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Functional Fluids Market Analysis
- Report ID: GMI6261
- Published Date: Jul 2023
- Report Format: PDF
Functional Fluids Market Analysis
Based on product type, the functional fluids market is segmented as hydraulic fluids, heat transfer fluids, process oils, transmission fluids, metalworking fluids, dielectric fluids. Hydraulic fluids dominated the market share of 32% in 2022. The demand for hydraulic fluids is driven by the increasing adoption of industrial automation in various sectors. Hydraulic systems are widely used in machinery, equipment, and vehicles for power transmission and control, creating a demand for hydraulic fluids to ensure smooth operation and system efficiency. The demand for hydraulic fluids is influenced by infrastructure development projects, including road construction, bridges, dams, and buildings.
Based on functionality, the functional fluids market is segmented as antioxidants, antiwear agents, corrosion inhibitors, defoamers, viscosity modifiers, others. Antiwear agents held a dominant market share of around 20.2% in 2022 and is expected to grow at a lucrative pace till 2032. Increasing understanding of the detrimental effects of oxidative stress and degradation on the performance and lifespan of functional fluids drives the demand for antioxidants. Industries recognize the need to protect their fluid systems from degradation caused by oxidation, which can lead to reduced efficiency, equipment damage, and increased maintenance costs. Thus, the aforementioned factors are projected to expedite the global market growth in the coming years.
Based on base fluid, the functional fluids market is segmented as mineral oil, synthetic oil, bio-based oil. Mineral oil held a dominant market share in 2022 and is anticipated to grow at over 4.27% CAGR through 2032. Mineral oil base fluids are widely available and relatively cost-effective compared to other base fluid options. This makes them a popular choice for functional fluids in various industries, especially in applications where cost plays a significant role. Thus, the high-quality services and growing usage of Functional fluids at industries are anticipated to expedite the business expansion.
Based on end-use, the functional fluids market is segmented as automotive, industrial machinery, construction, aerospace, power generation, chemical processing, electronics. Automotive held the dominant market in 2022 and is anticipated to grow significantly through 2032. The demand for functional fluids in the automotive industry is driven by the growth in vehicle production worldwide. Functional fluids such as lubricants, coolants, and hydraulic fluids are essential for optimal vehicle performance, efficiency, and durability.
U.S. dominated the North American region with majority market share and a revenue of USD 10.7 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The automotive industry is a significant driver of the functional fluids market in North America. The region has a large automotive manufacturing base, and the demand for functional fluids such as engine oils, transmission fluids, and coolants is driven by vehicle production, maintenance, and repair activities. The manufacturing sector plays a crucial role in driving the demand for functional fluids in North America. Thus, the above-mentioned variables would augment the Functional fluids business growth in the North America positively.
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Functional Fluids Market Scope
