Automotive Brake Fluid Market Outlook –
In Asia Pacific, India and China is expected to fuel the growth of the automotive brake fluid market at an increasing rate due to its regional demand and establishment of companies such as S-CCI India Private Limited, Napson Lubricants Private Limited and Unicorn Petroleum Industries Private Limited, and Starol Petroleum Limited. In new developments, BASF established an automotive brake fluid manufacturing plant in Pudong, Shanghai due to rise in demand by the domestic population. Owing to these factors, the automotive brake fluid market is estimated to grow at a significant rate in Asia Pacific during the forecast period.
Establishment of numerous workshops, retailers and service centers are the major factors to drive the global automotive brake fluid industry in the forecast period. In recent developments, TRW aftermarket brake fluids has developed an advanced DOT 3 brake fluid, which is utilized in advanced braking systems that include electronic stability programmers (ESP). In such systems, the brake fluid needs to react quickly, maximize the performance of the vehicle, and prevent skidding. New brake fluids are installed in every new vehicle prior to sale, which is also estimated as a major growth factor for the automotive brake fluid market during the forecast period.
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Some of the key participating players in the automotive brake fluid market include Beijing Haidian Huiyuan Synthetic Agents, Bosch, Copton, Beijing Haidian Huiyuan Synthetic Agents, Cnpc, Castrol (BP), Caltex, Exxon Mobil, Delian Group, Fuchs, Jilin Hairun, Irico Group, Original, Laike, Shenzhen Pingchi Industry Co, Shell, Sinopec, Total, Teec, Zhuhai Gaida Shiye, and Tianjin Xuqi Gongmao along with others.
Automotive brake fluid is mainly used in automotive to lubricate and prevent corrosion of the moving parts. Automotive brake fluids are renewed or changed every 1 to 2 years and monthly in racing automotive to improve the safety and durability of the vehicle, which creates a major market for automotive brake fluid across the globe. Growing number of automotive OEMs and car service providers have resulted in the growth of technological advancement and product innovations of brake fluids by core companies such as BASF, Castrol, Bosch, Dow Automotive Systems, and Exxon Mobil along with others. Owing to these factors, the global automotive brake fluid market is expected to increase at a significant growth rate over the forecast period (2017-2025).
Automotive brake fluid is hydroscopic, meaning absorption of moisture is a natural property of brake fluid due to which corrosion is accumulated, serving as a restraint for the automotive brake fluid market. These restraints are significantly curtailed through product innovations by market leaders. For instance, a new product by Castrol, which consist of polyglycol type brake fluid, provides high braking performance under normal driving conditions and is commercialized under the product name – Castrol brake fluid dot 4.
The DOT (department of transportation) is categorized in automotive brake fluids by its boiling point and chemical composition as DOT 1, 2, 3, 4, 5 and 5.1 respectively. Gylcol fluids are used in 99% of vehicles and DOT 3 is majorly used due to its low content of water, which affects the brake system and reduces corrosion. Brake pistons and cylinders suffer from wear and tear, leading to the necessity for period change of brake fluid, which is a major factor for the growing demand of automotive brake fluid in the global market during the forecast period.
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Automotive Brake Fluid Market Taxonomy
On the basis of fluid types:Non-petroleum base,Petroleum (mineral) base
On the basis of product type:Castor oil-based (pre-DOT, DOT 2),Glycol-based (DOT 3, 4, 5.1),Silicone-based (DOT 5)