Functional Fluids Market worth 42.2 Billion USD by 2020

Functional Fluids Market worth 42.2 Billion USD by 2020
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", 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.
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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 NasionalBerhad (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