The global auto brake fluid market is anticipated to grow at an estimated CAGR of 5.15% by 2024, according to the report published by Report Bazzar.
NEW YORK, NEW YORK, UNITED STATES, June 19, 2017 /EINPresswire.com/ — The global auto brake fluid market is anticipated to grow at an estimated CAGR of 5.15% by 2024, according to the report published by Report Bazzar. Auto brake fluid is a hydraulic fluid type widely used in hydraulic clutches and brake applications. Rising demand for automobiles among the consumers is expected to be a driving factor force for the overall industry.
Other than automobiles, auto brake fluids are also used in light trucks, motor cycles, and some of the bicycles.
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They are used to transfer force into pressure, and to amplify the brake force. In addition, the main function of the auto brake fluid is to provide an incompressible medium to transmit the driver’s foot pressure on the brake pedal through the master cylinder to the calipers in order to clamp the friction material against the discs.
Moreover, the auto brake fluid serves as a lubricant for all movable objects and prevents corrosion. As it is incorporated with rubber seals and hoses it makes it compatible for braking systems to achieve longer service combined with optimal performance.
Here, the value chain analysis involves the upstream, midstream and downstream sections. The upstream category consists of solvents, additives and base polymers. Midstream section involves the brake fluid. Lastly, the downstream applications consist of automobiles, light trucks and motorcycles. In 2014 the global auto brake fluid production is about 230 thousand tonnes. Such a trend is anticipated to aid the overall industry over the forecast period.
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However, to maintain the upkeep of any vehicle, there should be a lot of safety and maintenance factors associated with it. The brake system itself must withstand a substantial amount of mechanical and physical influences such as temperature fluctuations.
One of the company named Millers Oils introduced silicone based DOT5 brake fluid that was prepared to withstand higher temperature pressures over other brake fluid types. Other advantages that are specifically included for silicone brake fluid is that is does not damage the paint work and does not absorb water. Although, owing to its texture, DOT5 fluids are not recommended for motor sport applications.
Europe holds more than 35% of the total production share in recent past followed by Asia Pacific region. Increasing disposable income coupled with rising demand for automobiles among the consumers is expected to assist the overall productivity of the concerned market.
Most of the brakes sold in the North American region is classified under the US Department of Transportation(DOT) under their ratings namely DOT3 and DOT4. Owing to their favourable properties related to boiling point, viscosity and compressibility they are widely used by the manufacturers and producers.
Brake fluids also have to undergo specific standards namely Department of Transportation’s National Highways Traffic Safety Administration (DOT NHTSA), the Society of Automotive Engineers (SAE) and the International Organisation for Standardisation (ISO).
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Market participants mainly include Castrol, Cosan, Total, BASF, Repsol, Caltex, Dow Automotive Systems, Bendix, Valvoline, Lanka IOC, BP Huntsman, Morris, Tosol-Sintez and Petrochemcarless amongst others.
Product Outlook (Volume , Metric Tonnes, Revenue, USD Million; 2014 – 2024)
• Castor oil alcohol
• Mineral oil
• Synthetic varieties
Application Outlook (Volume , Metric Tonnes, Revenue, USD Million; 2014 – 2024)
• Light trucks
Regional Outlook (Volume , Metric Tonnes, USD Million; 2014 – 2024)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
o Saudi Arabia.
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Source: EIN Presswire