Austin, July 14, 2025 (GLOBE NEWSWIRE) -- The Functional Fluids Market Size was valued at USD 49.4 billion in 2024 and is expected to reach USD 70.46 billion by 2032, growing at a CAGR of 4.63% over the forecast period of 2025-2032.
Growing industrial automation and sustainability trends fuel global demand for advanced functional fluids across manufacturing and consumer industries
The functional fluids market is expanding rapidly, driven by rising industrial automation and the demand for efficient lubrication and heat transfer solutions. A 12% increase in industrial fluid consumption reported by the US Department of Energy between 2022 and 2023 underscores this growth. Companies like Chevron Phillips Chemical and BASF are broadening eco-friendly product lines, supported by U.S. EPA regulations encouraging sustainable fluids. Meanwhile, heightened consumer awareness of environmental and health benefits accelerates adoption in healthcare and beauty sectors, further boosting market momentum and technological innovation.
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The U.S. Functional Fluids market is valued at USD 7.35 billion in 2024 and is projected to reach a value of USD 11.57 billion by 2032, with a CAGR of approximately 5.83% in the forecast period of 2025 to 2032.
The U.S. functional fluids market is growing steadily, driven by advancements in manufacturing automation and rising environmental regulations. For example, companies like ExxonMobil have launched bio-based hydraulic fluids to meet EPA guidelines. The growing aerospace and automotive sectors also contribute to rising demand for specialized functional fluids supporting high-performance machinery.
Key Players:
- ExxonMobil Corporation
- Chevron Corporation
- BASF SE
- Dow Inc.
- TotalEnergies SE
- Royal Dutch Shell plc
- Eastman Chemical Company
- Clariant AG
- Huntsman Corporation
- Lubrizol Corporation
Functional Fluids Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | USD 49.04 Billion |
| Market Size by 2032 | USD 70.46 Billion |
| CAGR | CAGR of 4.63% From 2025 to 2032 |
| Base Year | 2024 |
| Forecast Period | 2025-2032 |
| Historical Data | 2021-2023 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Drivers | • Rising demand for data centers and electronics cooling drives the market growth. |
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By Type, Process Oil dominated the Functional Fluids Market in 2024, with a 34% Market Share.
The dominance is due to its wide use in lubrication, hydraulic systems, and diverse manufacturing processes. Investments by firms like Chevron Phillips Chemical in eco-friendly, high-performance process oils boost this segment’s growth. Valued for heat resistance and operational efficiency, process oils support sectors like automotive and metalworking, helping reduce machinery wear. Their versatility and alignment with environmental standards have strengthened market position, meeting industry demands for reliability under extreme conditions and driving continued adoption across global industrial applications.
By Application, the Industrial Sorting dominated the Functional Fluids Market in 2024 with a 40.23% Market Share.
The dominance is due to rising global industrialization and the essential role of functional fluids in hydraulic systems, heat transfer, and metalworking. Industries like automotive, aerospace, and heavy machinery depend on these fluids to ensure equipment longevity and performance. Companies such as Parker Hannifin have expanded eco-friendly product lines, catering to modern automated factories. Focus on energy efficiency and advanced fluid technology reinforces the segment’s appeal, supporting production efficiency and sustainable industrial growth worldwide.
By Region, Asia-Pacific dominated the Functional Fluids Market in 2024, Holding a 44% Market Share.
The dominance is due to rapid industrial growth, automotive manufacturing expansion, and infrastructure development in nations like China and India. Government policies promoting efficiency and sustainability fuel demand for advanced functional fluids. Firms such as Sinopec offer region-specific hydraulic and process oils to meet local industry needs. Additionally, rising renewable energy investments and cost-effective production strengthen the market. Growing consumer awareness and widespread manufacturing capabilities firmly establish Asia-Pacific as the leading region in this sector.
Recent Developments
- In January 2025, TotalEnergies Lubrifiants acquired Fluid Competence’s Corsave and Lubesave fire‑resistant hydraulic fluids, expanding its portfolio of low‑VOC, mineral‑oil‑free products for mining and tunneling.
- In July 2024, Parker Hannifin expanded its Certified Mobile Electrification Centers network in Spain by partnering with SGI, accelerating low‑carbon mobile equipment operations across EMEA.
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