Los Angeles, December 27, 2019 -QY Research has presented an in-depth analysis of global brake fluid market in its latest research report, titled, “Global Brake Fluid Market Insights, Forecast to 2025”.
According to the report, the global brake fluid market was recorded at US$1773.24 mn in 2018 and is anticipated to reach at US$1912.21 mn by 2025, registering a CAGR of 1.08% during the forecast period. This report covers an in-depth analysis of market, presents its history and makes a forecast for the years 2018 to 2015. It assesses the factors responsible for the market growth and highlights the potential restraints.
Get PDF sample copy of the report at:https://www.qyresearch.com/sample-form/form/742953/global-brake-fluid-market
Dependency of the Vehicles on Brake Fluid for Smooth Function to Expand the Market
Brake fluid is a type of a hydraulic liquid, which is mainly responsible for smooth functioning of the brake system when force and pressure are applied on the brakes. The other function of brake fluid is to move various parts in a vehicle to prevent corrosion. Most of the vehicle such as motorcycles, light trucks, bicycles and other automobiles rely on this braking functions to be safe and durable. Thus, the increasing sales of vehicles has also encouraged the sale of brake fluids in recent years. In addition, rapid growth of the automobile industry and technological advancements have led to an upsurge of the brake fluid market.
DOT 3 to Lead Global Market due to Superior Attributes
The brake fluid market is segmented into boiling point and chemical composition like DOT 1, DOT 2, which are oil based DOT 3, DOT 4 and DOT 5.1 are glycol based and DOT 5 is silicone based. DOT 3 also contains low level of water, which reduces corrosion in vehicle. Therefore, DOT 3 is majorly used across the globe. Moreover, cylinders and brake pistols sometimes heavily suffer from wear and tear and require occasional change in brake fluid. These factors have rapidly increased the demand and sale for brake fluids worldwide. As the automotive industry is adopting new and advanced braking systems, the demand for superior brake fluids is also soaring.
Asia Pacific to Augment the Global Brake Fluid Market
As per the forecast, China and India is expected to augment the brake fluid market as there is a high regional demand for vehicles. Strong presence of manufacturing companies is also expected to bode well for the Asia Pacific market. For instance, BASF opened an automotive brake fluid industry in Pudong, Shanghai as there was a high demand for brake fluid due to the rising population with disposable income that is expected to spend on vehicles for daily commute.
Key Players in the Global Brake Fluid Market
This report covers the key players such as BP, BASF, CCI, Chevron, Exxon Mobil, Total, CNPC, Dupont, Repsol, Fuchs, Prestone, Bosch, Valvoline, Sinopec Lubricant, Morris, Motul, HKS, Granville and Gulf. The key players are mainly focusing on product improvement strategies. For example, BASF is the first company to create and develop a low velocity brake fluid especially for control systems like ESP, ASC and ABS. With such innovations in the product portfolio, companies are expected to fuel the growth brake fluid market.
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