What is the global market size of Engineered Fluids Market?

Global Engineered Fluids Market size was valued at USD 1.09 billion in 2021 and is poised to grow from USD 1.19 billion in 2022 to USD 2.37 billion by 2030, growing at a CAGR of 5.52% in the forecast period (2023-2030).

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 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 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).

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. '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)'

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.

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.

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.

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Engineered Fluids Market Dynamics

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