The market for engineered fluids is expected to grow at a CAGR of 6% globally during the forecast period. Growing demand for high-performance heat transfer fluids along with superior and eco-friendly properties are driving the market growth. On the flip side, higher manufacturing and maintenance costs coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– The engineered fluids market is expected to grow during the forecast period owing to the growing demand for lubricants.
– Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as India and China.
Key Market Trends
Growing Demand for Lubricants
– Engineered fluids are widely used as lubricant owing to its thermal stability and is expected to grow rapidly during the forecast period.
– Engineered fluids are fluorinated fluids and which include polytetrafluoroethylene, perfluoro propyl ether, perfluoropolyether, etc., They are often used as a lubricant because of its outstanding operational performance, non-reactive, non-toxic, and from cryogenics to higher ambient temperatures.
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– Moreover, engineered fluids are used in a variety of applications such as compressor fluids, metering fluids, mechanical sealing, and vacuum pump fluids. They are suitable for a wide temperature range of about -120°C to 300°C and more stable than petroleum-based lubricants because they do not crack, discolor, react, or dissolve.
– Fluoride based lubricants are non-flammable and resistant to harsh chemicals, and fuels and due to their low volatility often preferred for high-vacuum applications.
– The growing demand from various industries such as chemical, electrical, manufacturing, and oil & gas is expected to drive the market for engineered fluids during the forecast period.
Asia-Pacific Region to Dominate the Market
– The Asia-Pacific region is expected to dominate the market for Engineered Fluids during the forecast period as a result of the increase in demand from countries like India and China.
– Engineered fluids are used as heat transfer fluids in a variety of applications such as in chemical industries, high-performance machines, power generation, and electrical applications such as semiconductors, electronic devices, and servers. The growing competition in developing artificial intelligence, supercomputers, and usage of electronics is expected to drive the market.
– Indian Internet of Things (IoT) market is expected to reach USD 9 billion with Tata communications investing about USD 100 million in the Internet of Things and production of consumer electronics is expected to reach USD 29 billion by 2020. Samsung India’s revenue is estimated at USD 10 billion in the year 2019 with revenue growth of about 19% from the previous year 2018. China is one of the leading giants in the electronics industry with a revenue of about USD 170 billion for the year 2019. The growing use of electronics in countries like India and China is expected to drive the market.
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