Global Automotive Brake Fluid Market

Automotive Brake Fluid Market Size, Share, Growth Analysis, By Product(DOT 3, DOT 4, DOT 5, DOT 5.1.), By Vehicle Types(Passenger Car, Commercial Vehicle), By Region - Industry Forecast 2024-2031


Report ID: SQSG25A2006 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 63 | Figures: 75

Automotive Brake Fluid Market Dynamics

Automotive Brake Fluid Market Driver

  • Population growth and urbanization: As the world's population continues to grow and more people move into cities, the demand for vehicles will grow, so does the automotive brake fluid market.
  • Economic development: As countries develop economically, their residents have more disposable income and purchase more vehicles
  • Car ownership: The number of cars on the road is another key factor driving brake fluid demand. More cars mean more need for brake fluid!
  • Safety concerns: As safety becomes increasingly important to consumers, car manufacturers are incorporating ever-more complex braking systems into their vehicles which require larger quantities of brake fluid.
  • Stringent emissions regulations: In order to meet stricter emissions standards, carmakers are using regenerative braking systems which recycle brake fluid back into the system. This, in turn, is driving growth of automotive brake fluid market
  • Electric vehicles: The rise of electric vehicles is also playing a role in boosting brake fluid demand as these types of cars typically have stronger regenerative braking systems than traditional petrol or diesel cars. 

Automotive Brake Fluid Market Restraint

  • Economic conditions: Currently, the global automotive brake fluid market is struggling with rapidly growing effect of rising inflation with weak economy. This, in turn, resulted in fewer people buying or leasing new vehicles, and instead opting to keep their current vehicle longer. This can lead to a reduction in demand for all automotive products, including brake fluid.
  • Changes in driving habits: With the rising fuel prices, more consumers in developing nations are moving towards economical option such as public transport than their cars. As a result, it will leave a negative impact on the overall consumption of automotive brake fluid market.
  • Technology advancements: Latest improvements in braking technology have made brake fluid less necessary or effective, this could lead to a decrease in demand as well.
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FAQs

Automotive Brake Fluid Market was valued at USD 832.32 billion in 2019 and it is expected to grow from USD 848.9 billion and reach at USD 994.7 billion by 2031, at a CAGR of 2% over the forecast period (2024-2031).

The automotive brake fluid market is a highly competitive and rapidly changing market. In order to sustain in this industry, companies are constantly innovating and adapting to the ever-changing landscape. Some of the ways that companies are sustaining in the automotive braking fluid industry include: 'BASF SE', 'Chevron Corporation', 'Exxon Mobil Corporation', 'Royal Dutch Shell PLC (Netherlands/UK)', 'BP PLC (UK)', 'TotalEnergies SE (France)', 'China Petrochemical Corporation (China)', 'Idemitsu Kosan Co., Ltd. (Japan)', 'Phillips 66 Company (US)', 'FUCHS Group (Germany)', 'Valvoline Inc. (US)', 'Petronas Lubricants International Sdn Bhd (Malaysia)', 'Castrol (UK)', 'Indian Oil Corporation Limited (India)', 'Sinopec Lubricant Company (China)', 'JXTG Nippon Oil & Energy Corporation (Japan)', 'Motul (France)', 'Morris Lubricants (UK)', 'Houghton International Inc. (US)', 'Repsol S.A. (Spain)'

Population growth and urbanization: As the world's population continues to grow and more people move into cities, the demand for vehicles will grow, so does the automotive brake fluid market.

Increased focus on performance – As vehicles become more powerful and capable, there is an increased demand for fluids that can handle the added stress and provide optimal performance. This has led to the development of new formulations that can withstand higher temperatures and pressures, delivering improved braking feel and response. As a result, the trending adding more fuel to the growth of automotive brake fluid market.

The Asia Pacific automotive brake fluid market is anticipated to grow at a CAGR of 5% over the forecast period of 2022-2028. The region is expected to dominate the market owing to the presence of major players in the region and rise in vehicle production. Moreover, countries such as China and India are witnessing rapid urbanization and economic development, which is further fuelling the growth of the automotive industry in the region.

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Global Automotive Brake Fluid Market

Product ID: SQSG25A2006

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