The Functional Fluids Market was valued at USD 49.4 billion in 2024 and is projected to reach USD 70.46 billion by 2032, with a CAGR of 4.63%. Increasing industrial automation and sustainability trends are driving global demand for advanced functional fluids in manufacturing and consumer industries.

The U.S. Functional Fluids market is valued at USD 7.35 billion in 2024 and is expected to reach USD 11.57 billion by 2032, with a CAGR of approximately 5.83%. Advancements in manufacturing automation and rising environmental regulations are driving market growth, with companies like ExxonMobil launching bio-based hydraulic fluids to meet EPA guidelines.

Process Oil dominated the Functional Fluids Market in 2024 with a 34% market share, due to its wide use in lubrication and diverse manufacturing processes. Investments in eco-friendly, high-performance process oils by companies like Chevron Phillips Chemical are driving growth in this segment, supporting sectors like automotive and metalworking.

Industrial Sorting dominated the Functional Fluids Market in 2024 with a 40.23% market share, driven by global industrialization and the essential role of functional fluids in hydraulic systems and metalworking. Focus on energy efficiency and advanced fluid technology by companies like Parker Hannifin supports production efficiency and sustainable industrial growth worldwide.

Asia-Pacific dominated the Functional Fluids Market in 2024, holding a 44% market share, due to rapid industrial growth and infrastructure development in countries like China and India. Government policies promoting efficiency and sustainability, along with rising renewable energy investments, strengthen the market in the region. Companies like Sinopec offer region-specific oils to meet local industry needs.

Read more at GlobeNewswire: Functional Fluids Market Set to Surpass USD 70.46 Billion