NEW YORK, May 3, 2016 /PRNewswire/ -- "Increase in use of functional fluids in various applications"
The functional fluids market size is expected to reach USD 42.2 billion by 2020, registering a CAGR of 4.5% between 2015 and 2020. The increasing use of functional fluids as compared to conventional mineral oil or synthetic lubricants in urban areas in Africa and Asia-Pacific is a driving factor for the global functional fluids market. These fluids can perform in extreme conditions and difficult environmental situations and thus have a good viscosity even at extreme temperature. Moreover, they are more stable at high and low temperatures as compared to mineral oils and synthetic lubricants.
Industrial application to dominate the market
The industrial application dominated the global functional fluids market in 2014. It is projected to register the highest growth rate between 2015 and 2020. The rapid growth of the automotive industry, especially, in the Asia-Pacific is driving the growth of the industrial application of the functional fluids market.
Asia-Pacific projected to be fastest-growing market during forecast period
Asia-Pacific is projected to be the largest and fastest-growing market for functional fluids globally. The increase in disposable income of people and industrial growth in the Asia-Pacific region led to the increasing demand of high-performance functional fluids. Moreover, there has been a consistent rise in number of vehicles in the region over the past decade, which is ultimately fueling the demand for functional fluids in the region.
Break-up of profile of primary interviewees for the report
- By Company Type – Tier 1–24%, Tier 2–47%, and Tier 3–29%
- By Designation – C Level– 38%, Director Level–31%, Others–31%
- By Region – North America–31%, Europe–44%, Asia-Pacific–19%, and RoW–6%
Some of the major companies profiled in this report are ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (Netherlands), BP Plc (U.K.) Fuchs Petrolub SE (Germany), Chevron Corporation (U.S.), Idemitsu Kosan Co. Ltd (Japan), The Dow Chemical Company (U.S.), BASF SE (Germany), and Petroliam Nasional Berhad (Malaysia), and others.
Reasons to buy the report
While making strategic decisions in business, timely and useful information is required. This report fulfills the requirements of various stakeholders, including material suppliers, product manufacturers, investors, and executives. Some of the salient features of this report are:
- Porter's Five Forces Analysis
- Value Chain Analysis
- Market Segmentation (Type, Application, and Region), by Volume and Value
- Competitor Analysis
- Detailed Information on Strategic Developments in the Industry
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