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Engineered Fluids Market Size, Trends, Drivers, Growth Rate And Future Expansion To 2033
Engineered Fluids Market Analysis
The Business Research Company offers in-depth market insights through Engineered Fluids Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The engineered fluids market size has grown rapidly in recent years. It will grow from $1.23 billion in 2023 to $1.35 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to enhanced security measures, globalization and cross-border travel, international standards and regulations, biometric authentication trends, counterfeit deterrence.
The engineered fluids market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to e-government initiatives, global travel recovery, cybersecurity measures, blockchain integration, enhanced data privacy. Major trends in the forecast period include integration with mobile technologies, continued technological advancement, contactless and rfid technology, digitalization of identity document, integration of mobile applications.
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Market Segmentation:
The engineered fluids market covered in this report is segmented -
1) By Type: Heat Transfer Fluids, Lubricants, Solvents, Other Types
2) By Polymer Type: Polytetrafluoroethylene (PTFE), Polyvinyl Fluoride (PVF), Polyvinylidene Fluoride (PVDF), Other Polymer Types
3) By End-User: Electrical And Electronics, Automotive, Chemical Industries, Power Generation, Oil And Gas, Other End-User Industries
Major Driver - The Soaring Demand For Engineered Fluids In Aerospace Industry Growth
Increasing demand for engineered fluids in the aerospace industry is expected to propel the growth of the engineered fluids market going forward. The aerospace industry refers to the sector of the economy that is involved in the design, development, manufacturing, testing, operation, and maintenance of aircraft, spacecraft, and related systems and equipment. Engineered fluids are used in the aerospace industry for aircraft thermal management, ensuring precise control and temperature regulation in extreme conditions. For instance, in September 2023, according to the Aerospace Industries Association, a US-based trade association, the American aerospace and defense industry generated $952 billion in total sales in 2022, a 6.7% increase from 2021. Overall, the industry generated $418 billion in economic value, which amounts to 1.65% of the total nominal GDP of the United States, which is almost 7% higher than the previous year. Therefore, increasing demand for engineered fluids in the aerospace industry drives the engineered fluids market.
Competitive Landscape:
Major companies operating in the engineered fluids market report are ExxonMobil Corporation, Royal Dutch Shell, TotalEnergies SE, BP plc, BASF SE, Dow Chemical Company, Honeywell International Inc., Daikin Industries, Shin-Etsu Chemical Co.Ltd., Solvay S.A., Arkema Group, Wacker Chemie AG, Huntsman Corporation, The Chemours Company, Lubrizol Corporation, Kuraray Co. Ltd., Clariant AG, Momentive Performance Materials Inc., Croda International Plc, Hexion Inc., Houghton International Inc., Quaker Chemical Corporation, Halocarbon Products Corporation, Nye Lubricants Inc., AGC Chemicals Americas Inc., Interflon, Engineered Fluids Inc., F2 Chemicals Ltd., Chemtool Incorporated
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