Zion Market Research Global Functional Fluids Market, 2016-2024 | Página 3

Functional Fluids Market
vehicles, aircraft, aerospace, construction, and many other functions. In addition, the global
functional fluid market is also broadly diversified into many regions which include North
America, Europe, Asia-Pacific, the Middle East, Africa and the Rest of the World.
Global Functional Fluids Market: Growth Factors
Growing industrialization and rising demand for automobiles are the key factors responsible
for the demand of the functional fluids. Development of new technology based synthetic
functional foods and rising popularity of these products among the consumers is expected
to drive the global functional fluid market. Functional fluid is highly used in power steering
systems, lifts, hydraulic brakes, and in many other constructions, mining machinery and
equipment due to which a large amount of functional fluid is consumed for the operation,
hence this application segment drives the global functional fluids market. Prominent players
are massively investing in research and development to create bio-based oils owing to
stringent environmental rules is also driving the growth of the global market. Huge demand
from aviation industry is also a key driver of the global market. The growth of the global
functional fluid has restrained to some extent due to slow growth in North America and
European regions.
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Global Functional Fluids Market: Regional Analysis