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Functional Fluids Market Share

Report ID: GMI6261
Published Date: Jul 2023
Report Format: PDF

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Functional Fluids Market Share

Some of the major market players operating in the Functional fluids market are:

Exxon Mobil Corporation
Royal Dutch Shell
Chevron Corporation
BP Plc
TotalEnergies SE
BASF SE
Fuchs Petrolub SE
Idemitsu Kosan Co., Ltd.
Petroliam Nasional Berhad (PETRONAS)
Sinopec Limited
The Dow Chemical Company
Quaker Chemical Corporation
Castrol (BP Plc)
Valvoline Inc.
Lubrizol Corporation

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Global market for functional fluids was worth around USD 45.4 billion in 2022 and is anticipated to reach USD 73.2 billion by 2032, owing to the positive outlook of several end-use industries, including automotive, aerospace, electronics, construction, and manufacturing.

The hydraulic fluids segment amassed 32% of the functional fluids revenue share in 2022, owing to the flourishing automation trends across several industrial verticals and the increasing usage of hydraulic fluid in machinery, equipment, and vehicles for power transmission and control.

North America functional fluids industry garnered USD 10.7 billion in revenue in 2022, credited to the robust automotive manufacturing base and heavy demand for engine oils, transmission fluids, and coolants in the region.

Notable players in the functional fluids business include Exxon Mobil Corporation, Royal Dutch Shell, Chevron Corporation, BP Plc, TotalEnergies SE, BASF SE, Fuchs Petrolub SE, Idemitsu Kosan Co., Ltd., Petroliam Nasional Berhad (PETRONAS), Sinopec Limited, The Dow Chemical Company, Quaker Chemical Corporation, Castrol (BP Plc), Valvoline Inc., Lubrizol Corporation among others.