The global functional fluids market size reached USD 48.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 70.2 Billion by 2033, exhibiting a growth rate (CAGR) of 3.94% during 2025-2033.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 48.1 Billion |
Market Forecast in 2033
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USD 70.2 Billion |
Market Growth Rate (2025-2033) | 3.94% |
Functional fluids refer to various liquids that are used for insulation and lubrication in hydraulic and braking systems, turbines, compressors, engines, refrigeration systems, transmissions and guides. Some of the most common types of functional fluids include engine oils, transmission and hydraulic fluids, metalworking and heat transfer fluids. They are primarily used for minimizing friction and wear and tear of the working components, dissipating the heat generated, preventing corrosion and sealing components. They also exhibit low compressibility ratio, offer protection to the machine against oxidization and can perform efficiently under high temperatures, mechanical stress and pressures. Owing to this, they find extensive applications across the automotive, metals & mining, transportation, construction, and aerospace industries.
Significant growth in the construction and automotive industries is one of the key factors driving the growth of the market. In line with this, the widespread adoption of automotive functional fluids, such as antifreeze and engine internal cleaner, that aid in maintaining the optimal performance of the vehicle components, is also contributing to the market growth. Furthermore, the rising demand for high-performance process oils in the industrial metal fabrication sector is providing a boost to the market growth. Functional fluids provide smooth surfaces to the processing unit and improve the performance of the equipment used for manufacturing polymers, fibers and cables. Additionally, the development of bio-based oil is acting as another growth-inducing factor. Owing to the implementation of stringent government regulations, manufacturers are developing environment-friendly functional fluids that are manufactured using vegetable oils. Other factors, such as the increasing adoption of these fluids for packaging, printing and manufacturing specialty paper, along with rapid industrialization across the globe, are projected to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global functional fluids market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on type and application.
Breakup by Type:
Breakup by Application:
Breakup by Region:
The report has also provided a comprehensive analysis of the competitive landscape in the global functional fluids market. Detailed profiles of all major companies have also been provided. Some of the companies covered include:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Segment Coverage | Type, Application, Region |
Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered | BASF SE, BP International Limited, Chevron Corporation, Croda International Plc, Exxon Mobil, FUCHS PETROLUB SE, Huntsman International LLC (Indorama Ventures Public Co. Ltd.), Idemitsu Kosan Co., Ltd., Petroliam Nasional Berhad (PETRONAS), Shell International B.V. and The Dow Chemical Company |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global functional fluids market was valued at USD 48.1 Billion in 2024.
We expect the global functional fluids market to exhibit a CAGR of 3.94% during 2025-2033.
The rising demand for functional fluids across various industries, such as automotive, construction, transportation, etc., as they exhibit low compressibility ratio and offer protection to the machine against oxidization, is primarily driving the global functional fluids market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for functional fluids.
Based on the type, the global functional fluids market has been segmented into process oil, hydraulic and transmission fluid, metalworking fluid, heat transfer fluid, coating fluid, bio-based hydraulic fluid, and others. Among these, process oil currently exhibits a clear dominance in the market.
Based on the application, the global functional fluids market can be categorized into automotive, metals and mining, construction, transportation, industrial machinery, and others. Currently, industrial machinery accounts for the majority of the global market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global functional fluids market include BASF SE, BP International Limited, Chevron Corporation, Croda International Plc, Exxon Mobil, FUCHS PETROLUB SE, Huntsman International LLC (Indorama Ventures Public Co. Ltd.), Idemitsu Kosan Co., Ltd., Petroliam Nasional Berhad (PETRONAS), Shell International B.V., The Dow Chemical Company, etc.