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Functional Fluids Market Trends

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

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Functional Fluids Market Trends

The industry is witnessing a growing emphasis on sustainable and environmentally friendly functional fluids. Manufacturers are investing in the development of bio-based and biodegradable fluids to meet the increasing demand for eco-friendly solutions. The adoption of sustainable manufacturing processes and the use of renewable raw materials are becoming more prevalent. Rapid advancements in technology are driving innovation in the functional fluids industry. Manufacturers are developing fluids with enhanced performance characteristics, such as improved lubrication, thermal stability, and compatibility with advanced materials. Nanotechnology and additive technologies are being utilized to enhance the functionality and efficiency of functional fluids. Thus, the growing prevalence is expected to expedite the overall market growth.

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.