A new report claims that the Functional Fluids Market is set to reach $18bn worldwide by 2015.
The report, by Global Industry Analysts, covers lubricants such as hydraulic and transmission, heat transfer and metal working fluids as well as process oils and a range of other functional fluid products. It also examines global markets and all the major lubricant and niche manufacturers.
The report concludes that while the construction and manufacturing industries were badly hit by the recession, thus suppressing demand for functional fluids, the auto industry is likely to lead the way to recovery.
It is premium quality fluids that will, according to the report, be in highest demand, as car makers and other manufacturing sectors look towards energy conservation, greater efficiency and meeting emission regulations.
Perhaps unsurprisingly, the hardest hit sectors during recession were the industrial and commercial lubes users, while Germany and Russia were geographically the worst effected markets due to their strong manufacturing base. However, the Asia-Pacific region weathered the economic storm relatively well and is likely to continue to drive the functional fluid market over the next few years, particularly in hydraulic and transmission fluids.