Brake Fluid Market Is Prognosticated to Receive a Strong Impetus by 2023
Market Scenario
Most drivers check their engine oil or tire pressure regularly, but very often drivers check the brake fluid in their vehicle. Automotive brake fluid is a type of hydraulic fluid used in hydraulic clutches & brake applications in motorcycles, automobiles and some bicycles. It plays a crucial role as it transfers force when a driver applies the brake. Additionally, automotive brake fluid helps prevent corrosion and serves as lubricant for all movable parts.
Industry Overview
The burgeoning demand for vehicles in countries like China and India is forecasted to drive growth for the automotive brake fluid market. Companies are establishing production sites in these regions so as to satiate the local demand. For instance, BASF opened an automotive brake fluid production plant in Pudding, Shanghai to support the demand of local customers; which in turn is driving demand for automotive brake fluid in China. However, the lack of awareness/understanding among end user is restraining growth of the global automotive brake fluid market.
The main route to this market is via the aftermarket, which includes workshops, automotive service centers and retailers for supply to DIY (do it yourself) end users. The retail aftermarket includes general & automotive retailers and petrol forecourts. The remaining market for brake fluid is held by OEMs for the first fill in a vehicle. Therefore, tie ups with OEMs becomes an important driver across all regions since they provide an assured route to the market through the sale of new cars.
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Industry Top Player’s
Dow,BASF,BP,Exxon Mobil, Total, Valvoline, Shell, Chevron, Fuchs, CCI, Bendix, DATEX, Repsol, Morris, Bosch, Gulf, ATE, Motul
Market Segments
Market Segment by Regions, regional analysis covers
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers
• DOT 3
• DOT 4
• DOT 5
• DOT 5.1
Market Segment by Applications, can be divided into
• Passenger Vehicle
• Commercial Vehicle
• Others
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