The new report by Expert Market Research titled, ‘Global Automotive Brake Fluid Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive brake fluid market, assessing the market based on its segments like fluid types, product types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Automotive Brake Fluid Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 2.40%
|Growth Rate CAGR||2.40%|
|Major Players||BASF SE, Chevron Corporation, The Dow Chemical Company, Exxon Mobil Corporation, and Valvoline Inc., among others.|
The demand for automotive brake fluid is likely to be fuelled by the increasing sales of commercial and passenger automobiles owing to the rising disposable income and rapid urbanisation. In addition to this, the rising number of accidents and growing incidences of reckless driving are anticipated to propel the demand for efficient braking system, thereby, invigorating the automotive brake fluid market.
Moreover, the increasing investments by the automobile users towards the maintenance of their vehicle are anticipated to boost the demand for automotive brake fluids owing to the fact that they can absorb significant amount of moisture over a period of time, thereby, downgrading the quality of the braking system.
Geographically, North America accounts for a significant share in the market owing to the advanced automotive infrastructure in the United States of America and Canada.
Automotive Brake Fluid Industry Definition and Major Segments
Automotive brake fluid is defined as a type of hydraulic fluid which is applied in the hydraulic brakes in an automobile. Automotive brake fluid transfers the force applied by the driver on the brake pedal into pressure in order to amplify the braking force. Brake fluid is important for an automobile as the incompressibility of the liquid makes the stopping process of an automobile effective, timely, and efficient.
Moreover, the performance of brake fluid is inversely proportional to the amount of moisture it gets due to aging. Brake fluids containing more moisture are called hygroscopic.
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On the basis of fluid type, the market can be segmented into:
The different product types, based on which the market has been segmented include:
• DOT 3
• DOT 4
• DOT 5
• DOT 5.1
Based on application, the market has been classified into:
• Light Commercial Vehicles
• Passenger Cars
The regional markets for automotive brake fluid include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Automotive Brake Fluid Market Trends
The key trends in the global automotive brake fluid market include the technological advancements in the automotive industry aimed towards enhancing the braking systems in order to provide security and comfort to the passengers. Meanwhile, the stringent government regulations to bolster the safety of automobile consumers and to enhance the reliability of the public transport system is likely to be another key trend in the market.
Furthermore, the growing R&D activities by the major automotive manufacturers to manufacture vehicles equipped with advanced braking system, are anticipated to provide impetus to the market in the forecast period. Hence, these developments are likely to contribute to the market growth in the coming years.
Key Market Players
The major players in the market are:
- BASF SE
- Chevron Corporation
- The Dow Chemical Company
- Exxon Mobil Corporation
- Valvoline Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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