USD 1.19 billion
Engineered Fluids Market Size, Share, Growth Analysis, By type of Engineered Fluids(Heat Transfer Fluids, Dielectric Fluids, Hydraulic Fluids, and Refrigeration Fluids), By Application(Electronics & Semiconductors, Aerospace, Automotive, Energy), By Base Fluid Type(Mineral Oil, Synthetic, and Bio-based), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20F2012 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
93
|Figures:
76
Engineered Fluids Market Insights
Global Engineered Fluids Market size was valued at USD 1.19 billion in 2022 and is poised to grow from USD 1.26 billion in 2023 to USD 1.93 billion by 2031, at a CAGR of 5.52% during the forecast period (2024-2031).
In recent years, the global engineered fluids market in recent years has been growing rapidly for a number of reasons. The superb heat transfer properties of engineered fluids are pushing their use across sectors including electronics, energy, and aerospace for all kinds of unusual applications. These fluids, usually on the basis of advanced synthetic formulations, provide effective thermal management solutions.
The search for green alternatives and breakthroughs in nanotechnology accelerate the market's growth. Yet production costs are high, and strict environmental controls limit what can be done. These are trends in the market evolution. Some, for instance, include the development of biodegradable engineered fluids and their increasingly wide use in advanced applications.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Heat Transfer Fluids
Fastest Growth
Dielectric Fluids
Growth Rate
5.52% CAGR
Global Engineered Fluids Market ($ Bn)
Country Share for North America Region (%)
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Engineered Fluids Market Segmental Analysis
The global Engineered Fluids market is segmented into four major segments i.e. by type of Engineered Fluids, Application, Base Fluid Type, and region. Based on Type, it is divided into Heat Transfer Fluids, Dielectric Fluids, Hydraulic Fluids, Refrigeration Fluids. Based on Application, it is bifurcated as Electronics & Semiconductors, Aerospace, Automotive, Energy, Pharmaceuticals. Based on Base Fluid Type it is segregated into, Mineral Oil, Synthetic, Bio-based. Based on region, the market is segmented into United States, Canada, and Mexico.
Analysis by Type
Seeing the broad applications of heat transfer fluids in everything from electronics and automotive to energy, it seems they will soon rule this market. The effectiveness which heat transfer fluids have in maintaining temperature for a wide range of applications plays an important role in making them the preferred choice as thermal management solutions.
The fastest-growing type is expected to be that using dielectric fluids. As electrical insulation needs rise rapidly in the electronics and semiconductor industries, dielectric fluids are crucial for preventing breakdowns of electric current flow as well as assuring reliable operation of all kinds of people's lives. As technology marches on in the electronics industry, demand for dielectric fluids will rocket. This newly emerged segment of engineered fluids is by far the fastest growing market sector anywhere.
Analysis by Application
The Electronics & Semiconductors segment is positioned to rule the engineered fluids market. Strict thermal management requirements of electronics manufacturing, especially the cooling system for electronic components require that engineered fluids be used. This segment has become a leading application area, due to their high-efficiency heat transfer properties and dielectric capacities.
Energy is expected to be the fastest-growing application segment. With the energy industry going through changes in an age of renewable energy sources and improved power generating technologies, engineered fluids are needed more than ever before. The segment is growing swiftly, and these fluids are increasingly crucial for thermal energy storage, heat transfer systems and cooling in the entire energy sector. This is exacerbated by the fact that in this application there has been a drive toward sustainable energy solutions.
Global Engineered Fluids Market By Type
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Engineered Fluids Market Regional Insights
North America is set to rule the roost in engineered fluids. Leading the region is its dominance of key industries, including electronics, aerospace and automotive-areas in which engineered fluids see their broadest application. Secondly, the strong R & D activities and advanced technology adoption help contribute to North America 's dominance of this market.
Asia-Pacific is predicted to be the fastest growing area in engineered fluids. The growing demand for fluids is driven largely by rapid industrialization, especially in developing economies such as China and India. Surging electronics and automotive industries, while rising investments in energy infrastructure make for the rapid growth of this region.
Global Engineered Fluids Market By Region
- Largest
- Fastest
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Engineered Fluids Market Dynamics
Drivers
Increasing Demand Across Diverse Industries
- Rising demand in various industries, not least electronics, is one of the biggest factors forcing this change. aerospace and automotive industry. These engineered fluids are famous for their high heat transfer and dielectric properties, having an impact on the thermal management applications which influence electronic components 'and system performance. Also, in other fields such as renewable energies and power generation that are trending towards improving energy efficiency presents another powerful stimulus for developing engineered fluids which have heat exchange characteristics by nature.
Restraints
High Production Costs Associated with Advanced Synthetic Formulations
- High production costs of advanced synthetic formulations present a big obstacle to widespread use, especially in price-sensitive markets. Furthermore, stringent environmental regulations and concerns about the ecological impact of some engineered fluids (disposal problems or toxicity) constitute market constraints. Moreover, complex source issues and the fact that some base fluid types are not easily available only serve to compound these difficulties.
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Engineered Fluids Market Competitive Landscape
Technological innovation and competition for market share in the Engineered Fluids industry is highly dynamic. Fierce competition has resulted in focus on research and development to develop novel engineered fluid solutions tailored especially for the needs of an industry. This effectively extends market reach and capabilities through alliances, mergers or takeovers. Moreover, localized demands are met by regional players.
Top Player’s Company Profiles
- ExxonMobil (USA)
- Dow Chemical Company (USA)
- BASF SE (Germany)
- Chevron Corporation (USA)
- Shell plc (UK)
- Total Energies DE (France)
- China National Petroleum Corporation (CNPC) (China)
- Sinopec Group (China)
- Eni SpA (Italy)
- Honeywell International Inc. (USA)
- The Lubrizol Corporation (USA)
- AkzoNobel NV (Netherlands)
- Infineum (USA/UK)
- Henkel AG & Co. KGaA (Germany)
- Solvay SA (Belgium)
- FUCHS Petrolub SE (Germany)
- Lanxess AG (Germany)
- Ashland Inc. (USA)
- Chemours Company (USA)
- ExxonMobil Chemical Company (USA)
Recent Developments
- September 2023: Soltex Inc., an electrical insulating lubricant and coolant chemicals manufacturer-distributor, has also purchased DSI Ventures as a move for further product diversification. This purchase reflects Soltex's resolve to increase its products and facilities in the specialized electrical lubricants area.
- August 2023: The purchase of Cascade Engineering Europe (CEE) by international automotive fluid systems technology supplier TI Fluid Systems has already been completed. Located in Hungary, CEE is a pioneer among car makers with respect to the design and manufacture of thermal fluid connectors or other types of plastic injection molded parts.
- TIPCO Technologies, which is one of the largest independent distributors in the United States for fluid conveyance and sealing solutions, announced it had merged with HydraTech Industrial Solutions.
Engineered Fluids Key Market Trends
- Rising Adoption of Biodegradable and Environmentally Friendly: The expanding use of biodegradable and environmentally friendly engineered fluids. Amid increasing focus on sustainable development, companies are looking to environmentally friendly formulations of fluids that consume less electricity and do not contain greenhouse gases. Other important trends include nanotechnology in engineered fluids, where it is being used to fortify a fluid's thermal and dielectric properties for enhanced efficiency and more exact applications. Further, a trend toward developing custom fluids for specific industries' unique thermal management requirements has begun to take shape.
Engineered Fluids Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global engineered fluids market is an active and dynamic one, with a number of prominent trends and difficult issues. An ever growing need across industrial sectors for better heat transfer and dielectric performance powers the market. But high production costs and environmental problems serve as restraints. Heat transfer fluids dominate a surging market, prompted by demand from the electronics sector.
Technology adoption makes North America lead, while rapid growth amid industrialization characterizes Asia-Pacific. Trends include efforts toward development of biodegradable fluid and progress in nanotechnology, which are helping shape the market towards being sustainable and innovative. In short, the Engineered Fluids market is a constantly changing one where technology and environment sit on equal footing with industry needs.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.19 billion |
| Market size value in 2031 | USD 1.93 billion |
| Growth Rate | 5.52% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Engineered Fluids Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Engineered Fluids Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Engineered Fluids Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Engineered Fluids Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Engineered Fluids Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Engineered Fluids Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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