The global brake fluid market is expected to grow at a CAGR of 7.9% by 2022. The Market is anticipated to grow considerably owing to increased manufacturing of vehicles and the growing demand for lightweight vehicles. Brake fluid is also known as hydraulic fluid and is used in clutch and hydraulic brake applications in automobiles. It transfers force into pressure and amplifies the brake force. In short, when the foot brakes are applied, brake fluid transfers this force into pressure to the rear and front brakes, which slows down or stops the vehicle. Moreover, automotive brake fluid prevents corrosion and act as lubricant for all the moving components.
The automotive brake fluids are changed in a year or two and monthly in sports (racing) automotive to improve durability and safety of automobile, affecting brake fluid market remarkably. The increase in number of automotive OEMs and car servicing centers have resulted in the growth of technological modernization and product improvements in brake fluids by leading companies like Castrol, BASF, Bosch, Exxon Mobil, and Dow Automotive Systems, etc. Owing to these renovations, brake fluid market is projected to grow significantly in the years to come.
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Increase in demand for automobile with improved braking system is the major factor driving brake fluid market in the coming years. Strict regulations for automotive industries regarding safety by regulatory bodies worldwide is predicted to augment the market greatly. Brake fluid is responsible for numerous braking activities like better braking response, durability, and flexibility, which is likely to offer lucrative opportunities in brake fluids market in the near future.
Constant advancements in car service outlets, automotive OEMs, and suppliers are emphasizing on innovations to offer secured products and expansion of production sites by businesses are few trends that are predicted to encourage the growth of brake fluid market worldwide. Nevertheless, lack of consumer awareness and cheap substitutes are the major downside, hindering the market growth.
Establishment of several workshops, service centers and retailers are other major factors to drive brake fluids market in the coming years. In the past developments, TRW aftermarket brake has improved progressively and has made strong presence in advanced braking systems that comprise (ESP) Electronic Stability Programmers. In these systems, the brake fluid reacts immediately, maximize vehicle performance and prevent skidding. Advanced brake fluids are installed in every new automobile and is projected to be a major growth factor for brake fluid market in forecast period.
The market is categorized on the basis of product type, fluid type and geography. On the basis of product type, market is divided into castor oil-based (pre-DOT, DOT 2), glycol-based (DOT 3, 4, 5.1), and silicone-based (DOT 5). Based on fluid type, market is divided into non-petroleum base and petroleum (mineral) base. Non-petroleum based are widely used globally and is projected to hold larger share of market in future.
Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Owing to the increasing number of vehicles, Asia Pacific is projected to hold larger market of brake fluid market in the years to come. The prominent players in brake fluid market are Beijing Haidian Huiyuan Synthetic Agents, Bosch, Delian Group, Fuchs, Jilin Hairun, Copton, Cnpc, Castrol (BP), Beijing Haidian Huiyuan Synthetic Agents, Caltex, Exxon Mobil, Irico Group, Original, Laike, Shenzhen Pingchi Industry Co, Shell, Sinopec, Total, Teec, Tianjin Xuqi Gongmao, Zhuhai Gaida Shiye.
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• Passenger Cars
• Commercial Vehicles
• North America
• Asia Pacific
• Middle East and Africa
• South America
• ATE Brakes
• CCI Corporation
• DATEX Energy
• Dow Chemical
• FUCHS Lubricants
• Gulf Oil Lubricants
• Morris Lubricants
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Key Questions Answered in this Report
• What will the market size be in 2022?
• What are the key factors driving the global brake fluid market?
• What are the challenges to market growth?
• Who are the key players in the brake fluid market?
• What are the market opportunities and threats faced by the key players?
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals
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