New York, US, June 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Brake Fluid Market Information by Fluid Type, Product Type, Vehicle Type, Sales Channel, and Region - Forecast till 2030”, The market for automotive brake fluid will increase from USD 1.3 billion in 2023 to USD 1.9 billion by 2032, at a rate of 5.00% over the review period (2023-2032).
Automotive Brake Fluid Market Overview
Automotive brake fluids are an important component of the hydraulic braking system, which includes hydraulic brakes and clutches, and they help to keep cars running smoothly. The brake liners are mechanical components that move brake fluid from the main hydraulic cylinder to the wheel cylinder or brake caliper in a vehicle's braking system. The fluid in the brake liners forces the brake pads to exert pressure against the rotor when the brakes are applied, enabling a secure and secure deceleration of the vehicle.
The hydraulic brake system can operate smoothly and withstand the high temperature produced by the brake system thanks to the brake fluids. They are made with care to prevent harm to the rubber parts of the entire brake system. The overall performance of the braking system is enhanced by routine fluid replenishment. The hydraulic braking system has taken the role of the mechanical braking system in modern automobiles, which has resulted in a profitable increase in the market need for brake fluids. The performance requirements for brake fluids have been developed by the Society of Automotive Engineers and the Department of Transportation (DOT).
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Automotive Brake Fluid Market Competitive Landscape:
The top companies in the automotive brake fluid industry are
- Robert Bosch GmbH
- The China National Petroleum Corporation
- Castrol
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Royal Dutch Shell plc
- China Petroleum & Chemical Corporation
- Total S.A.
- Chevron Corporation
- Qingdao Copton Technology Company Limited
- Among others.
Market USP Covered:
Automotive Brake Fluid Market COVID 19 Analysis
Governments in many nations throughout the world implemented tight lockdown restrictions during the initial phases of the COVID-19 outbreak. Due to the second wave's spread in 2021, several nations experienced the pandemic's negative impacts. As a result, governments once more implemented lockdown procedures. Production has faced difficulties as a result of business closures, sporadic operations, and travel restrictions. However, it is anticipated that once trade activities resume, the market's demand will continue to expand steadily during the ensuing years. When calculating the current and prospective market sizes and growth trends for all the regions and countries, the impact of COVID-19 on market demand is taken into account.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 1.9 billion |
| CAGR during 2023-2032 | 5% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fluid Type, Product Type, Vehicle Type, Sales Channel, and Region |
| Key Market Opportunities | Increasing sales and production of automobiles |
| Key Market Dynamics | The increasing demand in the automotive industry and growing numbers of vehicles, automobile service providers and OEMs across the globe |
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Market Drivers:
During the appraisal period, it is predicted that increased vehicle sales and manufacturing will accelerate the expansion of the automotive brake fluids market. This is due to quick urbanization, growing industrialization, rising consumer disposable income, and technological innovation. The rising use of personal vehicles has also raised worldwide auto sales and, consequently, automaker production, which is anticipated to assist the expansion of the automotive brake fluids market throughout the course of the projected period.
In the forthcoming years, the market for automotive brake fluids is expected to rise more rapidly due to rising safety consciousness. This is a result of the rising incidence of accidents worldwide. Moreover, over the forecast period, the government's implementation of tight norms and regulations on the automobile industry with regard to safety is anticipated to assist the market expansion for automotive brake fluids. The market is also expanding as a result of the rising demand for vehicle electronic braking systems, which are employed for safety.
Market Restraints:
The introduction of cutting-edge technologies, like brake-by-wire, could replace the conventional hydraulic braking system, limiting market expansion.
Due to the expanding demand in the automotive sector and the rising number of cars, auto service shops, and original equipment manufacturers (OEMs) around the world, the markets for automotive brake fluid could, however, see a potential expansion. Additionally, the market is expanding due to technical improvement, an increase in investment budgets at several well-known firms in the industry, and rising automotive sales and production.
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Automotive Brake Fluid Market Segmentation
By Fluid Type
Petroleum and non-petroleum fluid types are included in the Automotive Brake Fluid Market segmentation, with respect to the Fluid Type. The petroleum category accounted for the majority of the worldwide market share in 2022 and is anticipated to do so throughout the anticipated period due to the increased demand for petroleum-based automotive braking fluid.
By Product Type
Castor oil-based, glycol-based, and silicone-based brake fluids are among the product types included in the segmentation of the automotive brake fluid market. Glycol-based oil now controls the global market for car brake fluid because it is less likely to absorb moisture than other kinds of brake fluid. This suggests that it won't corrode your brake system's components as quickly.
By Vehicle Type
Passenger cars, commercial vehicles, and off-road vehicles are included in the segmentation of the automotive brake fluid market based on vehicle type. The commercial vehicle industry dominated the global market for brake fluid in 2022. Because they are heavier and frequently larger than passenger cars, commercial vehicles frequently require more brake fluid to operate successfully.
By Sales Channel
OEM and aftermarket are two segments of the automotive brake fluid market depending on sales channel. In 2022, the OEM segment dominated the world market. The rising sales of vehicles can be held responsible for this.
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Regional Insights
With increased vehicle production and the presence of major competitors in the region, the Asia Pacific market held the top spot in 2022 (45.80%). The rapid urbanization and economic growth taking place in countries like China and India is a second factor promoting the growth of the automobile industry in the region. The governments have put in place regulations that encourage the usage of electric vehicles and the growth of related industries. This is expected to have a substantial positive impact on the Asia-Pacific market for electric vehicles throughout the course of the forecast period. Additionally, the Indian Automotive Brake Fluid market had the quickest rate of growth in the area, while China's Automotive Brake Fluid market had the greatest market share.
The second-largest market share for vehicle brake fluid happens to be in Europe. There has been a spike in the production of cars employing automotive brake fluid, especially in Germany and the U.K., as a result of the widespread use of the substance and the expansion of the local automotive sector. Additionally, the U.K. automotive brake fluid market grew the fastest in the European region, while the German automotive brake fluid market had the biggest market share.
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