Automotive Brake Fluid Market Size and Growth Rate:
Automotive Brake Fluid Market was valued at USD 29.06 Billion in 2017 and projected to reach USD 31.99 Billion by 2025 growing at a CAGR of 1.03% during the forecast period 2018 to 2025.
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Automotive Brake Fluid Market Growth Drivers and Restraints:
Growing production of vehicles and the rising demand for lightweight engines are projected to boost the automotive brake fluid market during the projected period. The rise in demand for vehicles with excellent braking system is a key factor that is anticipated to drive the demand in future. Stringent norms on automotive industries regarding security concerns by global regulatory bodies are expected to augment the market. Brake fluid is effective for various braking activities such as durability, better braking response, longer life, and flexibility. This is expected to provide lucrative opportunities to the automotive brake fluid market. Increasing braking fluid, replacement, high cost, and union in the vehicle are some limitations of the world market.
The burgeoning demand for vehicles in nations like China and India is projected to drive growth for the automotive brake fluid market. Companies are building production sites in these regions so as to satiate the local market. For instance, BASF opened a manufacturing plant in Pudong, Shanghai to support the market of local customers; which in turn is making a demand for this fluid in China. However, the lack of knowledge among end users is restraining the growth of the global market.
The central route to this market is via the aftermarket, which holds workshops, automotive service centers and retailers for supply to DIY (do it yourself) end users. The local aftermarket includes general & automotive retailers and petrol forecourts. The resting market for brake fluid is held by OEMs for the first fill in a vehicle. Therefore, tie-ups with OEMs become an important driver over all regions since they provide an assured route to the market through the sale of new cars.
Geographical Analysis of Automotive Brake Fluid Market:
Based on geography, the automotive brake fluid market can be divided into North America, Europe, Asia Pacific, and Rest of World (RoW). The Asia Pacific estimates for a major share of the global market, owing to the great rate of adoption of automotive braking fluid and development of the automotive sector in the region, pointing to increased production of vehicles, particularly in China and India.
Key Players of Automotive Brake Fluid Market:
Important players operating in the global automotive brake fluid market include Castrol, Robert Bosch GmbH, BASF, Delian Group, Total S.A., Pentosin, Shell, Dow Automotive Systems, Exxon Mobil, Compton, Shenzhen Pingchi Industry Co, and FAW Group Corporation.
Automotive Brake Fluid Market Segmentation:
· Mineral Oil
· Passenger Cars
· Commercial Vehicles
· North America
· South America
· Asia Pacific
· Middle East and Africa
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