Global Functional Fluids Market
The global Functional Fluids market was valued at USD 35.25 billion in 2016 and is projected to reach USD 51.48 billion by 2025, growing at a CAGR of 4.30% from 2017 to 2025.
Functional fluids is a generic name for a group of compounds that find wide usage in manufacturing industries. They are used in great array of products such as adhesives, water treatment, brake fluids, plastics, agro-chemicals, textiles, colorants, pharmaceuticals, and personal care products.
1. Market Drivers
1.1 Rise in manufacturing activity in Asia Pacific
1.2 Growing demand from automotive industry
2. Market Restraints
2.1 Stagnant growth in North America and Europe
The global Functional Fluids market is segmented on the product, application and region.
1. By Product:
1.1 Metal Working Fluid
1.2 Transmission & Hydraulic Fluid
1.3 Heat Transfer Fluid
1.4 Process Oil
2. By Application:
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. ExxonMobil Corporation
2. Royal Dutch Shell PLC
3. Chevron Corporation
4. BP PLC
5. BASF SE
7. Idemitsu Kosan Co. Ltd.
8. Fuchs Petrolub AG
10. DOW Chemical Company
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Functional Fluids market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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