the IndustryARC’s business intelligence, the demand for such fluids over the conventional mineral oils shows exponential growth during the forecast period (2019-2024).
Browse 51 Market Tables, 176 Figures spread through 155 slides and an in-depth TOC on “Functional Fluid Market (2019 - 2024)”
Automotive Industry in Emerging Economies to Drive the Market
Rapidly expanding automotive industry with rising demand for automobiles is the major driving factor for functional fluids market. Demand for lower viscosity engine oils that can handle higher loads and perform well in higher operating temperatures will construct the market growth. Almost all the automotive manufacturers now require such lubricants for nearly all their vehicles.
Construction industry is labeled as the fastest expanding industry by the global business analytics leaders. Application of functional fluids in this subdivision is projected to escalate the market demand. Functional fluids are used in power steering systems of lifts and construction and mining machinery.
There is a huge demand for functional fluids in the fabrication industry fueled by manufacturers of base metal, formed metal, and fabricated metal products, i.e., structural steel, automotive body panels, etc. Functional fluids are applied to moderate friction and stress between the surfaces; other important aspects are it provides oxidation, temperature stability, corrosion resistance, and low volatility.
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APAC Region Forecasted to Dominate the Demand
In this market research report, the functional fluid is segmented by type into a bio-hydraulic fluid, heat transfer fluid, metal working fluid, and coating fluid. The end-user segment constitutes of the automobile industry, construction industry, and fabrication industry. As far as the regional outlook is concerned, the APAC region dominates the market, gaining traction from rapid industrialization supported by low-cost labor and prosperity of manufacturers. Functional fluids market is also gaining traction by the increase in disposable income of the urban population and greater uptake of automobiles.
Global Functional Fluids Market: Competitive landscape
Some of the major market players listed in this report are The Dow Chemical Company (U.S.), Cargill,Inc. (U.S.), BASF SE (Germany), E. I. du Pont de Nemours Company (U.S.), and Royal Dutch Shell PLC (Netherland). One common practice among all the manufacturers to survive in this competitive landscape is investments in research and development to create bio-based oils owing to stringent governmental regulations. Most of these companies provide products that are applicable in various areas such as coating, paint, construction, electronics, formulation technologies machines, instruments manufacturing, and automobile vehicles. Some of the products are ethylene glycols, polyglycol copolymers, Agri-pure™ and AP-406 (biosolvent).
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The functional fluids market is gaining traction owing to its application in two of the most flourishing industries: automobile and construction. These fluids are applied in several stages of operations in these enormous sectors, which reflects positively on its market demand. The market demand is seen to be directly proportional to the growth of these two sectors and is projected to grow rapidly during the forecast period of 2019 to 2024.
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