Global Automotive Brake Fluid Market size was valued US$ XX Mn. in 2019 and the total revenue is expected to grow about 2% from 2020 to 2027, reaching nearly US$ XX Mn.
Global Automotive Brake Fluid Market
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Global Automotive Brake Fluid Market: Overview
Brake system is very essential component in every vehicle. In braking system, brake fluid plays an important role in proper functioning of the brake. Good braking system ensures safety of vehicle as well as pedestrian. Popular braking systems are Hydraulic Braking System and Pneumatic Braking system. In hydraulic braking system, braking oil is used as braking fluid and in Pneumatic Braking System, air is used as braking fluid. Braking fluid transfers the pedal force to the calliper of brake.
Brake fluids are hydroscopic in nature so they absorb moisture. Due to this moisture the parts which come in contact with this fluid may get corroded. This may create restraint in growth in market of brake fluid. Key manufacturers like Castrol, BASF and Bosch are trying to find solution on this problem.
Global Automotive Brake Fluid Market: Drivers and Restraints
Increasing production of automotive and rising demand of passenger vehicle and lightweight vehicle in commercial sector are expected boost the demand for brake fluid. Stringent vehicle norms and safety concerns fuel market of more effective braking system.
For longer life, durability and flexible working of braking system proper maintenance of brake system is needed.
Need of changing braking fluid, high cost and incorporation in vehicle are major restraints in brake fluid market. Brake system may fail due to leakage in hydraulic system which may tend to accident.
Global Automotive Brake Fluid Market: Regional Analysis
As per OCIA 2019, Europe will show 3% rise in demand of passenger vehicle. Germany, UK, France, and Italy are the regions in Europe forecasted to show highest growth. Asia Pacific region has dominance over passenger car segment due to large group of component manufacturers in this region. Leading the growth of this region, the countries like India, China, Japan, and South Korea are showing progressive growth rate in recent years.
Global Automotive brake fluid Market is extensively dependent on growth of passenger vehicle segment and commercial vehicle segment. Passenger vehicle captures large market share in terms of volume also and its high customer base is driving the growth of hydraulic brake market resulting in growth of Global Automotive Brake Fluid Market.
Global Automotive Brake Fluid Market: Segmentation
Global Automotive Brake Fluid Market is Segmented in Product Type (Castor oil-based, Glycol-based, Silicone-based), End User (Passenger Vehicle, Commercial Vehicles, Off-road Vehicle), and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific).
The MMR report will provide an accurate prediction of the contribution of the various segments to the growth of the Automotive Brake Fluid market size. By end-user, the Passenger Vehicle segment was valued at US$ XX Mn in 2020 and is expected to reach US$ XX Mn by 2027 at a CAGR of XX% during the forecast period.
The report also helps in understanding Automotive Brake Fluid Market dynamics, structure by analyzing the market segments and projects the Automotive Brake Fluid Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Automotive Brake Fluid Market make the report investor’s guide.
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Automotive Brake Fluid Market, by Product Type
• Castor oil-based
Automotive Brake Fluid Market, by End User
• Passenger Vehicles
• Commercial Vehicles
• Off-road Vehicle
Automotive Brake Fluid Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key players operating in Automotive Brake Fluid Market
• Robert Bosch GmbH
• The China National Petroleum Corporation
• Exxon Mobil Corporation
• Fuchs Petrolub SE
• Royal Dutch Shell plc
• China Petroleum & Chemical Corporation
• Total S.A.
• Chevron Corporation
• Qingdao Copton Technology Company Limited
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