The Global Market for Functional Fluids is Projected to Reach US$22.8 Billion by 2020
Growing Levels of Plant Automation Augurs Well for the Global Functional Fluids Market, According to a New Report by Global Industry Analysts, Inc. GIA announces the release of a comprehensive global report on Functional Fluids. The global market for Functional Fluids is projected to reach US$22.8 billion by 2020 , fuelled by the strong emphasis on uninterrupted functioning of machinery and elimination of unwarranted equipment failure. Functional fluids, made from base stocks sourced from natural petroleum, mineral oils or synthetic polymers, are capable of improving productivity, energy efficiency, and sustainability of equipment in various industries. Dependence of the 21 st century on fuel-based machines makes functional fluids an important market worldwide. Also, growing demand for manufactured goods is driving manufacturers and processors to rely heavily on machinery to automate production and processing operations in order to enhance overall output. Given the critical...