PUNE, India, January 14, 2016 /PRNewswire/ --
The report "Functional Fluids Market by Type (Process Oil, Hydraulic & Transmission Fluid, Metal Working Fluid, Heat Transfer Fluid, and Others) & by Application (Industrial, Construction, Transportation, and Others) - Global Trends and Forecast to 2020", published by MarketsandMarkets, The Functional Fluids Market size, in terms of value, is projected to reach USD 42.2 Billion by 2020, at a CAGR of 4.5% between 2015 and 2020.
Browse 68 market Tables and 51 Figures spread through 127 Pages and in-depth TOC on "Functional Fluids Market"
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The market is driven by the growing automotive industries and industrialization in the Asia-Pacific region. The increasing demand for automobiles in emerging economies such as China, India, and Japan is fueling the growth of functional fluids in the region. Another major factor contributing to the growth of functional fluids is increased consumer awareness coupled with stringent government regulations.
Process oil to account for the major share of functional fluids market till 2020
The functional fluids market is segmented by types, namely, process oil, hydraulic & transmission fluid, metal working fluid, heat transfer fluid, and others. Process oil refers to the fluids which provide smoothness to the processing unit during the manufacturing of finished goods. It improves the quality and performance of the processing equipment used for manufacturing polymer, fiber, deformer, cable, tire & rubber among others.
Growing automotive industries and industrialization to drive the industrial application segment
The industrial application segment is leading the Functional Fluids Market. This is owed to the rapid growth of the manufacturing industries in the Asia-Pacific region. Functional fluids are used to reduce friction and stress between the surfaces, provide oxidation, temperature stability, corrosion resistance, and low volatility.
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Asia-Pacific to be the fastest-growing market during forecast period
The functional fluids market is broadly segmented into four regions, namely, Asia-Pacific, North America, Europe, and RoW. Asia-Pacific is the largest and fastest-growing market for functional fluids. Growing industrialization, backed by OEM technical demand in the region, has offered enormous opportunity for the use of functional fluids in the Asia-Pacific region.
Currently, the global functional fluids market is dominated by various market players such as 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.
The research study is aimed at identifying emerging trends and opportunities in the global functional fluids market along with a detailed classification of the market, in terms of revenue and volume. It provides a comprehensive competitive landscape and identifies the key players in the global market. The research study also includes a detailed segmentation of the global functional fluids market on the basis of application, type, and region.
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