Global Functional Fluids Market 2016-2020
About Functional Fluids
Functional fluids, such as lubricants, transmission fluids, hydraulic fluids, heat transfer fluids, and metalworking fluids, are prepared from base stocks, which are hydrocarbons, synthetic or biological in origin. Functional fluids offer high energy efficiency, productivity, sustainability, and the smooth running of different end-user businesses. The demand for functional fluids is highly dependent on end-user industries, such as automotive, transportation, and industrial machinery.
Technavio’s analysts forecast the global functional fluids market to grow at a CAGR of 4.41% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global functional fluids market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of functional fluids in different geographic regions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Functional Fluids Market 2016-2020
Technavio recognizes the following companies as the key players in the global functional fluids market: BASF, BP, Chevron Oronite, ExxonMobil, Shell, and TOTAL.
Commenting on the report, an analyst from Technavio’s team said: “Demand for synthetic and semisynthetic metalworking fluids will be a key trend for market growth. Modern synthetic fluids help in lubrication and other performance properties required for various metalworking operations. These products can be used to perform operations on many specialized materials and most common metals. Synthetic fluids have extended sump life, as they have more accurate concentration control and the ability to resist typical oil contamination that may occur during operations in a metalworking environment. This extended sump life helps the synthetic fluids to be used for uninterrupted production operations. These fluids offer reduced setup time, cleaner operations, and good resistance to bacteria and other microbes.”
According to the report, synthetic functional fluids gaining prominence will be a key driver for market growth. Innovation is an important factor for sustainability and growth of the functional fluids market. With regards to the changes in the application industry and regulatory developments, innovation is going to be a major factor accountable for market growth. Synthetic metal removal fluids have recently gained a lot of prominences, and they deliver benefits of excellent visibility during metal working operations. Keeping in view the changes in the different application industries and regulatory developments, the introduction and development of advanced products are acting as major factors for market growth.
Further, the report states that environment, health, and safety issues will be a challenge for the market. Environmental issues are major concerns, especially in the Americas and Europe, as end-users try to increase the tank life of the fluids through better house-keeping and recycling, as well as by using fluids having a longer service life. In many regions of the world, especially in Europe, there is a general trend toward the use of hydrocracked oil type functional fluids. The major issue is the avoidance of potentially carcinogenic polynuclear aromatics. Hydrocracked functional fluids are also less vulnerable to misting and evaporation. In addition, hydrocracked oils are cheaper than other available options such as synthetic base stocks that are used mainly in bio-lubrication.
BASF, BP, Chevron Oronite, ExxonMobil, Shell, TOTAL.
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