Top 6 Vendors in the Global Functional Fluids Market from 2016 to 2020, According to Technavio
Technavio
has announced the top six leading vendors in their recent global
functional fluids market report until 2020. Vendors are
identified based on their revenue and market dominance in terms of
experience, geographical presence, product portfolio, financials, and
R&D.
Based on application, the market is broken down into three segments,
which include transportation,
industrial, and construction.
The transportation segment is expected to dominate the global functional
fluids market with a share of 42.23% during the forecast period. This
dominance is attributed to the high demand for transmission and hydraulic
fluids and heat
transfer fluids in different types of automobiles used in the
transportation segment.
“Currently, Germany is the leading producer of transportation equipment
in EMEA. Therefore, it consumes the highest volume of functional fluids.
The transportation equipment segment will experience massive growth in
most countries of North America because of the high vehicle production
rate in the region,” says Chandrakumar Badala Jaganathan, a lead analyst
at Technavio for research on specialty
chemicals.
Competitive vendor landscape
The global
functional fluids market is highly fragmented and has many
regional as well as global players. The market is highly competitive,
and pricing pressures in the market are leading to price wars. A lot of
new product launches and innovation in the existing products are
expected as a result of regulatory developments. Massive investments in
R&D to produce new competitive technologies and innovations provide
convenience and efficiency to end-users in newer product developments.
Global players have the advantage of significant base stock supplies and
invest heavily in product innovations and development to gain a
competitive edge over competitors. Companies that rely on suppliers are
undergoing backward integration to enable base stock supply. Market
players are keen to enter into partnerships and deals to create mutual
benefits and growth. Major players invest massively in R&D to
restructure and realign their product portfolios.
All major players in the market are following the green trend by adding biosynthetic
and sustainable functional fluids to their product portfolio.
Strict environmental regulations along with the fluctuating price of
base stock are also forcing players to go green.
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Top six functional fluids market vendors
BASF
BASF was founded in 1865 and is headquartered in Ludwigshafen, Germany.
It is a chemical company that delivers a vastly diversified range of
products like plastics, chemicals, crop protection products, and oil and
gas. The company serves diversified industries, including paper,
furniture, automotive, and others and has customers in 200 countries
worldwide. In FY2015, the company had 112,435 employees, generated
revenue of USD 78.21 billion and invested USD 2.17 billion in R&D.
BP
BP was established in 1909 and has its headquarters in London, UK. It is
a global oil and gas company that delivers energy services and products
across the globe. In FY2015, the company reported revenue of USD 222.9
billion and had 82,600 people employed globally.
Chevron Oronite
Chevron Oronite develops and markets quality additives to improve the
performance of fuels and lubricants. It is a subsidiary of Chevron. The
company operates seven manufacturing sites worldwide.
In 2014, it completed the expansion projects at its manufacturing
facilities in Gonfreville in France and Singapore. The company also made
a final investment decision to build a carboxylate plant in Singapore,
which is to be completed in 2017. Its main facilities are supplemented
by regional plants in Mexico, Brazil, Japan, and India. The company
operates R&D facilities at Richmond, California, US; Omaezaki, Japan;
Gonfreville, France; and Rotterdam, the Netherlands.
ExxonMobil
ExxonMobil is principally engaged in business activities involving
energy; the exploration and production of natural gas and crude oil; the
manufacture, transportation, and sales of petroleum products such as
aromatics, olefins, specialty products, polyethylene, and polypropylene
plastics.
Shell
Shell was formed in 1907 and is headquartered in The Hague, the
Netherlands. The company is a united energy company with investments in
the oil and gas value chain. It carries out business activities through
segments, namely, upstream, downstream, and corporate. The company has
an operational presence in the US, APAC, and Europe. In FY2015, the
company generated a revenue of USD 264.9 billion and had 93,000 people
employed globally.
TOTAL
TOTAL was established in 1924 and is headquartered in Courbevoie,
France. It is known for offering energy-related products and services to
customers around the world by producing, refining, and marketing oils
and petrochemicals.
It functions through three primary energy business segments such as
upstream, refining and chemicals, and marketing services. In FY2015, the
company generated a revenue of USD 165.3 billion, had employed 96,019
people, and operates in more than 130 countries.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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