Global Functional Fluids Market Touches $16 Billion, According to New Report by Global Industry Analysts, Inc.
Demand for functional fluids, the lubricants with anti-corrosion attributes, is largely driven by increasing requirement for high-performance low-cost blends, and tightening performance criteria. World market for functional fluids is worth nearly US$16 billion.
San Jose, CA (PRWEB) February 26, 2008 -- Functional fluids are used in many applications and play a vital role in a wide range of industries. Worldwide functional fluids market is expected to grow at a compounded annual rate of approximately 3.8%, as stated in a recent report published by Global Industry Analysts, Inc. The North America and Europe represent the leading regional markets, collectively capturing over 53% of the total sales. However, fastest growth is likely to emanate from Asia-Pacific and Latin American regional markets, as manufacturers are seeking opportunities in these relatively untapped markets due to the saturation across few end-use segments in the North America and Europe. Global process oils market represents the leading product category, accounting for 34% of the sales.
Heat transfer fluids revenues in the US are forecast to be worth nearly US$307 million in 2010. While price continues to be a key factor in determining fluid purchase decisions, innovative and premium products are finding favor amongst consumers. With tightening industrial regulations, manufacturers seek eco-friendly alternatives for functional fluids. Growth in vehicular population, aging vehicle population, number of miles driven per annum, and economic fluctuations determine the extent of functional fluids utilization in the automotive segment.
Major players in the marketplace include Akzo Nobel, Aral Aktiengesellschaft, BASF, BP PLC, Chem-Ecol, Cimcool, ExxonMobil, Permatex, Prestone, Radiator Specialty, and Yushiro Chemical Industry
"Functional Fluids: A Global Strategic Business Report", published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, product profile, recent developments, mergers, acquisitions, profiles of major players and other strategic industry activities. Analysis is presented for major geographic markets such as United States, Canada, Japan, France, Germany, UK, Italy, Spain, Russia, Asia-Pacific, Middle East and Latin America. Analytics from 1991 through 2015 are provided in terms of product segments including hydraulic fluids, heat transfer fluids, circulating, gear and compressor fluids, process oils, industrial engine fluids, metal working fluids and other functional fluids.
For more details about this research report, please visit http://www.strategyr.com/Functional_Fluids_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press@StrategyR.com
Web Site http://www.strategyR.com/
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