Published on : Aug 29, 2016
ALBANY, New York, August 29, 2016: The use of functional fluids as an alternative to conventional oil or synthetic lubricants is increasing. Functional fluids have the capacity to maintain good thickness even at extreme temperature and pressure conditions. As compared to conventional oils and synthetic lubricants, functional fluids are more stable at low as well as high temperatures. This is the reason why they are been increasingly used by the automotive industry. The growing production of vehicles is likely to propel the demand for functional fluids, finds a new report recently added to the database of ResearchMoz.us.
The report, titled “Global Functional Fluids Market 2016-2020,” states that the global market is projected to exhibit a 4.0% CAGR during the period between 2016 and 2020. The demand for functional fluids is rising from the automobile sector, which is one of the key factors driving the global market. The demand for semi-synthetic and synthetic metalworking is increasing. This is also predicted to contribute towards the growth of the global functional fluids market throughout the forecast period.
The report highlights the many benefits of using functional fluids and the reasons behind the rising demand, especially from the automotive sector. Functional fluids, including transmission fluids, lubricants, heat transfer fluids, metalworking fluids, and hydraulic fluids, are in demand globally. As functional fluids offer high productivity, energy efficiency, and sustainability, they assure the smooth running of various end-use businesses. Considering the features of functional fluids, their demand is expected to increase from various industries such as automotive, industrial machinery, and transportation.
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Industrial growth and the rise in the disposable income of consumers have led to the rising demand for high-quality and high-performance functional fluids. However, as per the findings of the report, the global functional fluids market is expected to face certain challenges in the coming years. High fuel prices are expected to reduce the sale of luxury vehicles, which can hamper the demand for functional fluids. Additionally, the weakening of construction activities and industrial production in developing nations has impacted the global functional fluids market negatively.
The global market for functional fluids is segmented on the basis of region, product type, and application. The global functional fluids market is regionally divided into Asia Pacific, North America, Europe, and Rest of the World. The demand for functional fluids is expected to be the highest from the automotive sector in Asia Pacific, which makes this region one of the promising markets. Key manufacturers of functional fluids are experiencing tough competition from the new entrants in the global market. By adopting new techniques of production and with new product launches, key companies are aiming to maintain their dominance in the global market throughout the forecast period.
BASF, BP, Chevron Oronite, ExxonMobil, and Shell are some of the key organizations manufacturing functional fluids.
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