4 February 2019: 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.
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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