Brake fluid market Analysis
The brake fluid market size will develop at a 5.0% CAGR between 2022- 2030, as per the Market Research Future (MRFR) analysis. A brake fluid plays a pivotal role in the right functioning of a car that helps the braking system in generating the hydraulic force needed for operation. Non-petroleum and petroleum are the different fluid types and silicone-based, glycol-based, and castor oil-based are the different product types. Owing to its alluring features and benefits, automotive brake fluid has wide applications in off-road vehicle, commercial vehicle, and passenger cars.
Various factors are propelling the brake fluid market growth. As per the MRFR report, such factors include growing sales and production of SUVs and crossovers, robust nature, demand for lightweight cars, and an increase in automotive car service providers.
On the contrary, lack of awareness and understanding, lack of vehicle and brake safety, high cost, negligence in periodic maintenance, and the current COVID-19 impact may deter the brake fluid market growth over the forecast period.
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Brake fluid market Segmentation
The Market Research Future Report highlights an inclusive segmental analysis of the global brake fluid market based on sales channel, vehicle type, product type, and fluid type.
By fluid type, the global brake fluid market is segmented into non-petroleum and petroleum. Of these, the non-petroleum fluid type segment will lead the market over the forecast period.
By product type, the global brake fluid market is segmented into silicone-based, glycol-based, and castor oil-based. Of these, the glycol-based product type segment will dominate the market over the forecast period.
By vehicle type, the global brake fluid market is segmented into off-road vehicle, commercial vehicle, and passenger car. Of these, the passenger car segment will spearhead the market over the forecast period.
By sales channel, the global brake fluid market is segmented into aftermarket and OEM. Of these, the OEM sales channel segment will have the lions share in the market over the forecast period.
Brake fluid market Regional Analysis
By region, the global brake fluid market covers the market opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. The presence of emerging economies South Korea, Japan, India, and China which are the largest consumers and manufacturers of cars, improved living standards, increasing per capita income, presence of key players, and rising production of vehicles are adding to the brake fluid market growth in the region.
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In North America, the global brake fluid market is predicted to have healthy growth over the forecast period. The growing adoption of technologically advanced cars, coupled with the booming automotive industry is adding to the global brake fluid market growth in the region.
In Europe, the global brake fluid market is predicted to have sound growth over the forecast period, and in the Rest of the World, it is predicted to have steady growth over the forecast period.
Brake fluid market Key Players
- Robert Bosch GmbH (Germany)
- The China National Petroleum Corporation (China)
- Castrol (UK)
- Exxon Mobil Corporation (U.S.)
- Fuchs Petrolub SE (Germany)
- Royal Dutch Shell plc (the Netherlands)
- China Petroleum & Chemical Corporation (China)
- Total S.A. (France)
- Chevron Corporation (U.S.)
- Qingdao Copton Technology Company Limited (China)
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