Functional fluids are used in the industry to enhance the working capacity of the machinery by providing lubrication and protective coating. The increase in the industry production demands the use of functional fluids. Advent of eco-friendly functional fluids which aim towards sustainable future acts as one of the main drivers in the industry.
In the Global Market, the segmentation of the functional fluid has been made on the basis of type and end user industry. The type of functional fluids have been analyzed and were found to be Bio Hydraulic fluid, Heat Transfer fluid, Metal working fluid, Coating fluid amongst others. The end user industry has been mainly segmented into Automobile, Construction, Fabrication industries. The uses of metallic working fluids have seen an increase in the automobile industry due to the increase in the metal parts for the cars and other vehicles.
The industrial application dominated the functional fluids market in 2015; however, the industrial application is anticipated to record the highest growth rate in the overall market between 2016 and 2021. The enhanced living standard and increasing consumer awareness regarding high-performance functional fluids over the conventional mineral oil lubricants in emerging economies are together contributing to the growth of the global market.
The above figure shows the estimated statistic for Functional fluid industry for the upcoming five years. The market is expected to grow at a steady pace within these five years.
The APAC region has dominated the functional fluid market in 2015 and is anticipated to uphold the position. In APAC China is one of the leading producers. The other regions which dominate the market are Europe and North America.
The major players in the Functional fluid market include:
- The Dow Chemical Company (U.S.)
- Cargill, Inc. (U.S.)
- BASF SE (Germany)
- E. I. du Pont de Nemours
- Company (U.S.)
- Royal Dutch Shell PLC (The Netherland).
The other key players in the market include :
- Croda International (Britain)
- Chevron Corporation (U.S.)