The new report by Expert Market Research titled, 'Global Automotive Brake Fluid Market Report and Forecast 2022-2027', 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.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 40%
The global automotive brake fluid market is being driven by the factors such as rising cases of road accidents, stringent government regulations aimed towards bolstering safety on roads, rising traffic congestion, and rising demand for automobiles with smooth braking system. Additionally, the rising demand for passenger and commercial vehicles owing to the rising disposable income and increasing standards of living are anticipated to aid the market in the forecast period. In terms of region, the Asia Pacific accounts for a significant share in the market owing to the presence of high consumer base in India, China, and South Korea, among others. The strong foothold of major market players is likely to be a strong driving factor of the market in the region.
Industry Definition and Major Segments
Automotive brake fluid refers to a kind of hydraulic fluid which is used to transfer force into pressure. Brake fluid is found in hydraulic and brake and hydraulic clutch in an automobile. When the driver presses the brakes, the fluid converts the force into pressure to the front and rear brake, thereby, stopping the motion of the vehicle. Some of the notable properties of the brake fluids include high operation temperature, good low-temperature and viscosity-temperature property, and great physical and chemical stability.
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On the basis of fluid type, the market has been segmented into:
Based on product type, the market has been classified into:
- DOT 3
- DOT 4
- DOT 5
- DOT 5.1
The significant applications of the product include:
- Light Commercial Vehicles
- Passenger Cars
The regional markets for automotive brake fluid include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The technological innovations and rising investments by the key automotive market players to enhance the braking quality of an automobiles are anticipated to be the key trends in the market. The changing industry demands, coupled with the increasing inclination of major automotive industry players towards high performance fluids in order to augment the overall performance of the vehicle, is likely to provide impetus to the market in the forecast period. Furthermore, the favourable policies of the government to curb the cases of vehicular accidents is likely to aid the market 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, and Valvoline Inc, among others. 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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