Functional fluids, which include lubricants, hydraulic fluids, transmission fluids, heat transfer fluids, and metal working fluids, are prepared from base stocks that are of hydro carbon, synthetic or bio in origin. Functional fluids enable high energy, efficiency, productivity, sustainability, and smooth running of end-user businesses. The demand for functional fluids is highly reliant on end-user industries such as Automotive, Transportation, and Industrial Machinery. Analysts forecast the Global Functional Fluids market will grow at a CAGR of 4.49 percent over the period 2013-2018.
The Report recognizes the following companies as the key players in Global Functional Fluids Market: BASF SE, BP plc, Chevron plc, ExxonMobil Corp., AJM Additives Inc. , Akzo Nobel N.V. , Alfa Laval (India) Ltd., Aral Aktiengesellschaft & Co.KG , Chem Ecol Ltd., Cimcool Industrial Products Inc., Croda International plc, D-A Lubricant Co. Inc., D.A. Stuart Inc., Dow Chemical Co., Fuchs Petrolub SE, Gulf Oil Ltd. Partnership , Hatco Corp., Houghton International Inc. , J.D. Streett & Co., Inc. , Klüber Lubrication München KG, Parker-Hannifin Corp., Permatex Inc., Prestone Products Corp., Radiator Specialty Co., Royal Dutch Shell plc, Yushiro Chemical Industry Co. Ltd.
The end-user industries of functional fluids are heavily investing in technologies and are working toward having a product line based on superior base oils and additives, which will accelerate growth and enhance the productivity of end-users. Major functional fluid vendors are continuously restructuring their product portfolios to include new products that will help end-users to maximize productivity and profitability. Another emerging trend in the functional fluids market is that functional fluid vendors are offering efficient service programs and enabling customer service by building OEM partnerships. Such initiatives practiced by major vendors are essential elements for success in the Global Functional Fluids market.
This report covers the present scenario and the growth prospects of the Global Functional Fluids market for the period 2014-2018. To calculate the market size, the report considers the revenue generated from sales of functional fluids across various industries. It provides data on different segments of the market based on product type and geography.
Global Functional Fluids Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers Europe, North America, the APAC region, and the ROW; it also covers the Global Functional Fluids market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, several drivers are propelling the rapid growth of the Global Functional Fluids market, including growing technological advancements in the Industrial sector. As technology improves in this sector, there is an increased demand from end-users for functional fluids that enable high energy, efficiency, productivity, sustainability, and the smooth-running of end-users’ businesses.
Further, the report states that one of the major challenges is the increasing price of raw materials, which affects the growth of the market and the profit margins of market players. Concerns about GHG emissions, ozone depletion, and global warming are also affecting the Global Functional Fluids market in the form of stringent regulations, which, in turn, affect market growth.
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