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Report
Functional Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-10-15 I 147 Pages I IMARC Group
Market Overview:
The global functional fluids market size reached US$ 44.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 58.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.
Functional fluids refer to various liquids that are used for insulation and lubrication in hydraulic and braking systems, turbines, compressors, engines, refrigeration systems, transmissions and guides. Some of the most common types of functional fluids include engine oils, transmission and hydraulic fluids, metalworking and heat transfer fluids. They are primarily used for minimizing friction and wear and tear of the working components, dissipating the heat generated, preventing corrosion and sealing components. They also exhibit low compressibility ratio, offer protection to the machine against oxidization and can perform efficiently under high temperatures, mechanical stress and pressures. Owing to this, they find extensive applications across the automotive, metals & mining, transportation, construction, and aerospace industries.
Functional Fluids Market Trends:
Significant growth in the construction and automotive industries is one of the key factors driving the growth of the market. In line with this, the widespread adoption of automotive functional fluids, such as antifreeze and engine internal cleaner, that aid in maintaining the optimal performance of the vehicle components, is also contributing to the market growth. Furthermore, the rising demand for high-performance process oils in the industrial metal fabrication sector is providing a boost to the market growth. Functional fluids provide smooth surfaces to the processing unit and improve the performance of the equipment used for manufacturing polymers, fibers and cables. Additionally, the development of bio-based oil is acting as another growth-inducing factor. Owing to the implementation of stringent government regulations, manufacturers are developing environment-friendly functional fluids that are manufactured using vegetable oils. Other factors, such as the increasing adoption of these fluids for packaging, printing and manufacturing specialty paper, along with rapid industrialization across the globe, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global functional fluids market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
Process Oil
Hydraulic and Transmission Fluid
Metalworking Fluid
Heat Transfer Fluid
Coating Fluid
Bio-based Hydraulic Fluid
Others
Breakup by Application:
Automotive
Metals and Mining
Construction
Transportation
Industrial Machinery
Others
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being BASF SE, BP International Limited, Chevron Corporation, Croda International Plc, Exxon Mobil, FUCHS PETROLUB SE, Huntsman International LLC (Indorama Ventures Public Co. Ltd.), Idemitsu Kosan Co., Ltd., Petroliam Nasional Berhad (PETRONAS), Shell International B.V., The Dow Chemical Company, etc.
Key Questions Answered in This Report:
How has the global functional fluids market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global functional fluids market?
What is the breakup of the market based on the type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global functional fluids market and who are the key players?
What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1Objectives of the Study
2.2Stakeholders
2.3Data Sources
2.3.1Primary Sources
2.3.2Secondary Sources
2.4Market Estimation
2.4.1Bottom-Up Approach
2.4.2Top-Down Approach
2.5Forecasting Methodology
3 Executive Summary
4 Introduction
4.1Overview
4.2Key Industry Trends
5 Global Functional Fluids Market
5.1Market Overview
5.2Market Performance
5.3Impact of COVID-19
5.4Market Forecast
6 Market Breakup by Type
6.1Process Oil
6.1.1 Market Trends
6.1.2 Market Forecast
6.2Hydraulic and Transmission Fluid
6.2.1 Market Trends
6.2.2 Market Forecast
6.3Metalworking Fluid
6.3.1 Market Trends
6.3.2 Market Forecast
6.4Heat Transfer Fluid
6.4.1 Market Trends
6.4.2 Market Forecast
6.5Coating Fluid
6.5.1 Market Trends
6.5.2 Market Forecast
6.6Bio-based Hydraulic Fluid
6.6.1 Market Trends
6.6.2 Market Forecast
6.7Others
6.7.1 Market Trends
6.7.2 Market Forecast
7 Market Breakup by Application
7.1Automotive
7.1.1 Market Trends
7.1.2 Market Forecast
7.2Metals and Mining
7.2.1 Market Trends
7.2.2 Market Forecast
7.3Construction
7.3.1 Market Trends
7.3.2 Market Forecast
7.4Transportation
7.4.1 Market Trends
7.4.2 Market Forecast
7.5Industrial Machinery
7.5.1 Market Trends
7.5.2 Market Forecast
7.6Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Region
8.1North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2Asia Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast
9 SWOT Analysis
9.1Overview
9.2Strengths
9.3Weaknesses
9.4Opportunities
9.5Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
11.1Overview
11.2Bargaining Power of Buyers
11.3Bargaining Power of Suppliers
11.4Degree of Competition
11.5Threat of New Entrants
11.6Threat of Substitutes
12 Price Indicators
13 Competitive Landscape
13.1Market Structure
13.2Key Players
13.3Profiles of Key Players
13.3.1BASF SE
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.1.3 Financials
13.3.1.4 SWOT Analysis
13.3.2BP International Limited
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 Financials
13.3.2.4 SWOT Analysis
13.3.3Chevron Corporation
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.3.3 Financials
13.3.3.4 SWOT Analysis
13.3.4Croda International Plc
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.4.3 Financials
13.3.4.4 SWOT Analysis
13.3.5Exxon Mobil
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.5.3 Financials
13.3.5.4 SWOT Analysis
13.3.6FUCHS PETROLUB SE
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.6.3 Financials
13.3.6.4 SWOT Analysis
13.3.7Huntsman International LLC (Indorama Ventures Public Co. Ltd.)
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.8Idemitsu Kosan Co. Ltd.
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.8.3 Financials
13.3.8.4 SWOT Analysis
13.3.9Petroliam Nasional Berhad (PETRONAS)
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.9.3 SWOT Analysis
13.3.10Shell International B.V.
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
13.3.10.3 Financials
13.3.11The Dow Chemical Company
13.3.11.1 Company Overview
13.3.11.2 Product Portfolio
Figure 1: Global: Functional Fluids Market: Major Drivers and Challenges
Figure 2: Global: Functional Fluids Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Functional Fluids Market: Breakup by Type (in %), 2022
Figure 4: Global: Functional Fluids Market: Breakup by Application (in %), 2022
Figure 5: Global: Functional Fluids Market: Breakup by Region (in %), 2022
Figure 6: Global: Functional Fluids Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Global: Functional Fluids (Process Oil) Market: Sales Value (in Million US$), 2017 & 2022
Figure 8: Global: Functional Fluids (Process Oil) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 9: Global: Functional Fluids (Hydraulic and Transmission Fluid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Functional Fluids (Hydraulic and Transmission Fluid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Functional Fluids (Metalworking Fluid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Functional Fluids (Metalworking Fluid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Functional Fluids (Heat Transfer Fluid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Functional Fluids (Heat Transfer Fluid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Functional Fluids (Coating Fluid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Functional Fluids (Coating Fluid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Functional Fluids (Bio-based Hydraulic Fluid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Functional Fluids (Bio-based Hydraulic Fluid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Functional Fluids (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Functional Fluids (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Functional Fluids (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Functional Fluids (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Functional Fluids (Metals and Mining) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Functional Fluids (Metals and Mining) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: Functional Fluids (Construction) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: Functional Fluids (Construction) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: Functional Fluids (Transportation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: Functional Fluids (Transportation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: Functional Fluids (Industrial Machinery) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: Functional Fluids (Industrial Machinery) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Global: Functional Fluids (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Global: Functional Fluids (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: North America: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: North America: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: United States: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: United States: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Canada: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Canada: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: Asia Pacific: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: Asia Pacific: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: China: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: China: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Japan: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Japan: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: India: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: India: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: South Korea: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: South Korea: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Australia: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Australia: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Indonesia: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Indonesia: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Others: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Others: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Europe: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Europe: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Germany: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Germany: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: France: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: France: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: United Kingdom: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: United Kingdom: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Italy: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Italy: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Spain: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Spain: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Russia: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Russia: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Others: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Others: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Latin America: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Latin America: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Brazil: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Brazil: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Mexico: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Mexico: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Others: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Others: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 79: Middle East and Africa: Functional Fluids Market: Sales Value (in Million US$), 2017 & 2022
Figure 80: Middle East and Africa: Functional Fluids Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 81: Global: Functional Fluids Industry: SWOT Analysis
Figure 82: Global: Functional Fluids Industry: Value Chain Analysis
Figure 83: Global: Functional Fluids Industry: Porter's Five Forces Analysis
Table 1: Global: Functional Fluids Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Functional Fluids Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Functional Fluids Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Functional Fluids Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Functional Fluids Market Structure
Table 6: Global: Functional Fluids Market: Key Players
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